Growing in Love of God and Neighbor

Finance Update June 2020

With the aim of sustaining the stability of Trinity’s finances, the Finance Committee has recommended some changes to our 2020 budget which the Vestry adopted at our June meeting. You can view a copy of the budget changes here. The approved recommendations are as follows:

  • Reduce our pledge income projections by about 5%,
    our plate income projections by almost 40%,
    our Easter and Christmas offerings by about 50%
    and income from fundraisers and building use by about 60%.
    Overall, this is a budget reduction of about $75,000.
  • Take as much as possible of the Paycheck Protection Loan as a grant, rather than repaying the full loan, thus replacing $75,000 – $80,000 of lost income.
  • Reduce our deficit draw on the endowment as far as possible.
  •  Manage the buildings and programs to minimize expense wherever possible.
  • Make no changes in our current staffing, as Trinity’s staff work together to provide spiritual nurture, pastoral and administrative support to our congregation under extraordinary circumstances.
  • Postpone the planned hiring of a part-time youth minister until 2021.

The decision to postpone the hiring of a youth minister was particularly difficult for the Vestry and Finance Committee, and was made primarily because the Vestry believe that under current conditions, it would be almost impossible for a new youth minister to build an effective program and community among the youth. So we are slowing our approach and will take 2020 to design the position with help from families in the congregation, with the hope that we can hire with all the conditions in place for success in 2021.