St. Alban ’ s Episcopal Church 2017/2018 Financial Overview Annual Meeting January 28, 2018 1
2017/2018 Financial Overview 2017 Financial Review 2017 St. Alban’s Helping Others Endowment Review 2018 Stewardship Review 2018 Budget Outlook 2
2017 Financial Highlights 2017 – Better . . . but Beat 2017 Budget due to higher income and lower expenses. Some higher costs from repairs and savings from staff turnover. Income exceeded budget by $29,598 Expenses were under budget by $5,782 overall (includes $20,000 of gifted spending). 3
2017 Operating Results Income 2017 Actual Budget 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 4
2017 Operating Results Expenses 2017 Actual Budget 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) 5
St. Alban’s Helping Others 2017 2016 $18,250 $29,363 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 6
Endowment Review Since investing the endowment in Vanguard Star Fund July 1, 2013, the • annual rate of return is 8.4%, adding $282,173 to the endowment value. Budget support is based on the guideline formula of 4% of the average • market value of endowment assets as measured over the prior 12 quarters per the Endowment Policy approved by the Vestry on August 14, 2012. In 2017 the endowment provided $31,881 in support of our budget based • on the endowment guideline formula. In 2018 the budget support, using the same formula, will be $33,973. Endowment balance increased by $120,308 in 2017 reflecting the $152,189 • investment return less the $31,881 support to the operating budget. Endowment Investment Committee 2017/18: Gordon Gayer, Michael Moore, • David Wakelin. 7
Funds & Account Balances 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 8
2018 Stewardship Report 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. 9
2018 Budget Outlook 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. 10
2018 Operating Budget Income 2017 2018 Actual Budget 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 11
2018 Operating Budget Expense s 2017 2018 Actual Budget 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) 12
St. Alban’s Youth Pilgrimage 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 13
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