Page 45 - 2019 Annual Report - Final (with cover)_Neat

2019 Annual Report

Notes to Financial Statements

1. Mission – The enduring mission of Trinity is to worship and serve God, through faith in Jesus Christ and

the power of the Holy Spirit. Since our humble beginning in 1953, Trinity has grown to be a beacon of

faith, hope and love in our community.
2. Summary of significant policies – the attached financial statements are to be regarded as being unique

to the Trinity congregation and accordingly may not conform, in all respects, to generally accepted

accounting standards.

a. Fund accounting – the accounting system separates funds to recognize their unique purpose
and to follow the wishes of donors:

i. General Fund – consists of income and expenses relating to church operations including

assessments.

ii. Ministry Funds – consist of amounts dedicated to benevolence and missions work.
iii. Session Funds – consist of amounts dedicated to church growth, memorial gifts, major

repair and Trinity tune-up.

iv. Dedicated Funds – consist of amounts dedicated to specific congregational programs

like music and chancel flowers.
b. Income recognition

• All amounts described as income in the Statement of Income, Expenses and

Assessments are recognized as income upon receipt.

• Offerings that are designated by the donor for internal funds, like benevolence
and mission, are not recognized as income; offerings that are designated by the

donor to be paid to external charities, like PWS&D and Evangel Hall, are not

recognized as income.

• Gifts and bequests to the Growth and Memorial Funds are placed within the fund

and not recognized as income; grants from the Growth Fund to the General Fund
for church operations are recognized as income in the year of grant.

• The Growth Fund has investments in PCC’s Consolidated Fund in the form of

redeemable capital units; the value of units changes quarterly based on

investment income earned and market revaluation of underlying securities; the

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