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2017 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, 2017 is another year to celebrate. For the second year in a row we have positive operating cash flow.  We began the year anticipating a $13,000 deficit in the Operating Fund.  Instead, we end the year with a $3,205 surplus!  We have also collected a record amount of pre-paid pledges for 2018.  This provides liquidity in the Operating Fund we have not seen in years! 

We did not make any withdrawals from our investment accounts in 2017.  That, too, is good news.

Our annual pledge drive saw improvements for 2018.  We received more pledge cards and larger pledges than we have seen in the past.  During the pledge campaign, statistics were shared showing the distribution of pledge amounts among pledging units.  The statistics showed that Trinity relies on roughly 12% of the pledging units for 50% of pledge revenue. While this statistic is not likely unique to Trinity, it is important that the Parish understand this statistic. In looking at the distribution of pledges for 2018, our reliance on the largest pledging units decreased slightly, 1.25%, while those pledging between $2,500 - $5,000 increased 8.49%.  Those pledging less than $2,500 fell by 7.7%. A more detailed breakout of the pledge distribution is included in the Stewardship section of the Annual Report. Thank you for your continuing generosity.

During the pledge campaign, we talked about using increased pledges to support greater outreach initiatives at Trinity.  To that end, the Finance Committee recommended a $2,500 increase in the Outreach budget (to $3,000), as well as $500 for Miriam’s Closet.  The $3,000 Outreach budget will be used by the Outreach Committee as they think best, consistent with our mission: “With God’s love we joyfully welcome and nourish all; with God’s help, we serve our community and beyond.”

The 2017 operating budget again forecasts a deficit, though a much smaller deficit than 2017.   The budget is presented elsewhere in this report. Given our experience with deficits over the past two years, we do not anticipate any financial hardships in 2018.

Last year we reported that we were behind in our annual financial reviews, required by the Diocese.  We can report that we are now current with those reviews.

We welcome Rick Richardson as a member of the Finance Committee.  Rick has spent the last 6 months of 2017 working on the implementation of the Realm software application at Trinity.  Realm is a mission centric software package we will be introducing to the parish in early 2018.   The application provides new ways for us to communicate and keep informed of what is going on at Trinity.  There are features which will improve our efficiency from an administrative perspective.  We will be better able to track and report on all our parish activities.

Respectfully submitted,

Tom Sweeney, Paul Atkins, Rick Richardson, Jim Stapleton

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