Dear Friends,
I have the honor and privilege of sharing with you the wonderful news that Trinity settled with the insurance company relative to our claim for damages caused by Hurricane Ida, and the proceeds have been received by Trinity.
While the settlement expressly requires confidentiality as to the exact settlement amount, it is appropriate to say that it is a full and fair settlement. Together, with the funds contributed toward the damage repairs by the Together We Build Capital Campaign and the proceeds from the sale of the historic tax credits, covered more than 99% of our out-of-pocket repair cost.
If you recall, the Vestry approved at its September 2023 meeting a one-time draw from our Trinity Perpetual Memorial and Endowment Fund (TPMEF) to cover the repair costs in the short-term. An additional $740,000 of long-term debt was rolled into and eliminated through this endowment draw. The total draw from the endowment totalled approximately $2.8 million dollars. All funds recovered from the settlement were returned to the endowment. Trinity Church remains debt-free!
This positive outcome was the product of so much hard work and dedication by the Ida Repair Committee (Cres Gardner, Barbara Waller, Keith Crawford and Gordo Kolb), our capable design and build team (Ryan Gootee G.C., Trapolin Peer Architects, Oscar Gwin, and David O’Reilly), the Buildings & Grounds Committee, our Finance Team (Philip Gordillo, Mark Williamson and Corrinne Mestayer), the School Board and Head of School, and the extraordinary counsel of our legal team (Konrad Jackson, The Merlin Law Group and Continental Adjusters).
May the hard work done by all involved serve our congregation and community well!
George Young
Sr. Warden
Using Our Emergency Resources (November 16, 2023)
In late August of 2021, during Hurricane Ida, the church sustained significant damage to the roof structure of our historic sanctuary. Worship services were temporarily relocated to Bishops Hall while we waited to hear from structural engineers . . . read more.
The Trinity Perpetual Memorial Endowment Fund (TPMEF) reflects the generosity and ongoing life and vitality of this church. Gifts made to the TPMEF help to fund our common life together in perpetuity, and in times of deep crisis, have proved to be a lifeline. As stewards of this tremendous gift of the TPMEF, our challenge is to not only manage its funds responsibly, but to sustain a vision for the future.
Looking Forward
While the insurance settlement and the elimination of Church debt is extremely positive news, the temporary impact of using endowment money has put a strain on our annual budget. It is essential that we fund the many programs we enjoy every week AND continue shore up Trinity's safety net. Over the next few years, the Church budget will rely on greater participation in annual stewardship pledging, as well as gifts to the endowment through planned and memorial gifts. With everyone’s participation we can ensure Trinity's bright present AND future!
Questions?
Contact Raina O'Neil at stewardship@trinitynola.com.
