This past week the Vestry voted to give our three renters (The Global Montessori School, the Good Korean Methodist Church, and Powers Music School) some relief with regard to their monthly rent in light of the fact that none of them are using the building during the Covid-19 shutdown. The vote was to reduce their rent by 50% for the 2nd Quarter of the year (April, May & June). In June we will consider whether to extend it further into the 3rd quarter.
This decision came after a request from the Good Korean Church for some "adjustment" and with the knowledge that the Global Montessori School is struggling as parents demand tuition refunds. Should the shut-down continue into the summer months, we will consider extending this relief further into the 3rd quarter.
With this reduction in our budgeted income we are looking for ways to reduce our monthly expenses, including keeping the heat low throughout the building, shutting off unnecessary appliances, reducing our cleaning contract (from two to just one day per week), and suspending payment to our Sunday childcare workers. We have put a hold on several discretionary property projects, and applied for a Paycheck Protection Loan.