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2016 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, 2016 should be a year to celebrate.  We began the year anticipating a $30,000 deficit in the operating fund.  Instead, we end the year with a $1,791 surplus.  How did that happen - the continued generosity of our parishioners and favorable operating expense variances.   Parishioners contributed over $17,000 more than they had pledged in 2016!  And, we end the year with almost $15,000 of 2016 pledges not paid.  We will be sending out notices asking parishioners to honor their 2016 pledges.  Imagine what our financial health would be if we collected all pledges.

In addition to the operating fund surplus, 2016 marks the year that all operating fund liabilities were repaid, removing all debt from our balance sheet.  The repayment was made using money from the Endowment fund.  A balance due to the Memorial Fund, representing 2014 operating expenses, was repaid.  The balance due to the Diocese was also repaid, after the balance had been reduced by a $4,500 premium credit for prior year claims experience. 

Still, we struggle with our annual pledge process.  The reason we forecast a $30,000 deficit for 2016 was the limited number of pledges we had at the time of the annual meeting.  If we applied the same logic this year, we would be projecting a similar deficit for 2017.  Instead, we are using a three-year average of pledges collected in the 2017 budget, thinking this will more closely reflect what we will collect in 2017.  It is impossible to budget effectively without reliable pledge data.  We currently have 69 pledge cards in hand, for $210,606.  That is 8 cards and $17,000 less than we had at this time last year.  Our ability to ensure our long term financial health is compromised by our inability to collect meaningful pledges prior to the start of the year.

The 2017 operating budget again forecasts a deficit, though a much smaller deficit than 2016.   The budget is presented elsewhere in this report. The parish will be updated throughout the year on the financial health of the parish.

One other item of note; Trinity did not complete it’s required independent review of our 2014 and 2015financial data.  The data for the review has been delivered to our accountant, but the work is not yet completed.  It should be completed in 2017, along with a review of 2016.

Respectfully submitted,

Tom Sweeney, Paul Atkins, Jim Stapleton

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