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Trinity Cathedral's 2016 Treasury Report
- 1. ANNUAL MEETING May 1, 2016
- 2. ANNUAL MEETING May 1, 2016 Treasurer’s Report
- 3. o Exceeded goal to reduce reliance on the Endowment – 4.68% draw including capital. o Explored financially & mission generative models for use of our Unique Sacred Space o Exceptional programming - worship and interfaith experiences, education & formation, congregational life, and civic & community service. 2015 Highlights
- 4. Inspire. Imagine. Ignite o 2016 – A Year to Invest o Bicentennial – Events, Marketing, Banners o Model for our unique sacred space o Discernment, Feasibility, and Potential Capital Campaign o Brighten our Sacred Architecture (tower lights, door restoration) and ongoing maintenance o Mather Hall – Negotiate a possible Land Lease o Staff & Benefits – Basic increases jobs well done, health insurance, training o IT Upgrades – per joint Diocesan assessment done in 2015
- 5. Strong– Congregational Support $679,954 $700,827 $723,404 $716,819 $718,100 $670,000 $680,000 $690,000 $700,000 $710,000 $720,000 $730,000 $740,000 2012 2013 2014 2015 2016 AMOUNTINDOLLARS YEAR CONTINUED CONGREGATIONAL SUPPORT
- 6. Improvements – Commons Earned Income 2015 Budget: $336,401
- 7. Improvements – Commons Subsidy 2015 Budget: $279,693
- 8. Improvements – Endowment Draw Year Endowment Draw (Percent) Additional Draw Additional Draw Operations (Percent) Additional Draw Capital or Extraordinary (Percent) 2011 5.95% $201,228 76% 24% 2012 6.37% $274,410 82% 18% 2013 6.46% $265,500 95% 5%* 2014 5.31% $53,948 0% 100%** 2015 4.68% $18,770 0% 100% Efforts to reach 5% endowment draw by 2016 *In addition $83,000 net was drawn from LOC for major steam and building automation system ** With additional draw on LOC of $ 2,200 net
- 9. Improvements - Endowment Year Reliance on Endowment to Support Operations 2000 80% 2013 50% 2014 42% 2015 39% 2016 Budget 47%
- 10. 2015 Performance – Income Trinity Cathedral Consolidated Operating Activities 2015 Actuals 2015 Budget INCOME Congregational Pledges, Contributions, Offerings, Gifts $716,819 $735,140 Grants* $173,160 $162,820 Earned Income $305,314 $313,717 Friends Support $55,916 $40,300 Investment Transfers (5% Portion)+ Other $850,477 $926,588 Additional Draw from Invested Funds for Operations $0 $120,841 $2,101,685 $2,299,406
- 11. 2015 Performance – Expenses and Net EXPENSE 2015 Actuals 2015 Budget Salaries & Benefits $1,065,972 $1,141,662 Contract/Professional $262,401 $331,159 Food/Equipment/Supplies $68,646 $84,461 Rent/Utilities $135,318 $149,135 General Office $59,176 $72,161 Marketing & Communications $61,457 $99,592 Maintenance $139,197 $105,934 Other Programming $3,405 $5,550 Travel, Mileage $27,451 $18,668 Dues, Memberships and Contributions $19,962 $20,600 Interest & Bank Fees $13,029 $13,277 Assessment, Portions, Taxes, Adjustments $245,517 $257,207 $2,101,541 $2,299,406 Net Operating Activities $143 $0
- 12. 2016 Budget by Program Area
- 13. 2016 Budget by Program Area
- 14. THANK YOU FOR YOUR SUPPORT.
Editor's Notes
- I am pleased to report that the 2015 financial performance of the Cathedral was strong. We realized our lowest percentage draw on the endowment in over a decade – of 4.68%. Exceeded the goal set in 2013 by Vestry to achieve a 5% draw by 2016. Thank you to Melody Hart, Patty Roberts, Thomas Reuter and staff for leading this charge. We also continued to explore financial & mission generative models for the use of our unique, sacred spaces, including Trinity Commons. Trip to England to learn from our counterparts at St. Paul’s Cathedral, Union Chapel, St. Martin in the Fields, and Southwark Cathedral Hired Corinne Wallner, former Vestry Member, long time Trinity member, with significant experience in the hotel & event industries who has helped us assess/refine the model Attended various trade shows and expos to market our space and learn more about our position in the market place Ongoing experience hosting Cathedral Concerts & other special events such as First Tee, a nonprofit dedicated to positively impact the lives of young people from Greater Cleveland through the game of golf, and the Childcare and health & wellness programs including medication, yoga, & nutrition counseling for the Black Lives Matter conference that was held at CSU. While maintaining our exceptional compliment of worship, education & formation, congregational care and civic & community programs that you have heard so much about.
