Our restricted endowment has a balance of approximately 1.5 million dollars. Those balances continue to grow and have been utilized to fund various ministries in our parish.

Our operating expenses are larger than our pledged income, therefore we need to rely on withdrawals from our general endowment to cover the budget shortfall. Currently, our general endowment has a balance of approximately 1.2 million dollars. Six years ago, that balance was around 2 million dollars, however instability in the market in addition to years of exceeding our planned 5% general endowment withdrawal, has caused a significant depletion in our endowment. Over the past year we were able to increase that endowment as opposed to drawing it down further. We are working hard to creatively look at our finances and find ways to lower our reliance on our general endowment in order to protect that asset for future years.

One of the reasons that we have been overspending our general endowment, is that we continued to function as a large congregation long after it became clear that we no longer were a large congregation. We are a small congregation worshiping in a large church building. The costs to maintain the building are large and generally fixed. We are working to develop alternative revenue sources by renting out portions of the building through joint partnerships in our community.

Our hope is that our new rector will join us in building relationships in the community so that we can be good stewards of this beautiful building we get to worship in.