Steps toward financial relief during COVID-19
From time to time, United in Learning holds free webinars for church treasurers and boards on finances during the pandemic. Subscribe to their newsletter so you know when the next one is happening.
Reassess Your Situation
- Assess your monthly revenue from all sources.
- Check the list of all your long-term assets, trust funds, bequests, and investments. How did they fare?
- Have you been able to move more members to regular online giving to keep up the cash flow?
- Were you able to arrange receiving e-transfers from members? Talk to your bank and if they say no, talk to anther bank or credit union.
- Have you approached your providers (utilities, water, Internet) to see if you can get a break?
- Can your investments/trust funds continue to cover your costs short-term? Previous generations and trustees put aside money for a rainy day. This qualifies!
- Were you able to secure a line of credit from your bank to cover your monthly costs? Interest rates are at record lows. No one likes debt, but it is a short-term investment in long-term sustainability. Regular loans may be difficult to obtain, but the Canadian Emergency Bank Account appears to be an attractive option for most charities.
- Have you talked to your regional council staff about what advice/support they can offer?
- Continue to make thoughtful decisions. Your church’s ministry is needed more than ever. This crisis will ebb, and you want to still be standing for your members and your community.
See Congregational Finances and COVID-19 for ways to encourage stable and reliable financial support from your community.
Seeking Financial Relief
Many of the programs will require or significantly benefit from having online capability:
- ADP Internet report access
- CRA MY Account for Business/Charities
- Online banking capability linked to your operating bank account
- Online registry with Service Canada
You’ll also need:
- Required governance approvals as established for your congregation and your region
- 2020 month-by-month financial data at hand, as well as your 2020 T4 Payroll Summary as filed with the CRA
For More Info
Contact your regional council or