In Trinity’s 175 year history, our community has endured great triumphs, catastrophes that felt like defeat, and innumerable moments in between. This member-supported church has shown up time and again for their congregation. With gratitude, generosity, and forethought, generations before us and those in our midst have prepared Trinity with a reserve of emergency resources. Trinity’s financial endowments not only lend support to our annual operating expenses, but can act as a safety net in times of need. Our recent extensive repairs to the church sanctuary were such an obstacle. It is with immense gratitude for all those who support this church - those before us and those to come - that we share the following information.
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 regarding the safety of occupancy and the extent of the required repairs. For a short time, we were able to return to the sanctuary, but it was quickly evident the repairs were significant in scale and could not wait. In June of 2022, following our Trinity Sunday celebration, worship was moved to Bishops Hall for the expected duration of one year. We celebrated our Grand Homecoming to the repaired sanctuary in September of 2023 with joyous anticipation.
Trinity Church and School are currently in ongoing arbitration regarding the dispute over our pending Ida claims with our insurance company. It is difficult to predict when that will be concluded, however, the repairs to the sanctuary could not wait. The debt incurred to make repairs amounted to nearly $6 million, of which the Together We Build Capital Campaign contributed $1 million and some relief from tax credits for the repairs is anticipated. The remainder of the expense is split with Trinity School, contributing $1.4 million leaving a remaining debt burden of approximately $2.1 million for Trinity Church.
To cover this extraordinary expense in the short-term, and after a thorough investigation of all available options, the Vestry approved at its September 2023 meeting a one-time draw from our Trinity Perpetual Memorial and Endowment Fund. 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 arbitration, after covering expenses, will return to the endowment. We are proud to report that for the first time in 20+ years, Trinity Church is debt-free!
It is an immense blessing to have steady support in a time of great need. May we recognize the great gift we have received by the generosity of many. As a church family we can shoulder our burdens together, and with faith in God, prevail.
Looking Forward
While eliminating the debt service from our budget is helpful, the overall endowment withdrawal will have an impact on our operating budget for the next few years. Our annual endowment draw of 5% for church operating expenses, traditionally covers 27% of our budget. With the reduction in the overall endowment balance, the 5% draw will provide less support. Stay tuned for ways you can share your support.
