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2018 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.

Financially, 2018 was not as healthy as prior years, though we did not suffer any set-backs.  You could describe the year as one of treading water, financially.  Revenues fell short of our expectations while expenses were in line with expectations (ignoring the rector’s pension).  We did not have to draw on reserves to cover operating expenses, though we did make a withdrawal from the Memorial Fund to cover the cost of our security review.

Our annual pledge drive saw improvements for 2019.  We received more pledge cards and larger pledges than we have seen in the past.  Thanks to Mimi and Neale for their efforts. The message seemed to resonate with parishioners. 

The 2019 operating budget again forecasts a deficit, larger than the 2018 deficit.   The budget is presented elsewhere in this report. Historically, we have not worried about operating deficits.  We have adopted a standard of maintaining what we have at Trinity. We would cover deficits from our investments, as necessary.  Typically, the deficits have not materialized to the magnitude we have budgeted and the timing of receipts and disbursements have worked in our favor.  In recent years, we have not had to draw on our investments to cover operating expenses. 

What we observe, as we move into 2019, is that expenses continue to increase as revenues remain stagnant.  This is not a sustainable model, long term. Of note, as we begin our search for a new rector, the financial health of the parish will be an area of focus, with input from the Diocese, evaluating what we can, and cannot, afford in the future.  Our ability to attract a new rector may be influenced by our financial health.  We need to do all that we can to demonstrate our financial viability going forward. The on-going assessment of our financial health will be shared with the parish as we move through the year.

Consistent with prior year, we set aside $3,000 in the budget for greater Outreach initiatives at Trinity.  In 2018, the increased funding was used to support Puerto Rican relief and Camp Hispaniola, among other organizations.

Our 2017 financial review was not completed in accordance with Church Canons.  The report is due September 1 of the following year (2018).  Our 2017 review was only recently completed.  Steps will be taken to make sure the 2018 review is completed on a timely basis.

The implementation and utilization of the Realm computer application has proven to be a greater challenge than anticipated.  We will support increased utilization of the tool in 2019.

Respectfully submitted,
Tom Sweeney, Paul Atkins, Jim Stapleton

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