Dear Heritage Members and Friends,
We are now halfway through the 2020-2021 fiscal year, which will end on June 30, 2021. In an unusual, and even unprecedented, year for our congregation I’m very pleased to report that we remain on sound financial footing. This is in no small part thanks to the continued generosity of all of our members and friends who continue to support HUUC through your pledge donations.
We have been lucky to have been able to maintain our parking space rentals to Turpin High School and the rental of our space to our longtime Taekwondo renters. For all of the change and disruption during the COVID-19 pandemic, the financial health of our church community remains solid.
The HUUC Finance Committee has approved a new investment policy. Our new policy is to allocate funds in excess of 15% of our annual expense budget to a broadly diversified mix of 50% bonds and 50% stocks. Since approving this policy in December we have purchased $50,000 in the Schwab Total Stock Market Index Fund, $25,000 in the iShares Intermediate Government/Credit Bond ETF, and $25,000 in the Vanguard Intermediate-Term Corporate Bond Index Fund ETF. We will monitor these investments to ensure that they stay balanced according to the mix of investments called for in our new policy.
And perhaps I’m burying the lead here, but I am also very pleased to report that thanks to the diligent efforts of Michael Wilhite and Rae Jane Araujo, we have officially completed the forgiveness process for the loan that we received as part of the federal government’s Paycheck Protection Program (PPP). We entered into this program last spring. The loan that we received was in the amount of $43,500, and that loan has now officially been converted to a grant.
As we move from January into February the Finance Committee will be working closely with the Board of Trustees to establish our pledge goal budget for the 2021-2022 stewardship campaign. This campaign will be kicking off on Stewardship Sunday on March 21st. In preparation for our stewardship campaign, I hope you will plan to attend the HUUC Virtual Town Hall on February 21st at 1:30 p.m.
And once again, I’ll end by reminding everyone about the importance of paying your pledge via EFT or our new PayPal donation option, accessible by clicking the “Donate” button at huuc.net. This is especially appreciated during this period in which physical trips to the bank aren’t happening quite so frequently.
Please let me know if you have any questions. You can email me anytime at:
All the best,
HUUC Finance Committee and Stewardship Chair
January 25, 2021.