2015 Annual Report
The role of the Finance Committee is to monitor the financial health of the Parish and provide recommendations, pertaining to financial matters, to the Vestry.
2015 began under austere financial conditions. The amount pledged to Trinity was unusually low and we had roughly $8,500 of unpaid bills due to the Diocese. The operating deficit was budgeted at $38,771, before a planned $22,000 from the Endowment Fund, which would still leave an operating deficit of $16,771. It was going to be a challenging year, financially.
Fast forward twelve months. Our operating deficit, prior to the withdrawals from the Endowment fund was $14,331 (roughly $24,000 better than expected). Further, only $13,500 was withdrawn from the Endowment Fund, leaving a net operating deficit of $831. That deficit was more than offset by non-budgeted revenues. The bottom line, we had the cash we needed, when we needed it, to keep the lights on and pay our bills!
This is truly a remarkable accomplishment and something we should all celebrate! It is a testament to the stewardship of our financial resources by the leadership of the parish.
However, there is an opportunity to do even better. At the end of 2015, roughly $11,950 of 2015 pledges remain uncollected. This amount is similar to the amount unpaid at the end of 2014. Imagine what we could do if all the amounts pledged were paid. Collecting those pledges would eliminate our operating account deficit! The Operating Fund would have been self sustaining for the first time in years. 2015 giving statements will be in the mail shortly. If you did not fulfill your 2015 pledge, please consider doing so in 2016.
We begin 2016 in much better financial condition than 2015. We are current with all our bills and we are in process of repaying $5,000 borrowed from the Memorial Fund to cover operating expenses in 2014. Amounts pledged for 2016 exceed the amounts pledged for 2015 and we anticipate additional pledge cards will be received.
Our 2016 budget includes a recommended salary increase of 2%. Otherwise, expenses are expected to be similar with prior year.
The 2016 operating budget again forecasts a deficit. The deficit is smaller than the 2015 budget. Once again we have provided for a 7% withdrawal from the Endowment Fund to cover operating expenses. And, as in 2015, the parish will be kept apprised of the financial health of the parish throughout the year.
One other item of note. Trinity did not complete it’s required independent review of our 2014 financial data. The work was not done, in part, because of the disruption created by the interior capital campaign initiatives. Our plan is to complete both the 2014 and 2015 reviews in 2016.
Tom Sweeney, Paul Atkins, Jim Stapleton, Bill Amo