May 21, 2020

Finance Report

The year 2019 ended with uncertainty about the financial future of Second Church. Congregational donations seemed inadequate to fund operations. The Sanctuary and Education Building were both in need of repair and the correction of deferred maintenance. Financial reports underscored these issues and presented a dire situation.

Soon after the new year began, there was a change in the accounting and financial management. I was requested by the Session to serve as treasurer. My review of the books and accounting methods revealed the need for changes. My inquiries resulted in the then current bookkeeper resigning without notice.

Our Church Administrator, Suzann Lilienthal, with my guidance, took on the added work of bookkeeping and other financial needs. Her attention to detail and a fresh start in record keeping has resulted in greater control and clarity. 

The operating expenses, including unpaid and past due accounts, were  met through the first quarter without drawing funds from the Church investment accounts. Some previous donations by the congregation to charitable organizations and mission activities were discovered as not forwarded correctly in the past. These errors were corrected immediately. To prevent this oversight from occurring in the future, a new bank account was established for the purpose of insuring a commingling of donations to special projects and mission activities will not occur. Please be assured your monies donated for a specific purpose are well protected and will appropriately support your charitable intentions.

Currently, as expected in this time off medical and financial uncertainty, donations are decreased. However, the Church leadership wisely pursued financial support available to all essential institutions in our country. Consequently, operating expenses, particularly payroll, are secured through the summer months until August. Pray the country's medical challenges are on the wain and the financial ability to support God's work are restored.

Please recall the effort to raise funding for the exterior restoration of the bell tower. The congregation and other donors generously provided sufficient funds to allow work to begin in February. However, before a single gallon of paint could be applied, lightning struck the top of the tower and a fire ensued in the wood framing of the attic. City of Charleston fire fighters quickly arrived. Demonstrating ability, bravery and great physical conditioning, the fire was extinguished. The work to restore the bell tower was suspended and the remaining donated funds were secured in the new special projects bank account.

Lightning damage was largely confined to the framing and copper roofing of the tower, low voltage equipment and water damage in the narthex. The low voltage equipment damage was extensive. A major light controller, sound system, computers, security controller, and fire alarm were not working after the lightning gremlins finished their mischief.

At this time, Church property insurance and the remaining tower restoration funds are hoped to be adequate to restore the damages and complete the painting of the bell tower.

Please know we can address the questions or comments you may have about the finances of the Church.

You prayers for and donations to the work at Second Presbyterian Church of our Lord and Savior continue to be worthy and essential. 

Respectfully submitted, 

Patterson Smith, Treasurer