Below is the text of the parish accountant’s update to the congregation, delivered at all four services on Sunday, March 12. Our thanks to Larry Martz for his report and his tireless efforts on Trinity’s behalf.
In an effort to enhance the ongoing communication of the our financial status with the parish, the Finance Committee, in conjunction with your Vestry, has requested that a brief summary of the financial status as of February be given to the parish. Actually, this is a sneak preview of what will be appearing in the Weekly Tidings at the end of March.
The operating fund, which supports our facilities and ministries, received revenue of just over $253,100 as of February 28. Expenditures for this period were $274,100, resulting in a fund shortfall of $21,000.
While this seems to be of a minimal proportion considering the various avenues through which funding is received, there does appear to be an overall decrease in giving to the operating fund. At the annual meeting in January, our report noted that the commitment giving in 2016 was down approximately $130,000 from 2015, and we estimated that 2017 commitment giving would be down by approximately $125,000 from 2016.
As noted at the annual meeting, it seems that the primary reason was related to the ongoing Trinity Tomorrow campaign, with donations being directed to Trinity Tomorrow fund rather than the operating fund.
While the end of the month had a negative balance in the cash operating fund, it was relatively small when compared to the bigger picture: it is the automatic withdrawals from various institutions at the end of and the beginning of the month which necessitates having a positive cash balance in this fund.
Without an ongoing positive cash balance from month to month, the resolve is –
- to request additional support from the parish, borrow from the line of credit,
- and / or reduce the support to our ministries and what they are able to provide for the church and the community.
As we go forward with the Trinity Tomorrow project, the financial institution(s) and the Diocese are looking closely at the church’s financial records to determine if the Parish can support additional expenditures from current levels that may occur related to Trinity Tomorrow and or the church’s day to day operations, both on a long-term basis as well as currently. An ongoing monthly negative cash balance in the operating fund will not be looked upon favorably.
For the continued success of our church through the support and growth of our ministries, and the continuation of Trinity Tomorrow, these all require your support on a regular, ongoing basis, as they are so intertwined.
Making up the funding shortfall on a current basis rather than later in the year, will provide a much firmer and stronger foundation going forward.