St. Stephen’s remains committed to financial sustainability. Much has been accomplished toward this goal. More work remains. We have regularly drawn on our endowment to balance annual budgets. Recent budget deficits have averaged 11% of total annual spending and 6% of our endowment. (2019’s deficit was 11% of annual spending and 3% of the endowment.) We are committed to reducing budget deficits to more sustainable levels in the near term and eliminating them in the long term.
Thanks to generous bequests and prudent management, the parish endowment remains a source of financial strength.
While recent trends have shown declines, our 2020 stewardship campaign generated a near double-digit percentage increase in giving.
Again, the recent trend in the number of pledgers has been challenging, but 2020s stewardship campaign reversed the trend.
The parish’s physical plant and capital assets are generally in good shape. At the same time, there are always long-term maintenance projects and facility upgrades to plan for. The parish has not undertaken a major capital campaign in over 20 years, so active consideration is being given to such an effort in the next few years.
Our Finance Committee, including our Parish Treasurer, oversees the parish’s finances. The group meets monthly. Responsibilities include preparing and recommending an annual budget for Vestry approval, monitoring financial performance, recommending actions to the Vestry as required, and advising the Vestry and Rector on financial matters.