Following a year of steady growth and good fortune, financial indicators for 2020 held promise for more of the same. That is until the nouvelle coronavirus unleashed its worldwide devastation in late February. Historic daily declines among all major stock indices followed through March leaving many investments at half their in just two months time. This new ‘Bear Market’ period effectively ended the longest economic growth period in US history. However, as states scrambled to put emergency virus response plans into action and with financial assurances from the federal bank by late spring, investors grew more comfortable with the state of the world. This relative calm resulted in a steady, if not miraculous, recovery. Not just out of bear market territory but returning to a new bull market. So confident were investors that even the tumultuous November federal elections and their aftermath could not dissuade investor’s enthusiasm. They were further bolstered by the news of two Covid vaccines that would soon reach the population following their successful respective testing regimens. These world and national market trends have had a direct impact on the Church’s portfolio.
The Church’s investment value on January 1, 2020 stood at $1,102,655.00. Despite falling by 25% during the Covid panic of March and April, the net of a year’s worth of growth, dividends, and expenses totaled a gain of $120,078.25 (10.8%) resulting in a year-end value of $1,222,733.25. Furthermore, in December, the Church was notified that the estate of Melva Gibson Gage (wife of the late Nathaniel Gage, jr.) had bequeathed to the church the very generous sum of $150,000. The gift came with the simple request that the Gage Family, who had strong ties to the Waterbury community in the early 20th century, be remembered with the designation of a Gage Family Fund. With this donation the Church’s portfolio had a December 31, 2020 value of $1,372,733.26 (Table 1).
| Fund | Prior Balance | Investment Gains plus Income less Expenses | New Balance with Gains |
| Endowment | $574,253.24 | $62,986.24 | $637,239.47 |
| Housing | $194,733.04 | $20,836.26 | $215,569.31 |
| Firm Foundation | $265,994.12 | $29,014.63 | $295,008.76 |
| Enrichment | $67,674.60 | $7,241.12 | $74,915.72 |
| Lena and Nathaniel Gage Family Fund | $150,000.00 | $150,000.00 | |
| Total | $1,102,655.00 | $270,078.25 | $1,372,733.25 |