St. Paul's Financial Report 2021
Parish finances, and the overall health and handling of those finances, impact all aspects of a church’s functions. According to the “Vestry Resource Guide, A Project of the Episcopal Foundation,” good financial management begins with the budget, implements sound business practices, provides different funds for different practices, complies with tax laws, conducts an annual audit, adequately insures, and reports according to Canon law.
As the Finance Committee moves forward with their work, these elements will be first and foremost in our attention. The committee members are Karen Merrin Swope, Chairperson (Vestry), Douglas Colmery (Vestry/Treasurer), Marcia Enslen, David Lewis (Vestry/Senior Warden), and ML Schultze (Vestry/Clerk). Patrick Weschler, former Chairperson of the Finance Committee, serves in an advisory capacity.
As noted in the Annual Report January 2021, the committee’s focus for this year is to successfully complete an audit for both 2019 and 2020 to meet Diocesan deadlines for completion and submission. Meeting these deadlines is one requirement for voice and vote at the Annual Convention. We are on schedule for that to occur.
Audits are a requirement of the Episcopal Church. Types of audits and auditors are based on various factors, including size, where a church is in the audit calendar, and income. A consequence of not meeting audit requirements, as established by the Diocese, is loss of voice and vote at the Annual Meeting.
The 2019 audit is being completed by Crum & Associates CPAs. Kevin Crum is our auditor. This is a Best Practices Audit which reviews both our financial records and the practices and procedures we have in place relative to our finances and handling of our money – how our money comes in, goes out, and is handled.
The 2020 audit is being completed by the Diocesan Small Parish Audit Team, led by Sara Strattan. This audit will provide findings and recommendations based on review of Diocesan required documents.
Once the audits are completed, each auditor will meet with church representatives live or through Zoom and present a written report. Those in attendance for the reporting out will be Vestry members, Finance Committee members, and chairperson (or designee) of each committee at St. Paul’s.
The findings and recommendations of both the 2019 and 2020 audits will provide important information as we review our financial picture and the advice of these experts. This information will be critical as the Finance Committee prioritizes goals and objectives and takes the best actions to successfully move into our future. We will document procedures for accounting practices and review as required. Reports alone will not move us forward but directing our resources and efforts appropriately will make these reports living documents to guide our work.
St. Paul’s Episcopal Church holds three investment accounts: Stifel (our largest), Putnam and JIF. The Finance Committee holds quarterly investment review meetings with our financial manager at Stiffel, Jeff Caghan. This is currently a successful and growing account. Of the Stifel portfolio, $20,000. is earmarked for Lazarus Society (which oversees our Columbarium); this fund will remain separate, with interest and dividends going into the Lazarus Society account, enabling it to grow as interest/dividends accrue; new Columbarium purchases will be paid into the designated fund as well.
Interest gained from all three of these investment accounts is applied monthly to operating expenses. The Vestry committed several years ago not to use the principal of each for day-to-day operational costs.
According to the Vestry Resource Guide, “The annual audit…ensures that accounts and the treasurer’s reporting are accurate; funds are safe and correctly allocated; financial policies, procedures, and record keeping are followed; and the flow of cash receipts and payments is controlled.” These sources of findings and recommendations will provide guidance to the future work of the Finance Committee. Input from our parishioners is encouraged and appreciated as we move into our financial future.
Respectfully submitted,
Karen Merrin Swope, Chairperson
Finance Committee
Parish finances, and the overall health and handling of those finances, impact all aspects of a church’s functions. According to the “Vestry Resource Guide, A Project of the Episcopal Foundation,” good financial management begins with the budget, implements sound business practices, provides different funds for different practices, complies with tax laws, conducts an annual audit, adequately insures, and reports according to Canon law.
As the Finance Committee moves forward with their work, these elements will be first and foremost in our attention. The committee members are Karen Merrin Swope, Chairperson (Vestry), Douglas Colmery (Vestry/Treasurer), Marcia Enslen, David Lewis (Vestry/Senior Warden), and ML Schultze (Vestry/Clerk). Patrick Weschler, former Chairperson of the Finance Committee, serves in an advisory capacity.
As noted in the Annual Report January 2021, the committee’s focus for this year is to successfully complete an audit for both 2019 and 2020 to meet Diocesan deadlines for completion and submission. Meeting these deadlines is one requirement for voice and vote at the Annual Convention. We are on schedule for that to occur.
Audits are a requirement of the Episcopal Church. Types of audits and auditors are based on various factors, including size, where a church is in the audit calendar, and income. A consequence of not meeting audit requirements, as established by the Diocese, is loss of voice and vote at the Annual Meeting.
The 2019 audit is being completed by Crum & Associates CPAs. Kevin Crum is our auditor. This is a Best Practices Audit which reviews both our financial records and the practices and procedures we have in place relative to our finances and handling of our money – how our money comes in, goes out, and is handled.
The 2020 audit is being completed by the Diocesan Small Parish Audit Team, led by Sara Strattan. This audit will provide findings and recommendations based on review of Diocesan required documents.
Once the audits are completed, each auditor will meet with church representatives live or through Zoom and present a written report. Those in attendance for the reporting out will be Vestry members, Finance Committee members, and chairperson (or designee) of each committee at St. Paul’s.
The findings and recommendations of both the 2019 and 2020 audits will provide important information as we review our financial picture and the advice of these experts. This information will be critical as the Finance Committee prioritizes goals and objectives and takes the best actions to successfully move into our future. We will document procedures for accounting practices and review as required. Reports alone will not move us forward but directing our resources and efforts appropriately will make these reports living documents to guide our work.
St. Paul’s Episcopal Church holds three investment accounts: Stifel (our largest), Putnam and JIF. The Finance Committee holds quarterly investment review meetings with our financial manager at Stiffel, Jeff Caghan. This is currently a successful and growing account. Of the Stifel portfolio, $20,000. is earmarked for Lazarus Society (which oversees our Columbarium); this fund will remain separate, with interest and dividends going into the Lazarus Society account, enabling it to grow as interest/dividends accrue; new Columbarium purchases will be paid into the designated fund as well.
Interest gained from all three of these investment accounts is applied monthly to operating expenses. The Vestry committed several years ago not to use the principal of each for day-to-day operational costs.
According to the Vestry Resource Guide, “The annual audit…ensures that accounts and the treasurer’s reporting are accurate; funds are safe and correctly allocated; financial policies, procedures, and record keeping are followed; and the flow of cash receipts and payments is controlled.” These sources of findings and recommendations will provide guidance to the future work of the Finance Committee. Input from our parishioners is encouraged and appreciated as we move into our financial future.
Respectfully submitted,
Karen Merrin Swope, Chairperson
Finance Committee