Gateway’s Financial Health

We would like to share a snapshot of how Gateway is faring financially in this time of economic uncertainty. Obviously, the COVID-19 pandemic response has produced repercussions for our country’s economy. The trickle-down effect has in turn affected Gateway’s financial operations. While this has been a challenge and will likely continue to require close monitoring, God has provided and directed us in a way that maintains Gateway in a position of reasonable financial stability.

Gateway’s Session has delegated the details of financial oversight to an appointed Financial Committee of 5 people. This committee regularly receives reports from Gateway’s Financial Operations personnel and makes recommendations to Operations and Session as appropriate.

In March, when the pandemic response closed in-person weekend services, Gateway’s Operations froze all accounts that were not considered absolutely necessary. In the past month as weekend services resumed, a selection of frozen accounts were reactivated, as needed. In actuality, the full formal budget has not been changed.

With that context in mind, we would like to share a snapshot of Gateway’s current financial position.

Contributions to date: $1,541,972

Budget Target to date: $1,738,473

Expenses to date: $1,557,179

Contributions vs Budget Target to date: -$196,501 (negative means under full budget goal)

Expenses vs Budget to date: -$181,294 (negative means under full budget)

Expenses vs Contributions to date: $15,207 (positive means expenses are more than contributions)

Contributions (as of last week) in 2019 were $221,655 more than this year. The trend would seem to indicate that the revenue shortfall will continue as long as the pandemic affects the economy. In addition, since in-person services are now increasing expenses, and the seasonal summer dip in giving is upon us, we expect that the difference between expenses and contributions will continue to increase.

This may appear to be worrisome. However, considering the circumstances, we can certainly be thankful for our relatively good financial health. Furthermore, because we were able to obtain a forgivable SBA Paycheck Protection Program Loan from the CARES Act, we will likely be able to make up the difference in revenue shortfall and maintain reasonable financial stability for the remainder of this year.

Gateway is grateful for all who continue to contribute in spite of the economic challenges that are before us. We thank God for you.