Special General Assembly scheduled for Sunday, August 21

The Holy Trinity Parish Council would like to invite all parishioners to attend a Special Parish Assembly following Divine Liturgy on Sunday, August 21, 2016. The sole purpose of this meeting is to consider a proposal for the church to establish a Line of Credit facility with Comerica Bank to be utilized for cash management purposes.

Holy Trinity has had similar facilities in the past, but does not currently have one in place. The Parish Council strongly believes that it is a prudent practice for the church to have a standing line of credit available, first, and most importantly, to provide a source of funds in emergency situations—for example, a large unexpected repair to the sanctuary or community center—where action must be taken quickly to avoid further damages or larger costs.

Secondarily, over the course of each year, the parish faces a mis-match in the timing of its revenues and expenses. For example, our festival often requires large up-front outlays, with the revenue being realized once the event takes place. A standing line of credit could help the parish manage this mis-match in the timing of its cash flows.

The Parish Council has sought to establish the amount that may be drawn under the facility so that it is sufficient to serve the two purposes described above, without creating the potential for a large amount of debt. Details of the proposed line of credit were mailed to parishioners and will be presented at the assembly.

Because there is only one item of business, the assembly promises to be a brief one. The Parish Council hopes that everyone can make an effort to attend.