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TRINITY CHURCH
ANNUAL REPORT - 2022

FINANCE

Investment Team

Investment Team

Report

given by

Chad Hardy at the

Annual Meeting

October 23, 2022

10:45

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The Investment Committee was established eleven years ago to supervise, monitor, and evaluate the investment assets of Trinity Church and to recommend an annual distribution from these assets to the church budget.

 

We meet four times per year to review investment performance, meet with our investment managers, Parsec and the Community Foundation of WNC, and formulate recommendations for the Vestry to review and consider.

This year, our committee membership consisted of Rev. Dr. Scott White, Senior Warden Leslie Welker, Treasurer Nancy Brooks, Finance Director Dillon Manly, Financial Assistant Jan Hildebrand, Fred Groce, Jeff Howden, Vince Childress, Jim Gunn, and Dianne Weaver I am grateful for the dedicated service of this talented group of Trinitarians.

As of September 30, 2022, Trinity’s assets included two Money Market deposit accounts, at First Citizens Bank and Self Help Credit Union with combined balances of $290,439, an operating checking account and an investment portfolio managed by Parsec Financial that is comprised of restricted, unrestricted, and Legacy assets of Trinity Church with a balance of $1.3 million.

                     

 Additionally, Trinity is blessed to be the income beneficiary of three endowed accounts at the Community Foundation of WNC with combined balances of $1.6 million.

 

Trinity also receives income from a portfolio that is managed by Wells Fargo as Trustee. This account was established in the 1960s by a gift from a generous parishioner.

 

Over the past year, Trinity has received several very generous unrestricted bequests, including a living endowment that has strengthened the financial security of the parish. This endowment has been invested with Vanguard Funds, adding an additional investment manager to our portfolio. Other bequests received have allowed us to formally establish an independent Legacy gift portfolio at Parsec Financial.

 

Our focus continues to be on being good stewards of the  assets of the parish. Our funds have enjoyed a good year, and this year we received a full distribution from our funds at the Community Foundation, after receiving a reduced distribution in 2020 due to market declines related to COVID. We will meet November 4th to make our recommendation to Vestry for the distribution from our Parsec funds who send a quarterly distribution.

 

It has been a great blessing to have served yet another year as Chair, and to have served on this committee since its’ inception. 

 

Respectfully Submitted,

 

Chad Hardy

Committee Chair

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Stewardship Team

 

During the darkest times of COVID-19 when the church was closed to in-person gathering and the offices were empty with employees who had gone home to work, Trinity parishioners stepped up to the plate and generously sustained our treasury. The staff and our mission work could have been severely compromised, but we were able to come out on top even with new technology to help with live streaming and continue all of our Christian Education programs and Outreach ministries. For this, we are deeply grateful.

 

Trinity is strongly dependent on pledged giving to reach the mission our Vestry discerns in partnership with all ministry leaders at Trinity. This discernment comes with prayer and listening to the call of the Spirit. 

 

For the budget year, 2022 Trinity received 351 pledge commitments and they totaled $934,500. 

 

In preparation for the 2023 Annual Campaign, the Vestry contracted with Horizons Stewardship to do a thorough assessment of our Stewardship endeavors and to continue to coach the Rector and the Stewardship team on the most up-to-date methods and processes for a healthy engagement of all Trinity members and friends. As the Rector stated to the Vestry and Stewardship Team, “I’ve been doing this for 26 years. I may have used all my tools in my toolbox, and we may learn something new that we didn’t know we lacked.” 

Comparable to last year, our 2023 campaign began with an electronic pre-campaign giving members a short, quick and easy way to return their pledge commitments to Trinity. This continues to get overwhelmingly positive feedback. 

 

A complete financial report is found elsewhere in the Annual Report. 

 

We could not do all this work without the help of our Stewardship Team which includes Scott White, Dillon Manly,

Jan Hildebrand, Nancy Brooks, Robert Haden, Nancy Dexter, Ken Wilson, Leslie Welker, and Jo Rice.

Respectfully submitted,

Dillon Manly

Treasurer's Report

Treasurer's Report

given by

Linda Watt for

Nancy Brooks

at the

Annual Meeting

October 23, 2022

10:45

Finance Team

 

Finance Team 2022 The Finance Team meets three times during the year prior to the Fall Budget Planning. They review Trinity’s finances and financial policies. This year, the team reviewed cash positions every quarter which led to the investment of excess funds in accounts which were not earning interest, with the approval of Nancy Brooks, our treasurer.

 

In the fall, our team transitions to the Budget committee to draft a 2023 budget for approval by the Vestry by the first of the year. This work could not be done without the support of fellow parishioners and ancillary staff which consists of treasurer Nancy Brooks, Katherine Ray, Linda Watt, Don Weidemann, Dillon Manly, Jan Hildebrand, Leslie Welker and Scott White.

 

Respectfully submitted,

Dillon Manly

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