Now Is The Time
This is a great time of year to spend some extra time on church finances. Things are slowing down after all the camp meetings, and the busy holiday season is still two months away. The year is also far enough along to be able to project how it may end. If you have bank covenants to meet, you should review to see if you will meet them by year-end. If not, what expenses can be reduced now to close the gap?
It is also a good time to begin working on the 2021 budgets. As the reality of a world post-covid settles in, churches are getting used to doing things much differently than they used to. While some in person events are still smaller, more resources are being used in areas such as live-streaming, including higher costs for internet band width, etc.
Other questions to consider: Do you have any significant capital improvements that you need to plan for next year? If so, will you need to make any special appeals for donations or are the funds already available?
Time spent now will provide a clearer picture on where you stand and what adjustments, if any are needed, rather than experiencing an unpleasant surprise after December 31st.
