2013 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, 2013 was another ‘typical’ financial year at Trinity. At the 2013 annual meeting, concerns were expressed regarding a decrease in the pledging commitment of the parish community. The Vestry had approved a 2013 Operating Budget projecting a deficit of just over $17,000, representing the largest deficit budget ever approved at Trinity. However, the largest item affecting the yearly expenses was the early costs of the Capital Campaign. These costs will be covered by the donations from the Parish strictly allocated to cover the program expenses. Once the Capital Campaign funds are separated from the operating budget, there is still the very real issue of pledging not meeting planned expenses. In 2013 there were a number of positive, unplanned revenues that almost made up for the pledging shortfall. The bottom line is that Trinity finds itself at the end of 2013 in good, but not great, financial health. The balance sheet overall is strong, investments are performing extremely well and there is sufficient cash on hand to pay all the bills.
And 2014 starts in much the same way as 2013 with the additional issue that the Stewardship Campaign has been delayed due to a decision by the Vestry to coordinate the two fundraising efforts simultaneously. Therefore at this date, total pledge commitments for 2014 are unknown. The budgets have been prepared based on the same pledging budget as last year. Operating expenses are anticipated to be somewhat higher in 2014. With less revenue and higher expenses, the 2014 budget looks similar to 2013, with a higher deficit. The finance committee will monitor financial trends and report back to the parish, with the hope and expectation that 2014 revenues will be similar to, or higher than 2013.
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.
In 2014, Trinity will be incorporating the latest version of the “Church Windows” program which will enable the office to obtain assistance as necessary since the previous version is no longer being supported.
For the fifth 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.
Trinity has completed the required independent accounting review required by Church Canons for fiscal years 2011 and 2012. The Auditor has completed its’ reviews and found the Trinity’s financial records to be in excellent condition.
Trinity continues to carry debt to the Diocese for unpaid insurance invoices, dating back to 2003. Recognizing the increase in fund balances due to the stock market levels this year, the Finance Committee decided to pay off $5,000 of our outstanding debt by withdrawing a portion of the Endowment Fund profits in the first quarter of 2014.
Tom Sweeney, Paul Atkins, Jim Stapleton, Bill Amo