2012 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.

In many ways, 2012 was another ‘typical’ financial year at Trinity.  At the 2012 annual meeting, concerns were expressed regarding a decrease in the pledging commitment of the parish community.  The Vestry had approved a 2012 Operating Budget projecting a deficit of just under $17,000, representing the largest deficit budget ever approved at Trinity.  But the wonderful things happened.  Additional pledge cards were received, pledge and plate collections were both strong, fundraising events exceeded expectations and operating expenses were lower than expected.  There was, of course, the typical fall off in pledge collections in the summer and fall, but collections in December were exceptionally strong.  Ultimately, Trinity finds itself at the end of 2012 in its best financial health in recent memory.  The balance sheet is strong, investments are performing well and there is sufficient cash on hand to pay all the bills. 

And yet 2013 starts in much the same way as 2012.  Pledge commitments are still lacking.  To date, 84 cards have been turned in, though the amount pledged is slightly less than was pledged at this time last year.  Operating expenses are anticipated to be higher in 2013.  With less revenue and higher expenses, the 2013 budget looks similar to 2012, with a slightly higher deficit. The finance committee will monitor financial trends and report back to the parish, with the hope and expectation that 2013 will be similar to 2012.

Perhaps this is the way it will always be, and we should count our blessings that ultimately, Trinity finds a way to maintain and sustain this faith community.

Trinity took a significant step forward in 2012, fully automating the book keeping and check writing functions.  This has greatly simplified the efforts required in preparing financial statements and provides quicker insights into the financial health of the parish.

For the fourth year in a row, the parish has met its obligations to the diocese, including a pledge of 12.5% of income, as required by Diocesan Convention.

On a less positive note, Trinity has not completed the required independent accounting review required by Church Canons.  Financial materials for 2011 were delivered to the accountant late in 2012.  The hope is the review will be wrapped up in the first half of 2013.  

Trinity continues to carry debt to the Diocese for unpaid insurance invoices, dating back to 2003.  Given the nature of our operating budget, the Finance Committee did not see any options to make payments on the debt.

Respectfully submitted,

Tom Sweeney, Paul Atkins, Jim Stapleton