October 2020 EPA Financial Update

Connectional Ministries Fund

Church giving for the Connectional Ministries Fund (CMF) was $2,568,138 through October 2020.

Local church giving to CMF was $16 thousand more than budget and $190 thousand less than October 2019. 

The Annual Conference was approved for the CARES Act Payroll Protection Program Loan through the Small Business Administration.  The amount allocated through October 31, 2020 is $248,363.   The Conference has started the process for loan forgiveness with their lender.

Expenses through October 2020 was $2,236,892 that was $486 thousand less than the year-to-date budget and $34 thousand less than October 2019.

All Funds

The local churches paid $11.33 million or 67% of the total billed of $17.02 million to all churches.

This is a decrease of 3% from the prior year when local churches paid $11.71 million 70% of total billed of $16.85 million.

The apportioned funds (CMF, WSF and GCF) giving through October 2020 was $3.86 million or 59% of total budget.  The total percentage is down 4.5% from the prior year.  The amount through October 2019 was $4.19 million or 64% of the budget.

The Conference Council on Finance and Administration (CCFA) has closely monitored the revenue and expenses.  The Annual Conference is sincerely thankful for the continued faithful giving during this time of uncertainty.

If any church had received CARES Act Payroll Protection Program (PPP) Loan through the Small Business Administration (SBA) and has not been notified about completing an application for forgiveness, please contact your lender to determine if the church can begin the process.