Don Thornton, Parish Administrator
The church had a positive year financially, ending the year in the black by $5,800. This result occurred while using only 54% of the subsidies from reserves authorized by the Vestry. The Vestry had approved using $295,000 from reserves to meet operational costs, but only $159,000 was needed. Parishioners continued to give generously, contributing $129,340 or 10.4% more than the previous year. All of these things occurred under the umbrella of the Lord’s faithful love, provision, and care for Christ Church.
At the end of December, Christ Church had $1.4 million in available reserves for operations. These reserves include operating cash and cash equivalents, and a few other funds designated for potential operating use such as the growth and income from the Meade Endowment and the Legacy/Reserve Fund. The measurement of reserves does not include many other funds such as the Building Fund, Outreach Funds, the Scholarship Fund, and the Treasureland designated funds. Altogether, operating cash and designated funds totaled $2,027,523. Total Net Assets was $3,343,470.
Treasureland ended the calendar year with a surplus of $11,567. Prospects are good that they will end their school year well in the black.
Given the ongoing challenges of the pandemic balanced with the resilience of the people at Christ Church, the Finance Committee recommended, and the Vestry approved, a 2022 budget with conservative estimates for revenue and realistic estimates for expenses. Revenue estimates are based on monthly averages of the past two years. The expense budget estimates are based on 2022 ministry plans and known fixed costs, with reductions in Personnel costs. The 2022 budget continues to include allocations to Outreach of 10% of tithes and offerings and an additional 10% paid to the Diocese. Overall, the budget assumptions create the need to use $195,000 from reserves, which is $100,000 less than the previous year’s estimate. As was the case during 2021, money will be pulled from reserves only if needed.
Personnel cost estimates in 2022 are $75,000 less than in 2021. Following the departure of Lisa McFarland after her 20 years of service, the church plans to hire a part-time office assistant, reducing costs in both salary and benefits. Brady TenBarge was hired as the new Operations Director effective January 1, 2022, gradually working into the position over the first half of the year. With Fr. Terry’s need to be absent from the office, Don Thornton agreed to delay his planned retirement until March 31, 2022. Don will aid Brady’s transition to his new position while Brady continues to support the Youth Ministry and helps to hire a new Youth Director. All of these changes result in lower personnel costs for 2022.
Online giving continues to be a valuable and convenient way for people to support Christ Church. Online giving totaled $578,800 during 2021, a 29.5% increase from the previous year.
Special thanks to Treasurer Jeff Rudolph and Assistant Treasurer Fran Berry who have served faithfully during the past year. Thanks also to additional members of your Finance Committee including Bill Cook, Spence Flournoy, Debbie Jonas, John Morrison, Jim Pike, and Matt Potts. If you have relevant experience and wish to serve on the Finance Committee, please contact one of the committee members.
Thanks to everyone on the team for keeping our financial system in great shape!