ANNUAL REPORT - FINANCES
Please note that a full finance report for 2020 will be prepared for the Semi-Annual Meeting
scheduled for March 2021.
Thank you for giving so faithfully to the Lord as you support the mission of Gateway Church. Once again, we have seen the amazing provision of our God for our financial needs. Looking back, we can see how God provided for us well in advance of the pandemic, so that we had the resources needed to minister effectively during a time with many new challenges.
We finished 2019 with revenue that exceeded our growth budget. This enabled Gateway to be open-handed in sharing God’s bounty, by increasing our support to missions and compassion and church planting. We were running slightly behind our annual income budget of $975,000 in March, when the COVID-19 lockdown resulted in the suspension of in-person church gatherings. Your leadership team responded by adopting an emergency budget that reduced operational expenses by about $27,000 per month for April-June, and by tracking income against expenses on a weekly basis to ensure that we could continue to manage within our resources.
We praise God that giving to date during the emergency period has exceeded our income for the same period in 2019. Due to the strength of your commitment during these difficult times, your staff and Elders have been able to take the following courses of action:
Investment in needed equipment and ministry opportunities, from a substantial reserve of undesignated funds;
No staff layoffs or reduction in salaries/wages;
No dependency on government subsidies;
Approval of an adjusted budget in May, that restored about $12,000 in operational spending;
Restoration of ministry budgets in June, adding a further $34,000 in ministry spending and providing $15,000 to support reopening at Gateway;
Recruitment and retention of a part-time Tech Director, who has been a key part of building Gateway’s capacity for a quality and growing online ministry presence;
Maintenance of Gateway’s critical commitments to our international and national missionaries, short-term missions and our our Denomination, as well as compassion towards our church family and our community.
The staff team will bring an adjusted budget to the Elders for managing our expenses against our income during the balance of this year. Please continue to prayerfully consider what God would have you do to participate financially in the ministries of Gateway Church. We know that God will continue to provide and to add His blessings in surprising ways, as you do.