Epworth has received an additional amount of roughly $83,000 from the IRS through the CARES (Coronavirus Aid, Relief, and Economic Security) Act. This payroll tax credit is for the first and third quarters of 2021. A credit of approximately $36,000, for the second quarter of 2021, was received in early August.
The church paid for the services of a company that worked with us to obtain the credits, and we received the amounts noted above after paying that bill, according to Darlene Ford, Epworth accounting manager.
These funds will be reserved for emergency use, much as a line of credit, by approval of the Finance Committee. The original funds were paid out of the general fund, so these funds will not be earmarked for special projects.
July 2023 notes:
Income $88,643 Expenses $74,839
Budget $66,444 Budget $83,545
Over $22,199 Under $8,706
This Fiscal Year vs Last Fiscal Year (YTD):
Income: $88,643 vs $69,211
Expenses: $74,839 vs $72,811
Notes:
- Investments had gains in July
- Apportionments & Accounts Payable are current
- Employee Retention Credit monies are coming in as anticipated