Financial Pledge Update

Financial Pledge Update

Pledges are up by 65% for 2023!

This is incredibly good news, and we thank you for your generosity.

As we commenced discussing our future, one financial fact stood out: in order to stay open and have full-time clergy and a small paid staff, St. Philip needs to raise at least $200K a year.

We delayed our pledges for 2023 so that we could have an honest conversation about our financial future. St. Philip has liquid assets, that is, money in the bank. We also have a small amount of investment assets. With funds as they have been, we can support the following:

  • FT Clergy thru 2024: All liquid assets used. In 2025, the parish must move to PT or Supply Clergy and reduce staffing to break even.
  • FT Clergy in 2023, PT Clergy ($40K/year) in 2024. This option does not touch investment assets until 2026.
  • FT Clergy in 2023, Supply clergy ($12k/year) in 2024. This will not touch investment assets at all until 2028, and if other staffing is reduced, could be stretched further.
  • These figures do not anticipate funding of ANY significant building repairs. For example, we know the roof needs repair (~$60-$75K). Total repairs and renovations are estimated at close to $750K

The community that loves and supports St. Philip has responded with generosity and commitment. We still need to increase our annual income (by double!), but we are on the way.

Thank you!

Pledge report

Annual Pledge$99,640.00$60,549.96
Diff from Last Year$39,090.04$2,593.96
Confirmed Pledges3526
Increased Pledge2815
New Pledge151
Decreased Pledge92
Stopped Pledge66
Avg Pledge (of pledgers)$2,767.78$2,242.59
Avg Pledge (of all members, including “0”)$1,880.00$988.60
Highest Pledge$12,000.00$9,000.00