The Church of the Holy Apostles

Finance

One of the foundational responsibilities of the Vestry, the church’s governing body, is the care of the parish finances. Throughout the year, the Vestry votes on budgetary issues to ensure the sound stewardship of the funds which parishioners have entrusted to the church. On a daily basis, the members of the Finance Committee and the Treasurer of the parish work to execute the funds in accordance with the Vestry’s financial plan.

The initial activity for any financial year is the formation of the annual budget. All of the parish’s activities, including finances, operate on the calendar year. In the fall, the Finance Committee calls for data from all ministries, staff and committees in preparation for the coming year, and receives the amount pledged to income. The Finance Committee then submits a draft budget to the Vestry in November. By year’s end, the Vestry approves a budget for the coming year.

For the year of 2008, the Vestry passed a deficit budget, but is committed to finding new ways to increase revenue and decrease spending. Increased giving by parishioners and the development of new fundraisers are assisting in maintaining the church financially.

Occurring outside the annual operating budget cycle is the management of the Endowment Fund. This area is overseen by the Finance Committee. The Endowment Fund, which was created in 1989, provides periodic income which can be used for capital improvements and various mission/outreach projects. The Vestry is currently exploring a Legacy Endowment that will provide additional income for regular operating expenses.

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