Submitted on behalf of the Finance Committee by Jane Forbes, Committee Chair

As some of you know, the Church received a $48,900 forgivable loan last month under the Payroll Protection Program, the federal program designed to enable qualifying small businesses and nonprofit organizations affected by the Covid-19 pandemic to continue to employ their personnel and to pay utilities and other costs. The Church will have to submit documents substantiating its expenses after the 8-week loan period has expired, but it is anticipated that it will qualify to have the entire loan amount forgiven, in effect, making the loan a grant.

Unfortunately, the Church received a notice from UDM Law School in May indicating that it would not be renewing its expiring lease of the Woodbridge Street parking lot.  That makes it unlikely that the Church will receive all of the $44,000 in parking lot rental income budgeted for the rest of 2020.  Not surprisingly, demand for parking in Downtown Detroit is currently low and, with new work schedules, it is uncertain how much that demand will rise after offices reopen.  Members of the Finance Committee are actively seeking a new tenant for the lot.  It is not known, however, when there will be a new lease. Also, if the rent under a new agreement is based on the actual usage of the lot, it may be some time before future rent can be predicted with any accuracy.

The many disruptions caused by the pandemic continue to make it difficult to assemble a complete picture of the current financial position of the parish.  In addition to the difficulties the Church has experienced in receiving mail and the fact that the office has been closed, shutdowns at other businesses and organizations have had an effect.  It may be well into the summer before all the issues are resolved, but Committee members and staff have been working hard and we expect to have a reasonably good picture of where things stand by the end of this month.

There is also another piece of “pretty good” news.  After suffering substantial losses in March, the value of the endowment and other Church funds invested through the Diocese is now close to (but probably has not yet quite reached) what is was at the end of last year. This is encouraging, since those investments help to secure the future of the parish. Further fluctuations in the markets are, of course, likely.

Christ Church Detroit