Like all businesses, schools, and communities of faith, Pacific Unitarian and Pacific Sage Preschool (PSP) have been financially impacted by the COVID-19 pandemic. The Board of Trustees and the Finance Committee have been proactively working in coordination with the Stewardship and Endowment Committees to navigate the turbulent financial waters caused by the pandemic. While the impact has been demonstrable, the financial discipline that has been the norm for the past seven years is serving us well today.
In addition, we applied for and received a loan through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Paycheck Protection Program (PPP) in early May. By spending the loan in accordance with Federal guidelines, the loan will be forgiven, and it will become a grant.
There are a lot of unknowns about how the pandemic will continue to impact Pacific Unitarian and PSP finances in the future, but we do know that there will continue to be negative impacts. This will require further proactive steps, continuous monitoring, and countless adjustments. The Board and Finance Committee are committed to doing just that.
Please join the Board for the upcoming virtual Town Hall at noon on May 31 to engage in a conversation about our financial health and to preview next fiscal year’s draft budget.