Treasurer’s Report on 2013 Church Finance
- Rick Shunnarah
- Feb 20, 2014
- Category: General
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Holy Innocent’s Episcopal Church entered 2013 in a new facility and what an experience that was for us! Our new church home was absolutely beautiful in its own unique grandeur with a renewed clarity of spirit and purpose. And, as if on cue, the parish was gracious in its call of responding financially. In essence, we all should be profoundly grateful for our blessings in everything in our lives, most especially in the time, talent, and treasure we give to God at Holy Innocents’.
The church fiscal year ended on December 31 and after awaiting last minute income and expense items, the 2013 financial year is now in the books.
I’m pleased to report that pledge income in 2013 was the highest ($1,357,864) in 3 years. This fact is particularly important to note in light of our capital campaign and the unprecedented support shown in that effort. In addition, I’m happy to report that 2013 pledge income was at 101.5% of actual current pledges received ($1,337,978). The parish received $19,886 more than was expected in pledges thanks to your generosity!
In addition to pledges, regular givers that do not pledge, as well as loose plate are also accounted for in our budget. When these funds are included, total plate and pledge income in 2013 increased by 3.1% over 2012. Total plate and pledge income in 2013 was $1,535,890. With other gifts, total revenues in 2013 were $1,557,295.
In 2013, Holy Innocents’ accomplished several noteworthy things. First, our facility is a sparkling tribute to the fantastic efforts of Andre Parker and Mpact Services that employ our sextons. Our financial commitment to the Diocese was met. Communications have significantly increased, especially owing to the integration of The City. Our support to the various organizations involved with Outreach were ongoing and financial commitments were met. The culinary experiences of the Parson’s Table is now in its finest hours, not to mention our own local brewers. Lastly, many in the surrounding community are now seeking space availability for their monthly meetings in Inglett Hall. The vibrancy of the parish is just beginning, knowing that our clergy and staff are not resting on their laurels. More is to come!
Our 2013 financial year closed with a deficit of less than 3% of budget. This small deficit marks continued progress in our financial health and continues our growth away from years of large deficit spending that depleted church reserves. The Vestry remains confident that the 2014 financial year can improve on the tremendous works accomplished during the first full year of operation in our new facility. Just like a new home, operational costs increased, additional items were purchased, more things were needed, etc. A few additional improvements were made to provide a facility that is second to none in our Diocese. Let us not forget the physical condition of our previous facility.
With the services of a partner accounting firm, additional income, expense and disbursement controls are being employed to stay current of both revenues and expenses. This important step is worthwhile so as to have real-time sight of church financials for Vestry and staff. Reconciliations, payables and payroll are just a few of the important tasks assigned to our accounting firm.
Finally, the designated and restricted funds of the church grew at an unprecedented rate in 2013. Capital campaign contributions also stayed on course, with many pledges paid in full, and in some cases, above the pledge amount. The growth of the flower, memorial, music, youth, thanksgiving, columbarium, clergy discretionary and other funds were an important adjunct to sustain these ministries without the use of plate and pledge income. These additional funds assist our parish by growing our community of faith and focus funds into specific areas of need.
February 18, 2014