The good news is that contributions in fulfillment of pledges have held up well, especially in light of the country’s economic condition. We can only hope that contributions continue to hold up. Expenses have been held down, except for employee compensation, which is determined by UUA guidelines, and we are obligated to pay by contract. Right now, I would say fiscally we are doing as well as could be expected, given the circumstances. 

A Paycheck Protection Program loan of $19,934.00 has been deposited to our First Bank checking account, and credited to an off-budget holding fund. When the loan is forgiven (and I have no reason to believe it will not be), it will be transferred to “other income” in the annual budget. This will cover about two months of salary expenses.

As of July 31, 2020, the Endowment Fund’s Vanguard accounts had a balance of $398,010.06, with $16,197.01 available for future grants. 

On July 31, the Building Fund had total assets of $$400,386.01. Of this, $7,408.45 was accumulated income. The annual budget provides for a transfer of $10,000.00 to “other income” from Building Fund accumulated income by the end of the fiscal year. Since the fund has been averaging about $500.00 per month of income, this should not be a problem. 

Harry M. Corrigan, UUFH Treasurer