FMW Financial Priorities Queries - June 2020
Printer-friendly versionFMW Financial Priorities - June 2020
The draft budget for FY 2021 projects a deficit of about $330,000. That can be reduced or eliminated by drawing on our investments in Friends Fiduciary, raising additional funds, cutting expenses, or some combination of the above. We seek Friends’ input in setting Meeting’s financial priorities.
QUERY 1. HOW DO FRIENDS VIEW OUR INVESTMENTS IN FRIENDS FIDUCIARY? ARE THESE FUNDS A CUSHION TO BE TAPPED IN TIMES OF NEED SUCH AS THE CURRENT PANDEMIC, OR SHOULD THEY BE PROTECTED AS INCOME-PRODUCING INVESTMENTS FOR FUTURE GENERATIONS?
Our current assets in Friends Fiduciary (“FF”) are about $1,700,000, of which approximately $515,000 is restricted. Note that any withdrawal of those assets will decrease our future income.
QUERY 2. WHICH OF THE FOLLOWING EXPENSES ARE FRIENDS WILLING TO REDUCE OR ELIMINATE?
|
Expense |
Possible Annual Savings |
|
Defer 3 months’ mortgage payments[i] |
$55,368 |
|
Furlough staff (Property Manager, Administrative Secretary, Rental Manager) 1 day/week 2 days/week |
$30,000 $60,000 |
|
Reduce support to BYM By 20% By 40% |
$13,400 $26,800 |
|
Donations to Others (AFSC, BYM camping, FCNL, Wilderness Center, Council of Churches, Friends Historical Library |
$11,950 |
|
Grounds Maintenance 25% reduction |
$10,000 |
|
Maintenance and Repairs[ii] |
???? |
Possible sources of additional income:
|
Additional donations (are you able to increase your contributions?) |
???? |
|
Additional rental income (for example, might you consider charging for memorial services for persons not connected to FMW?) |
???? |
|
PPP loan becomes a grant[iii] |
$42,523 |