Trinity Church of Wall Street Cuts Budget, Reexamines Ministry Goals
Episcopal News Service. May 13, 1992 [92110]
As a clear sign that no part of the church is exempt from the effects of the recession on its ministry, one of the nation's most visible -- and wealthiest -- Episcopal parishes has announced staff and budget cuts and a major reexamination of its ministry goals.
As it approaches its fourth century of ministry in New York City, Trinity Parish has been forced to cut 15 people from its staff in an effort to cut $1.5 million from its budget. The action was the direct result of a crisis in the New York real estate market, which is the source of 95 percent of the parish's operating funds, according to Trinity's chief financial officer, Kristine Dahlberg. She said that the last two years have been particularly difficult, with a vacancy rate of about 25 percent for the parish's substantial real estate holdings in New York. Several bankruptcies by major tenants have only complicated the situation.
"This reduction is the result of three forces," Trinity's rector, the Rev. Daniel Matthews, told the staff. "The current financial crisis, a realignment of our operation and management style, and the retooling for new mission initiatives have all contributed to the reexamination of our current style and staff," he said.
"I think that the rector and his staff have accomplished a major feat," said Trinity's warden, Charles C. Lee. "The staff of the parish has been downsized, the budget balanced without reducing the commitment to the dioceses or to the national church, and without significant effects to our partners in the wider Anglican Communion. In keeping with Trinity's tradition, we are now positioned to respond to the emerging needs in church and society -- and to take bold leadership," Lee said.
"We now face the deeper question of how we go forward as a parish," added the Rev. Charles Cesaretti, deputy for special parish studies. "What is the new mission of Trinity -- and how do we allocate our resources to accomplish that mission?"
"Are we going to be free enough -- and lean enough -- to respond to emerging challenges?" Cesaretti asked in pointing out the unresolved questions now facing the vestry, rector, and staff. "We are at a place of change, and we must be prepared."
When asked in an interview what that mission might look like, Cesaretti cited Trinity's involvement in the VISN television network, providing quality religious programming for cable networks. "That is the type of mission that Trinity seems uniquely qualified to do, that is an offering to the larger church." He also mentioned Trinity's involvement in providing support networks for local parish clergy and the Trinity Lay Institute. "We are very eager to provide support for the church at the local level because we are convinced that is the scene of action for the future of the church," Cesaretti concluded.