Treasurer's Report
2016 was a good year for the parish, but not as good a year as it might appear from one’s first reading for the financials. Unlike in previous years, this December we saw parishioners prepaying 2017 pledges in record amounts. Possibly motivated by talk of potential cuts in 2017’s marginal tax rates, parishioners prepaid $16,700 of 2017 pledges in December 2016. As we run a cash-based, as opposed to accrual-based, accounting system, we booked the prepayments as 2016 revenue. Since these prepayments were intended to cover 2017 bills, the “right” way to look at 2016’s financials is to exclude the December prepayments from 2016 revenues. If these prepayments are backed out of the 2016 financials, our “adjusted” net income number would be essentially breakeven.
Turning to the proposed budget for 2017, we are budgeting a net operating loss of $12,582, which is not healthy. One of the reasons we are projecting such a large operating deficit is that we are showing pledge income for 2017 of $187,000, as that is all we have in hand as of today. So far, we have pledges from only 87 parishioners, compared to the 99 pledges we received last year. If and when we receive additional pledges, we will revise the budget and give serious consideration to expanding the Sunday School coordinator’s role to include middle and high school programs.
From an operational point of view, the parish ended 2016 on a strong note. Attendance at our three Christmas services totaled 443 this year, an increase of 6.7% over comparable figures for 2015.
Respectfully submitted,
Ted Sands, Treasurer
Turning to the proposed budget for 2017, we are budgeting a net operating loss of $12,582, which is not healthy. One of the reasons we are projecting such a large operating deficit is that we are showing pledge income for 2017 of $187,000, as that is all we have in hand as of today. So far, we have pledges from only 87 parishioners, compared to the 99 pledges we received last year. If and when we receive additional pledges, we will revise the budget and give serious consideration to expanding the Sunday School coordinator’s role to include middle and high school programs.
From an operational point of view, the parish ended 2016 on a strong note. Attendance at our three Christmas services totaled 443 this year, an increase of 6.7% over comparable figures for 2015.
Respectfully submitted,
Ted Sands, Treasurer
Finance Committee Report
The purpose of the finance committee is to advise the wardens and the treasurer on parish financial matters. As such, the committee focuses on three key areas: liquidity, the endowment, and parish operating costs. In the past, the committee has also watched the parish’s debt position, but because we have paid off all of our debts, the committee now focuses on the three areas outlined above. Taking into account the unusual level of prepayments that occurred in December 2016 (please see the Treasurer’s Report for a more comprehensive description of this phenomenon), the parish essentially broke even for 2016. However, our liquidity, which we define as the sum of our balances in our Operating, Capital Campaign, and Deferred Revenue Accounts, increased by $3,000 in 2016. Our Endowment increased in market value 5.3% after generating $16,217 of revenue for the parish. In 2016, it became necessary to reduce operating costs 4.4% from the budgeted level. In short, the parish made progress in a year that was financially challenging.
--Ted Sands
--Ted Sands
Stewardship Report |
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This year our parish initiated a completely new stewardship program called Consecration Sunday. Rather than focusing on our budget and the need of the parish to receive, Consecration Sunday concentrated on everyone’s need to give for the benefit of their own spiritual development. Instead of a bottom line philosophy, Consecration Sunday’s biblical philosophy led all of us to respond to the question, “What percentage of my income is God calling me to give?”
In five short weeks we went from announcing Consecration Sunday to celebrating the event together on November 6th. We worshipped together, placed our Estimate of Giving Cards on the altar at the end of the service and then everyone enjoyed a wonderful catered lunch in the church hall. It made no difference if you gave or not -- everyone in the parish was invited to join the celebration. The feedback from parishioners about this new approach to stewardship has been positive. Many of you also expressed appreciation for the informative chart showing our parish’s giving pattern and for the chart showing how to determine the various ranges of giving based on weekly income.
Completing the Consecration Sunday program required weeks of prep, a condensed timeline to accomplish all our tasks, a team of 6 people, and a guest leader from outside the parish. Ann Broomell was our wonderful guest leader. She met with us several times, providing advice and guidance, as well as speaking/leading all of us during our Consecration Sunday celebration.
Our team included Don Pogue, Lisa Ste.Marie, Kay Claiborn, Bill Cuddy, Carol Iovanna, and Susan Leonard. All of them willingly accepted the challenge of initiating a new process. They calmly handled the confusion and occasional chaos any new program creates. Without their fabulous support, Consecration Sunday would not have happened.
I would also like to give special thanks to our Parish Administrator, whose tireless support and good humor through demanding time constraints made many tasks so much easier (and fun) to complete.
Finally, I need to thank all of you for your generous support. To date, we have 87 parish families who have pledged. Ten of the families are new pledgers. Of the remaining pledges, 4 decreased their pledge, 18 pledges remained the same as last year, and 55 families increased their pledges. Our total pledge amount (so far) is $187,000.
Some parishioners have verbally expressed their intent to give. If you have not filled out an Estimate of Giving Card yet (and plan to!) please send/give your cards to Harrison or Pat Wakefield as soon as possible. If you have lost your card, more are available in Pat’s office.
My sincere thanks to everyone.
--Pat Daunic
Consecration Sunday Chairperson
In five short weeks we went from announcing Consecration Sunday to celebrating the event together on November 6th. We worshipped together, placed our Estimate of Giving Cards on the altar at the end of the service and then everyone enjoyed a wonderful catered lunch in the church hall. It made no difference if you gave or not -- everyone in the parish was invited to join the celebration. The feedback from parishioners about this new approach to stewardship has been positive. Many of you also expressed appreciation for the informative chart showing our parish’s giving pattern and for the chart showing how to determine the various ranges of giving based on weekly income.
Completing the Consecration Sunday program required weeks of prep, a condensed timeline to accomplish all our tasks, a team of 6 people, and a guest leader from outside the parish. Ann Broomell was our wonderful guest leader. She met with us several times, providing advice and guidance, as well as speaking/leading all of us during our Consecration Sunday celebration.
Our team included Don Pogue, Lisa Ste.Marie, Kay Claiborn, Bill Cuddy, Carol Iovanna, and Susan Leonard. All of them willingly accepted the challenge of initiating a new process. They calmly handled the confusion and occasional chaos any new program creates. Without their fabulous support, Consecration Sunday would not have happened.
I would also like to give special thanks to our Parish Administrator, whose tireless support and good humor through demanding time constraints made many tasks so much easier (and fun) to complete.
Finally, I need to thank all of you for your generous support. To date, we have 87 parish families who have pledged. Ten of the families are new pledgers. Of the remaining pledges, 4 decreased their pledge, 18 pledges remained the same as last year, and 55 families increased their pledges. Our total pledge amount (so far) is $187,000.
Some parishioners have verbally expressed their intent to give. If you have not filled out an Estimate of Giving Card yet (and plan to!) please send/give your cards to Harrison or Pat Wakefield as soon as possible. If you have lost your card, more are available in Pat’s office.
My sincere thanks to everyone.
--Pat Daunic
Consecration Sunday Chairperson