St. Alban s Episcopal Church 2017/2018 Financial Overview Annual - - PowerPoint PPT Presentation
St. Alban s Episcopal Church 2017/2018 Financial Overview Annual Meeting January 28, 2018 1 2017/2018 Financial Overview 2017 Financial Review 2017 St. Albans Helping Others Endowment Review 2018 Stewardship Review
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Pledge contributions $407,202 $402,804 Plate collections $13,803 $15,000 Other weekly contributions $19,752 $10,200 Income from weekly contributions $440,757 $428,004 Undesignated gifts/fundraising $21,944 $13,300 Designated gifts/donations $14,287 $7,300 Total contributions $476,988 $448,604 Other income (interest, rent, other) $5,239 $4,025 Endowment income contribution $31,881 $31,881 Total Income $514,108 $484,510
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Compensation & benefits $273,239 $290,384 Office operations $21,064 $22,390 Christian ed. worship, parish activities $42,463 $29,740 Mission and outreach $3,697 $3,800 Utilities $27,502 $28,762 B & G operations $31,722 $30,357 Tax & insurance $9,166 $9,202 Diocesan assessment $78,472 $78,472 Total Expense $487,325 $493,107 NET CHANGE TO OPERATING RESERVE $26,783 ($8,597)
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Haiti Fund
Preble St., Root Cellar, St. Elizabeth’s $3,697 $3,157 Clergy Discretionary Gifts $670 $1,596 Diocesan Contributions $78,472 $75,842 Total $101,089 $109,940
annual rate of return is 8.4%, adding $282,173 to the endowment value.
market value of endowment assets as measured over the prior 12 quarters per the Endowment Policy approved by the Vestry on August 14, 2012.
the same formula, will be $33,973.
investment return less the $31,881 support to the operating budget.
David Wakelin.
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Year-end Balances 2017 2016
Operating Bank Account $69,534 $59,736 Operating Reserve $70,132 $43,148 Fund for Major Repairs $20,971 $36,486 Audrey Fund $4,197 $2,607 Flower Guild $4,540 $5,649 Clergy Discretionary Funds $874 $1,044 Phillips Fund $5,515 $6,652 Haiti Committee Fund $9,838 $14,849 Pilgrimage $5,267 $ 0
Endowment Funds:
Ministries $94,010 $82,209 Mission & Outreach $150,417 $109,613 Children & Youth Ministries $125,348 $131,536 General Fund $587,075 $513,381 Total Endowment $956,850 $836,739
2018 Pledges of $384,494 so far; down about $18,000 from last year at this time, with 13 fewer pledges. Average pledge is up $43, to $2,067.
$40,435 in pledge increases (new pledges + pledge increases) trails the $61,094 in pledge decreases (lower pledges + pledges not renewed).
Concentration of pledges remains stable, but still needs to improve. $Pledges # Pledges Avg Pledge Concentration*
2018
$384,494 186 $2,067 41%
2017
$402,804 199 $2,024 40%
2016
$404,194 186 $2,173 43%
2015
$403,603 189 $2,135 45%
2014
$414,202 194 $2,151 45%
2013
$407,961 198 $2,060 44%
2012
$460,686 214 $2,153 44% * Concentration represents % of total dollars contributed by the top 15 pledges.
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2018 budget slightly better than 2017 budget, due to flat pledging and targeted cost cuts. BUT still forecasting operating loss.
Stewardship reflects demographic shifts: lower average pledges.
At this point, known special gifts lower than 2017.
Key Expense considerations:
– Lower costs from: stable staffing, office admin, over-time, hospitality, communications. – Higher costs: Diocese assessment; organ repair; – Commitments to all programs, maintain full & energized staffing, no compensation adjustments, funding summer seminarian. – Continued support for B&G projects in operating budget & Fund for Major Repairs; allocation for rectory painting.
Bottom Line: Operating loss of $7,466, about $1,100 lower than 2017 budget, to be covered either by Operating Reserve, or un- budgeted income gains during the year.
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Pledge contributions $407,202 $394,494 Plate collections $13,803 $14,000 Other weekly contributions $19,752 $10,010 Income from weekly contributions $440,757 $418,504 Undesignated gifts/fundraising $21,944 $14,000 Designated gifts/donations $14,287 $29,200 Total contributions $476,988 $461,704 Other income (interest, rent, other) $5,239 $1,750 Endowment income contribution $31,881 $33,973 Total Income $514,108 $497,427
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Compensation & benefits $273,239 $274,285 Office operations $21,064 $19,768 Christian ed. worship, parish activities $42,463 $62,180 Mission and outreach $3,697 $3,400 Utilities $27,502 $29,006 B & G operations $31,722 $29,000 Tax & insurance $9,166 $9,650 Diocesan assessment $78,472 $77,604 Total Expense $487,325 $504,893 NET CHANGE TO OPERATING RESERVE $26,783 ($7,466)
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St Alban’s Youth Pilgrimage Youth fundraising $5,000 Parent support $5,000 Parish support $5,000 Pilgrimage total cost $15,000 Total raised so far by Parish & Youth $4,413