Epiphany Friends,

I am writing to provide everyone a mid-year financial update for our parish.  This seemed like a good time to let everyone know how things are going financially. 

I am pleased to report that at the end of June, Epiphany had a surplus of approximately $39,000,   We still have six months to go, but I think this is good news, particularly given the uncertainties (and the slight deficit budget) that confronted us at the beginning of 2021.  

Two significant financial developments for Epiphany occurred this year (other than the pandemic).  First, we completed the important bond refinancing in February, thanks to a lot of work by our Finance Committee and Fr Hunter.  This was a very positive development for Epiphany and significantly decreased our monthly expenses.  Second, we no longer have the revenue from the lease to the French American School, which made the monthly savings from the re-financing all the more important.  The parish received approximately $70,000 as a result of the bond refinancing.  We retained that money in savings, with the plan to use it for operating expenses if the need arose.   So far, we have not needed to use these funds. 

I think the highlight on the revenue side for the first six months of 2021 is that the amount of pledge payments, plate offerings and other gifts exceeded our budget for that period of time ($266,091 compared to $222,537 budgeted).    The rental income for the first six months of this year also exceeded our budget.Given the loss of the French American School lease and the uncertainty of COVID, we were not sure what to expect from rental revenue this year, but through June we received approximately $3,600 compared to our budgeted amount of $1,900.  

Through June, Epiphany’s expenses were roughly 6% under budget ($254,745 in actual expenses compared to $272,572 budgeted). The major expense that is over-budget for the first six months is our mission share, which is the amount we send to the diocese each month. The mission share expense is over budget ($43,501 actual as opposed to $35,000 budgeted) mainly because our revenues have been higher than we anticipated when we created the budget. In what I consider to be good news, our fellowship expenses were very slightly over budget ($133 actual compared to $100 budgeted) because we have actually been able to have some fellowship activities.

More detail about Epiphany’s income and expense over the first six months of 2021 is available on the consolidated income statement.

I think the financial report through June of 2021 reflects continued generous giving by Epiphany members, prudent management decisions by clergy and staff, and the benefits of ongoing oversight by the vestry.  My sincere thanks to everyone involved.  If you have additional questions, feel free to talk to Fr. Hunter, members of our vestry, or our Treasurer Ann Neal.

Best,

Mary O’Grady, Senior Warden

August 1, 2021