2021 ANNUAL REPORT: FINANCE AND BUDGET

The Financial Resources Committee (FRC) is charged with the design and implementation of plans to strengthen the financial capacity and ministry of congregations in the Diocese of Washington. The FRC is pleased to have offered a number of helpful resources this year:

• For the third year in a row, the FRC prepared materials for its annual giving campaign toolkit, keeping the needs of an online campaign in mind. Inspired by the verse…for we walk by faith, not by sight… (2 Corinthians 5:7), the committee chose We’ve Come This Far By Faith as the theme this year
• At least 10 of our parishes used some, or all, of this year’s theme and materials. We’re also aware of other dioceses and denominations who have used the theme and/or materials
• The resources of the toolkit have been accessed by over hundreds of users since it was published in June
• The FRC conducted its usual summer workshops in preparation for fall Annual Pledge Campaigns. Workshops were held in June, July, and August, with strong sign-ups for these now annual offerings
• The FRC conducted webinars on a variety of topics ranging from best practices for virtual stewardship campaigns to support for parish treasures, especially those positions held by volunteers
• The FRC offered individual consultations and annual giving campaign support in support of several congregations across the diocese

The Financial Resource Committee looks forward to continuing to provide support for Annual Giving Campaigns with a new toolkit available in early summer. The committee will also be expanding its offerings into areas such as Small Campaigns (4 zeroes or less), Networking for Stewardship Committee Chairs, a Toolkit for Treasurers, and School offerings for Clergy and Preaching About Money.

In 2021, the Diocese of Washington continued to disburse life- and ministry-changing grants to our congregations and wider communities.

COVID-19 Emergency Relief Fund

• We distributed $17,900 to 48 individual and family recipients
• We distributed $65,000 to 5 feeding programs and food pantries

Congregational Growth Grants

• We awarded $117,990 in Congregational Growth Grants to 14 parishes in, focusing on technology as we emerge from pandemic to meet the needs of a changing world

St. Mary’s County Scholarship Fund

• We awarded $18,000 to 24 recipients to help support black students from St. Mary’s County in pursuit of a degree in an accredited college/university or certification in a post secondary educational program

• For 2021, Congregational Giving was originally budgeted at $2 million, and then in June, reforecast to be $2.25 million, as congregational pledges came in higher than first expected
• Additional cost savings, beyond those adopted in 2020 when all discretionary spending was greatly reduced, were implemented where possible
• Total projected revenue for 2021 was still expected to fall short of anticipated expenses by $160,000, and to bridge this gap, the Convention approved a draw on accumulated Diocesan assets as an investment in the strategic plan and preserving the human capital of the Diocese
• To date, expenses for 2021 have come in lower than expected, reducing the potential need to draw on reserves
  For 2022, Congregational Giving is budgeted at $2.3 million, a slight increase over the reforecasted budget for 2021
• To support the new partnership with the Diocese of Maryland at the Claggett Center, Diocesan Council voted to approve a gift to the Claggett Center’s capital campaign
• In 2022, income from the Soper Fund is anticipated to grow by $200,000 due to continued rising markets
• After being held steady for 2021, staff salaries are budgeted to increase 3% for 2022