2020-21 budget worksheet to voted on at June 7, 2020 Annual Meeting
The fiscal year ends on June 30, 2020. For the purposes of Annual Meeting we have projected out our anticipated year end numbers. We had anticipated ending 2019-2020 with a loss of $49,735.10 but will actually end up with a deficit of only $5,605.53 which we will transfer from the First Congregational Haverhill funds to cover and begin FY 2020-2021 with a zero cash balance.
Details to note with regard to March: Remember that we came into this fiscal year with a budgeted loss of $49,735.10. That means that year to date we were projected to be at $ -36,307.58. Our balance on March 31, 2020 was actually $ -21,339.77 which is almost $15,000 better than projected, even though our pledge income is behind a couple thousand dollars. So, it’s not great news but it’s not terrible either. We have not transferred funds from PPP as we had planned due to the fact that those funds may be needed to cover payroll in the next couple of months due to the pandemic. We have applied for the SBA loan and hope to get our payroll covered. If that is approved then we should be able to go ahead and use the PPP funds which were budgeted to help cover our shortfall. Anything extra will come from funds from First Congregational Haverhill donation.
(from July 2019 through June 2020)