- In 2016 we intend to make significant investments at this unique intersection of our Bicentennial and potential capital campaign, to launch the cathedral into its Third Century. Namely: A year of inspiration. Bicentennial activities are planned , some costs have been offset by congregational gifts and grants. Special Evensong service & Reception Nov. 9th, Bicentennial Insert in the Cleveland Magazine & potentially the NYT to spread the word of Trinity, Ramped up Marketing, Banners, to name a few. Continue to imagine/identify a financially generative and mission compatible model for the use of our sacred space and invest in our Trinity Commons ministry of place. Ignite possibilities: Discernment, Feasibility, and Potential Capital Campaign Brighten our Sacred Architecture (cathedral tower lights, begin door restoration, storefront façade work, and ongoing maintenance our campus Mather Hall – Negotiate a possible Land Lease (legal work) Staff & Benefits – Basic Increases for a job well done, Health Care, Training IT Upgrades –to avail of cloud based hosting, and upgrades to our internet access to allow for live streaming, and better functioning of our office/campus. Let’s review some trends……
- Last year several positive trends were highlighted. You will notice some of the trends are budgeted to continue in 2016 and others reflect the investments that are being undertaken to produce results in 2016-17. Congregational support remained strong in 2015. And Tony Wesley, Stewardship Chair, will tell you later the good news about the 2016 Stewardship campaign Pledge fulfilment was solid and Offerings/Plate strong. We are also fortunate to receive notable special gifts to support our music programs, our future leaders (children and youth) and development of unique offerings in education and worship.
- Remember that we have a separate budget for Trinity Commons (meeting and education spaces, office space, rental units on street level). The income (and cost) from the Commons is shared with the Dioceses. Earned income from the commons continued to grow. While short of budget, Storefront rents, and productive use of the parking lot drove the numbers this year, overcoming a drop in space rent revenue. 2016 budget anticipates re-rental of the CSU Campus Engagement office in the storefront space and ongoing rental of the balance of the first floor meeting rooms, growth of outside event and parking revenue.
- How much do we (Cathedral and Diocese) invest in the ministry of the Commons? You’ll obviously notice that the trend line is going up … Last year the Commons expenses came in almost $30k under budget. We do not think that trend can be sustained. Also there is a direct correlation between commons revenue and expenses as meeting rental income and cost is variable. More meetings means more cost So, while the Subsidy to the Commons is budgeted to increase in 2016, the budgeted performance is about the same as budgeted last year. Main drivers in the increase are staff costs and maintenance items. The financial performance of the Commons has improved significantly since 2011 but has leveled off. We continue to reimagine how to leverage our community asset. The economics are challenging.
- Celebrate - this is the first time in over a decade that NO ADDITIONAL DRAW was needed to cover any portion of operations, capital or extraordinary expenditures. We budgeted 5.99% for endowment draw and were very excited to come in a full point lower. Our additional draw for operations is budgeted to increase in 2016 as we make necessary investments to position the cathedral for improved financial performance in 2017.
- Another largely positive trend, although realizing an up tick in 2016 is the performance of our endowment and the Cathedral’s decreased reliance on it to balance the budget. 20 Q Endowment Value – continues to rebound from the market collapse of 2008 as well as the substantial draw on the endowment to fund the Cathedral’s portion of the construction of Trinity Commons. There is still a need to raise capital for the endowment through planned gifts and bequests. Reliance on the endowment as a % of funds needed to support operations has been nearly cut in half since 2000. The growth of congregational support and income is the driver for this.
- I won’t go over these numbers in detail, they are included in your annual report handouts. This slide, and the following, are in an accountant’s view of the numbers … basically an income statement. The pie charts are a programmatic view of where we spend our money, I think this one is probably more instructive when we want to look at what the cathedral does.
- Placemaking – building costs Civic Engagement – outreach, marion-sterling, food for families, A Place @ the Table, etc Congregational Care – pastoral care, easter breakfast, small groups, coffee hour Worship – includes music, flowers, preaching, guest preaching