Session Update – April 5

The Session of Highland Park Presbyterian Church is the ruling body of our congregation, charged with governance, overseeing the Church’s spiritual health, and guiding its mission for Christ in the world. In order to better do this, the Session communicates frequently with the congregation of HP Pres to report its decisions and activities. You can visit the Elders page to see other updates from the Session and to send messages to our elders and pastors.


April 2020 Special Session Update

HP Pres Family,

On Sunday, April 5, our Session met for a Special Session meeting.

Below are some of the highlights from the meeting that you should be aware of. If you have questions or feedback about any of these topics, you can contact the Session at hppres.org/elders.  

Motion:

To allow the Senior Leadership Team to procure a Paycheck Protection Program loan under the CARES Act.

Rationale:

  • Since social distancing guidelines were enacted in early March, we have seen a roughly 30% average drop in giving. If this trend continues, we will end this fiscal year $1.25 million under budgeted giving.
  • The PPP loan provides up to 250% of average monthly payroll costs which equates to $980,536.
  • The forgivable amount of this loan is $762,345 (8 weeks payroll plus 8 weeks rent(Peak)and utilities).
  • The amount to be repaid is $218,191.We intend to set aside the repayment and pay it back right away, or adjust the loan to the forgivable amount only. There is no prepayment penalty. For not forgiven portion, the loan will be at a rate of 1%.
  • Staff has predicted budget savings of $540,000for the remainder of the fiscal year.
  • At the end of this fiscal year, with the loan and our budget savings:
    • 30% drop in giving is maintained: surplus of $182,597
    • 40% drop in giving: deficit of $190,853
    • 50% drop: deficit of $564,303
  • There are no application or servicing fees associated with this loan
Posted by Communications Ministry at 8:00 PM
Share |