Vestry Advisor – Bob Morgan

Stewardship

thumb_IMG_0679_1024Our Stewardship Committee believes our church family is blessed by the abundance God has bestowed on us. Traditionally we have focused on only one of these gifts, treasure, as we work through our fund raising activities to assure the budget is met each year. This year, before we consider the financial component of Stewardship in October, we are exploring the amazing stewardship of time and talent members of our congregation have devoted to our church family and to our community. Wonderful work is being done. Major community organizations have been founded through this church! The love of our members knows no bounds. We see the exploration of all aspects of stewardship as preparation for new leadership as we move toward a glorious future of service.

Our Stewardship program is ongoing – everything we do at Holy Cross is about being stewards of God’s gifts.

Legacy Giving

Legacy giving is about what we leave behind – our accumulated stewardship. By making some simple arrangements ahead of time we can ensure that our gifts will continue to be put to work.

Time & Talent thumb_IMG_0700_1024

When we put our time and talents to work serving others, we serve Christ, discovering our gifts, our talents and skills, our passions, our life experiences, our personality and personal style which makes each of us unique and uniquely equipped to serve others.

Financial Overview

There are two areas that primarily affect our financial picture:

Operating Budget

For the 9 years 2005 through 2013 expenses had exceeded income. In all cases we were able to cover the losses either by the receipt of unrestricted estate gifts or a draw from our operating reserve. Operating income is normally constituted of 85% from parishioner annual contributions; 10% from the distribution from unrestricted endowments and the remaining 5% from a variety of operating categories. During our interim period we took a fresh look at our finances. Subsequently we have modified our income accounting and budgeting to identify that which is recurring versus non-recurring income. This has helped put the spotlight on the importance of stewardship. Concurrently, there has been emphasis on expense control. As a result we experienced a balanced budget in 2014 and anticipate that 2015 and 2016 will also reflect operating income meeting or exceeding operating expenses. One caveat worthy of mentioning is the Holy Cross building and infrastructure are aging and therefore require continuous maintenance and capital improvements.

Endowments

Holy Cross has restricted and unrestricted endowments with a total market value of $2.1 million, both of which are invested 60% equities 40% fixed. The restricted funds, which reside at the Polk County Community Foundation, total $1.8 million. Annual distributions from these funds include $27,000 allocated to operating and $45,000 to scholarships, capital improvements and outreach. The unrestricted funds, which are invested with the Episcopal Church Foundation, total $300,000 and are designated by the vestry for use as an operating reserve. Our finance committee and vestry have adopted an  important financial objective to continue to increase the size of the operating reserve by investing future unrestricted estate gifts and any surplus cash that exceeds our 45 day cash requirements.