Financial Update (Spring 2021)
Last Sunday Steve Beal, our Treasurer, provided a brief financial update to inform the Soul Sanctuary community of our current financial situation as we come out of Manitoba’s second lockdown. Here are some brief highlights from his presentation.
1. 2020 Financial Summary
In 2020 Soul Sanctuary took in approximately 1.2 million dollars. This figure includes tithes, offerings, rental income and government subsidies. Monies received are used to pay ministry costs, facility operational costs, building mortgage, ministry and facility staff salaries, provision for our local and international missions partners and more.
In 2020 our rental income decreased by approximately 50% while our overall giving increased approximately 9%.
2. Government Subsidies
Soul Sanctuary received approximately $40,000 in rent support from the Canada Emergency Rent Subsidy as a property owner who was significantly affected by public health orders.
Soul Sanctuary received approximately $150,000 in support from the Canada Emergency Wage Subsidy as an employer who saw a drop in revenue during the COVID-19 pandemic. This wage subsidy allowed Soul Sanctuary to retain employees, including our summer ministry team who were responsible for kids and youth camps.
Remaining government subsidies will be set aside to pay off our deferred 2020 Mortgage principal and to account for any subsidy clawbacks.
3. Mortgage Payments
In 2014 our mortgage was 3.4 million dollars and seven years later it is 2.7 million dollars. During the COVID pandemic our credit union allowed us to defer our principal mortgage payments for six months, totalling $60,000 in savings which will be repaid by excess cashflow.
Our behalf of Soul Sanctuary’s leadership, we thank God for his favour toward our community in 2020 and we thank the Soul community for their generosity to the church and to our local and international missions partners. We encourage our community to continue to remain faithful in their giving as we, by God’s grace, continue to minister to our community, seeing people come to know God, find freedom, discover purpose and make a difference.
A note that the numbers presented in this article are approximate values and our 2020 books are not yet ratified by our accountants.