Dear People of St. James’,
Each quarter, the Vestry Finance Committee (VFC) updates you on the financial well-being of St. James’. At the end of the first quarter, our financials look very healthy.
Here is a financial overview:
Pledge receipts and operating contributions have exceeded expectations for this time in the year, and expenditures have been lower than budget. On the income side, pledges look like they are considerably ahead of budget, because a number of our members pay their full pledge at the beginning of the year. As we continue on through the year, we expect that pledge number to trend closer to budget. Expenses lag behind budget largely because of the timing of certain maintenance items and our full audit, careful management of other expense line items, and because we have not yet hired a part-time sexton for Sundays.
This puts St. James’ in a healthy situation at the start of a year marked by economic uncertainty and the continuing effects of inflation. The Finance Committee feels all the more confident because we have completely paid off our mortgage (hooray!), and St. James’ has three months operating costs in savings in the bank.
This year, St. James’ also received a $20,000 Cain Grant to help replace one of the large air conditioners that serves the sanctuary and a $111,000 grant to enhance campus security. Grants from outside sources for important updates to our buildings and grounds make it possible for us to put more our your financial offerings toward people and ministries.
Our endowment fund has grown to over $181,000! An Endowment Committee was formed by the Vestry to oversee this fund and our planned giving program at St. James’. Members of the Endowment committee include Clint Dawson (Chair), Jeffrey Cox, Rudy Green, Jill LaCour, Judith Rhedin, and The Rev. Eileen O’Brien (ex officio). The committee is just getting started, but you can learn more about giving and the endowment HERE.
The Finance Committee is always amazed by the great generosity of you, the People of St. James’, and by your commitment to the life-giving mission and spirit of this faith community. Thank you for the ways you give and offer yourself to that mission!
In the coming months your pledges and giving make us confident as we make new commitments to staff, including an Associate Rector, a part-time Children’s Minister, and a part-time sexton (that’s episco-speak for maintenance professional) for Sundays. The searches for the first two positions are active, and we ask you to join us in prayer as we look for candidates who can serve our growing St. James’ community.
You can reach out to me or any member of the Vestry Finance Committee with questions or concerns.
Respectfully,
Martin Jolivet, VFC Chair
