A Letter from the Treasurer
By Stan Thomas
First published in the May, 2009 issue of The Monthly Messenger

Since I became treasurer in January, 2007, the vestry and I have endeavored to open and maintain a dialogue with the congregation, listening to your questions and concerns and communicating our activities and financial results by opening our vestry meetings and holding quarterly or tri-annual congregational meetings. These have been great to the extent that they foster the dialogue we are trying to promote. The downside to them is that they are somewhat self-limiting as many of you find them difficult to attend. My purpose then in writing this letter is this: to reach a greater number of you with this message.

Analyzing interim church financial results can be misleading to the uninitiated. Some of our expenses are fixed and are incurred regularly throughout the year, e.g. salaries, benefits and diocesan apportionment. Others vary with the season such as utilities. Still others pop up unexpectedly, without warning (see: Mathes Hall boiler & Harvey House roof). Our income traditionally varies with the season with a big push toward the end, though again, the pattern is a little different each year. This is why you may have heard me compare interim church financial results with making sausage: it’s not a pretty thing to watch as it is happening, but it is usually pretty satisfying when it is finished.

Now, the period reviewed in this letter is the First Quarter 2009, just ended March 31st. I have summarized our operating results in the table printed below this letter. This table does three things. First, it shows a summary of our operations for this period 1Q09 (this is the second column from the right). Second, it measures these quarterly results against the annual budget so we can see where we stand financially at this point in the church year (the 2009 annual budget is the third column from the right, and the far right column shows the interim results as a percentage of it). The third thing it does is to compare 1Q09’s interim results with the same period for the past two years. In other words, the process we followed in steps one and two for 2009 has been repeated for 2008 and 2007 and these results are represented in the center and left-most columns for comparison purposes.

The first thing this chart tells me is that it is not unusual for us to be running a deficit operating result at this point in the year, even in years when we have budgeted for an operating surplus. Another thing this chart tells me however is that we are even further behind the curve through three months of 2009 than we have been in years’ past. You will note that our collection of Pledge Income is down from $74,994.70 through three months ended 3/31/08 to $66,877.00 through the first three months of this year. This is true in spite of the fact that our Pledges have increased slightly for the year. This is the type of thing that will probably be “self correcting” as the year unfolds. On the other hand, our Total Expenses have increased from $102,073 to $114,113.10 quarter over quarter, even as we have budgeted for these expenses to decline on an annual basis. The fact is Utility Expense is killing us. The net result of the lag in Income and rise in Expenses is to put us in an operating deficit that is roughly twice as large as in the past years reviewed. This is merely a brief summary of our current position. There is much more detailed information available which I am happy to discuss with whoever may be interested, but the bottom line is this: we are behind.

Of stewardship, St. Benedict suggests that the steward “should be realistic and measured in decisions”. My training in Benedictine stability prevents me from crying out in alarm at these financial results. You may fairly say I have a positivity bias, but I really do believe that everything will be all right in the end. It must be, if we will but trust in the Lord. (Remember what the pragmatist said: “All things come to he who waits…so long as he who waits worketh like hell while he waits”.) Rather, my message to you today is that our first quarter results are sounding a ““distant early warning” of sorts. Yes, I know that right now some of you are saying that danger is imminent, not distant as I represent. In a nod to these voices within our congregation, I will agree it is a mathematical certainty that we cannot continue running budget deficits indefinitely, and we do seem headed toward yet another. But it seems to me the real question is this, and it is posed to all of us: “What do you want to do about it?”

Benedict continues, ““Frequently (the steward) will need assistance by others. Help should be sought freely…”. It is in that spirit then that I now would like to solicit each of you for ideas on how we might provide some relief to our budget. It is my hope that your suggestions will be in the area of “revenue enhancement”, although helpful ideas on how we might further economize are certainly welcome. At this point, I would like to share with you the story of a gentleman I know who owns a business. In the past, he has had a contest among his employees to come up with what he calls the “Million Dollar Idea of the Week.” I have no doubt that he has implemented many of these ideas successfully over the years. This may sound hackneyed, but I would have you know too that this man’s business is one of Charleston’s oldest in continuous operation, incorporated before the Civil War. So then, I would ask you please do not be shy; do not hesitate to approach Father Bill, a member of the vestry, or me with your Million Dollar Idea. Be forewarned however that you may be asked to “worketh like hell” to put your Idea into motion.

In closing, I would like to invite you to adopt your own positivity bias toward Saint Matthews and our future together. Consider anew the Spirit that lives within our Christ-centered community. Consider anew all the good works that flow forth from this place. Consider anew the blessings of fellowship and parish life that we all enjoy. The Spirit is alive and well at Saint Matthews indeed. Our outlook is bright, not bleak. “Life will always provide matters for concern. Each day however brings with it reasons for joy. Every day carries the potential to bring the experience of heaven; (you need only) have the courage to expect good from it.” Of good works, Benedict says, “If you want to live the life that only you can live, do good for others, and when you have done good, you will have life abundantly.” Of good works also, Jesus says, “Let your light so shine before men, that they may see your good works, and glorify your Father which is in heaven (Matthew 5:16…and our late Rector Emeritus Father Mycoff).” The year is still young. Tell me, what do you want to do about it?