We are pleased to announce that our Treasurer (Tom Gibson) and Assistant Treasurer (Mary Lee Scanlon) have successfully concluded, with the Finance Committee’s support and the Vestry’s approval, a new financial arrangement with the Diocese that allows St. Monica’s a cash reserve to a) fund needed / urgent capital repairs of our facility and b) better manage the seasonality of cash flows. The support includes an expansion of our current mortgage (which is held with the Diocese) and three additional means of support from the Diocese. They have generously…

  1. lowered the interest rate of the new “combined” mortgage (now down to 3.0%),
  2. forgave our (otherwise required) monthly payments to the Diocese for our mortgage payment until January 2023 and
  3. forgave our (otherwise required) Apportionment payment until January 2023.

In total, the cash flow benefit of this new arrangement improves our cash balance by about $150,000 by the end of this year. To be clear, these monies are for capital (i.e., facility) repair projects (like repairs to the building, sidewalks, and parking lot) and will NOT be used for day-to-day expenses. The support from the Diocese has been a true blessing to our greater mission. We are extremely thankful for the Diocese’s support as well as the hard work of Tom and Mary Lee for leading this effort. Thank you for taking the time to read this note and look forward to many more milestones to celebrate together as a vibrant community in Christ (i.e., hint to some fun events this Fall).