Vestry News for April, 2016
HIGHLIGHTS OF THE APRIL 19 VESTRY MEETING
• The Vestry appointed a committee to prepare a report showing statistical trends in the parish (attendance, pledge revenues, staffing, etc.) for the last 15-20 years, along with comparable statistics for the Episcopal Church nationally.
• The Vestry appointed a committee to organize and prioritize all the comments noted at the Search Committee Focus Groups, as a first step toward responding to them.
• A group of present and former vestry members will be attending meetings of the Youth Group and Canterbury in order to express our interest and support. The Vestry would like each group to appoint a correspondent who would report to the Vestry twice yearly.
• Junior Warden Peter Dennison will be working on acquiring some additional handicapped and Sunday parking spaces near the church.
• Parish Administrator John Reid reported that the Skinner Scholar selection process is under way, and that as much as $170,000 may be awarded for next year to approximately 25 continuing and 10 new scholars.
The minutes of the meeting and the financial reports will be posted in the parish hall. The next meeting of the Vestry will be at 7 p.m. on Tuesday, May 17, in the lounge.
April 18, 2016
To: The Vestry
From: Lynne Weikart, Treasurer
Re: March 2016 Financial Report
The first quarter of the year has passed. We continue to have sufficient cash on hand along with ample pledge revenue. Our revenues overall are on track and the total expenses are reasonable. Whether or not we continue this momentum is open to question. A cautionary note is that Sunday attendance is quite low and such a pattern, if it continues, can adversely affect our revenue streams.
We have collected almost 32% of our Pledge payments for the year even though only 25% of the year has passed. This is a particularly important revenue stream since 70% of our revenue comes from our pledges. However, Plate offerings did not make the 25% mark and this is after Easter, which is when we received a large bump in plate offerings. Again this reflects the drop in Sunday attendance.
Building rent is seasonal. Currently we have only collected 19.1% of what we have budgeted but revenue from Building rent should increase as the wedding season approaches. Rent revenues were not being collected in time for the March reports. Canterbury House is a month behind as is the Chancellor Street coop.
Good news, not reflected in these numbers, is that we have already collected $2500 from Canterbury/Skinner Alumni. These monies sit in an account at UVA which we can have transferred to us at any time. Overall, we have collected 29% of our revenue by the end of March which is good news.
Salaries take up 40.3% of our expenses which means we need to pay close attention to any variance in expenses. We are right on target with salaries, which is good news spending 25.4% of what is budgeted three months into the fiscal year. Benefits are a different story. Benefits take up 21.5% of our budget and all are in line except health insurance in which we have already spent 40.7% of what is budgeted. This is problematic and needs to be reviewed. Overall 61.5% of our budget goes to salaries and benefits. We need to keep close track of these expenses.
Other expenses seem to be on track although the senior choir spent over $1100 this month. It is important to remind our talented musicians that we have a budget for the year to which we must adhere. Adult education is a similar story. We budgeted very little for adult education this year. So those people responsible for adult education need to be reminded that we cannot spend beyond our yearly budget. Administrative expenses are on target. Buildings and grounds expenses are high at this time of year and should decline in the months ahead as we use less heat but we need to watch this carefully. Overall our expenses are reasonable for the first quarter of the year.
Performance Management Report
In past reports I have drawn attention to long-term trends in attendance and pledge revenue. I do think we need to present trends in performance indicators on a regular basis. We should have been talking about these trends several years ago. And I think if we were to put together a selection of performance indicators into a small report that we would issue yearly, we would become better educated about our history and current trends. I would like to see a small group of volunteers who would agree to recommend what performance indicators would be useful. We need to be careful that we don’t collect too much data. It would not be hard to put together such trends. We do need volunteers to review which performance indicators to use. I am recommending that we proceed with gathering these data.
Vestry Minutes for March 2016 PDF file
Vestry Agenda for April 19, 2016 PDF file
Financial - Balance Sheet for March 2016 PDF file
Financial - Dedicated Funds for March 2016 PDF file
Financial - Income and Expenses for March 2016 PDF file