I would like to provide a broad overview of the finances of our church. This includes the past four years, urgent expenses, adjustments we are making, and where we are going.
St. Monica’s has experienced much transition in the last four years. One rector retired, another took a diocesan position in Oklahoma, and then we had an interim. The pandemic and the transitions in leadership both led to severely decreased attendance. St. Monica’s then took on temporary debt of not paying diocesan apportionment and loans to get through the crises. Before our new rector, Fr. Jonathan Evans, began in August of 2021, we had a “Pave the Way” campaign that freed us from our debts. We are thankful for the generous donations which exceeded $80,000 and allowed us to fulfill the campaign. The success of this campaign tells me that when we have a compelling need, we can rally behind it.
Although St. Monica’s expenses are largely “fixed” (salaries, utilities, insurance, grounds keeping, diocesan fees, etc.), expenses are increasing due to inflation. Additionally, our facilities need urgent repair. This includes new doors for most of the Parish Hall building, which costs $32,000 (as they have to be brought to code too). This is our most urgent, and they have already been ordered. Additionally, we need sidewalk repairs to reduce tripping hazards (about $10,000). Our parking lot on the west side needs to be repaved and the east side needs sealcoating ($39,000). We have two air-conditioning units that are aged and may have to be replaced ($10,000). Please keep in mind that before the pandemic, Irma damaged the roofs, and we had to pay the deductible, thereby reducing our reserves.
Currently, thanks to the generosity and enthusiasm of our parishioners, we have accumulated a slight surplus of cash necessary to carry us through the lean months of the summer when attendance and donations decrease. However, with inflation and the doors to be replaced, we continue to look for additional revenue sources to supplement the generous stewardship from our parishioners, possibly a line of credit.
This year, rentals will cover at about 15% of our yearly expenses of about $500,000. We now rent our facilities to several organizations and individuals, including Feed Thy Neighbor, Full Steam Ahead, Heavenly Day Preschool, four music teachers, Alcoholics Anonymous, Narcotics Anonymous, Alanon, and Goal Setters.
Despite all these challenges, we are so pleased that the ministries of our church continue to grow. New people continue to come and join. People come and experience love and healing. Family ministries have started. A service in Spanish has started. New prayer and study groups are forming. In other words, a new energy abounds, and we are grateful to God for all that we are given, especially you.
Finally, our monthly financial results are posted on the bulletin board just outside the office.
For more information on St. Monica’s financial status, please contact Tom Gibson at the number below.
Yours in Christ,
G. Thomas Gibson – Treasurer