MINUTES

Treasurer’s Report

Gina Hammond reviewed the following, details of which are in the Annual Report:

 Trinity finished fiscal year 2021 with a solid performance: net income on December 31, 2021 was $242,064.

 Total income was $1,106,651, 125.7% of the budgeted income of $880,126.

 Major categories were:

 Pledge dollars received were 107.5% of budgeted pledge dollars.

 Fundraising income was 111.6% of budget due to the successful Christmas auction.

 Special gifts totaled $83,295, or 272.5% over budgeted amount.

 Trinity qualified for a second Payroll Protection Loan of $98,732 which was not budgeted and remained as a liability on the Balance Sheet until it was forgiven in November 2021 and moved to “Other Income.”

 Total expenses were $864,586 out of a budgeted amount of $1,025,747.

 Major categories were:

 Personnel was 59.6% of the budgeted amount.

 Buildings and Grounds was 100.5%.

 Christian Education was 78.7%.

 Net income will be applied as follows:

 $28,531 to the Outreach checking account.

 $700 of unspent organ maintenance funds to the Organ Fund.

 $13,706 of unspent Capital Expenditure funds to the Campus Renewal Fund.

 $39,991 into 2022 budgeted income (as Prior Year Surplus) to account for 2021 expenses that were incurred in 2021 but not billed.

 The remaining $159,136 will be in “Cash” on the balance sheet awaiting further action.

 The 2022 budget approved by the Vestry is balanced, with expected income of $1,059,339.

 The Vestry approved moving the management of the Endowment to Atlantic Union Wealth Management, after a rigorous selection process by and recommendation of the current Endowment Committee.

 A new Endowment Committee of three voting at-large members with rotating three-year terms will be appointed by the Vestry. The Treasurer will serve ex officio on the Committee.

 Trinity is indebted to the retiring members of the Endowment Committee for their outstanding service.. They include Guy Dove, Stanley Dees, Brad Gable, and Gina Hammond, ex officio. Former members David Hartley and Hudnall Ware resigned in August 2021 to avoid a conflict of interest with future actions of the Committee.

Closing Comments

 Jonathan Adams thanked the Vestry, the Treasurer and the congregation for contributing to Trinity’s successful year despite the Covid-19 pandemic. The many activities and achievements during the year are described in the Annual Report.

 Jonathan thanked the outgoing Vestry Class of Barbara Augenblick, Louise Crane, Joe Fluet and Randy Mullett for their service, as well as the late Hurst Groves who died in 2020 before he could complete his final year on the Vestry.

 Jonathan outlined priorities for the coming year:

 The primary focus will continue to be love God and all God’s people.

 Last year, the Vestry focused on stewardship. This year, the Vestry focus will be on addressing the challenge of maintaining Trinity’s aging buildings.

 There is an estimated $2 million in deferred maintenance, according to a report prepared about five years ago.

 The Endowment should be increased by $1 million.

 The capital campaign initiated several years ago should be revived.

 Hiring an Associate for Family Ministry to strengthen Trinity’s ministry will also be a focus.

 Sunday services at 5:00 p.m. will be added. During Lent these will include a sung evensong and other types such as Celtic. After Easter they may include prayer and praise.

Closing Prayer and Adjournment

The meeting was adjourned at 10:15 a.m. with a closing prayer by the Reverend Adams. Respectfully submitted, Josephine F. de Give, Registrar.