Tag Archives: Church finances

Grace Episcopal Alexandria Lurches Towards Financial Crisis

As I’ve said many times, Grace Episcopal’s existing cost structure is unsustainable. Thanks to the debt incurred for the recently completed HVAC project, as well as the parish’s continuing willingness to live above its means and its refusal to save, things are looking grim for the 2020 budget. This is the result that, in 2014, I warned Bob… Read More »

Ain’t it Great to Be Wealthy? Grace Church Pays Bob Malm $100,000 Bonus, Borrows to Keep the HVAC On

When you give to Grace Church, is it with the idea that the parish will pay $100,000 bonuses to Bob Malm? At the same time it’s cutting health insurance benefits to other clergy and employees? Is this social justice? Does it mater to you that the church is paying bonuses of this sort when it is borrowing to… Read More »

See For Yourself: Grace Parishioners Asked to Pay Half the Cost of HVAC Rebuild, Despite Almost No Benefit to the Church

At a time when Grace Episcopal is barely hanging in there financially, there’s a dark cloud hanging over things. Specifically, members of the church are being asked to pay half the cost of replacing the HVAC systems in Merrow Hall, the wing of the complex that houses the school and the auditorium. Given the limited benefit to the… Read More »

Grace Episcopal Church: Dispelling the Myth of a Balanced Budget

One of the things that’s troubling about Grace church’s governance is the enduring myth that the church has been running a balanced budget.The reality, however, is that it’s been running a deficit for many years. Per the Financial Accounting Standards Board’s Statement of Financial Accounting Standards No. 93, issued in 1987, all nonprofits must include depreciation and amortization in… Read More »

Of Finances and Fix-ups: Fiscal Woes Ahead for Grace Episcopal Alexandria

One of the challenges facing Grace Episcopal Church Alexandria aka St. Dysfunction is that, not surprisingly, it manages its finances only slightly better than rector Bob Malm manages his personal finances. Or in other words, it’s a case of “let the good times roll,” right up until the bill comes due.  The painful reality is that the bill… Read More »