Financial Update - August 2023

As the chair of the finance committee Dennis Covington announced in Sunday morning worship on July 30, the best way to examine our current finances at Bethlehem is through the lens of the pandemic.

Contributions:

By the end of July 2023, Bethlehem received roughly $125,000 less in contributions than we had during the same period in 2019. This year, we have seen our first increase in giving compared to the previous year since the pandemic began. This is good news!

Average Weekly Contribution January - July 2018 - 2023

Through a number of expense-reducing strategies, the operating budget was reduced to match contribution levels.

2023 Budgeted Operating Expenses

Non-Contribution Revenue sources:

In June of 2023, Bethlehem received a net amount of $336,059.53 through a covid-relief program called the Employee Retention Tax Credit. The Finance Committee is directing the use of those funds.

In June of 2023 Bethlehem repaid a $150,000.00 covid-relief loan that was made through the Small Business Association. We are debt free again! (Out of an abundance of caution, the Finance Committee took out the loan in September of 2020 to mitigate unforeseen circumstances, but never spent any of the funds.)

Per a charge conference vote, Chesterton Academy of the Incarnate, https://chestertontn.com/ is leasing space from the church during the week and contributing $5,000.00 per month in rent. That lease began July 1, 2023.