Finance Commission
Finance Committee
Emmanuel Church closed out the 2003 fiscal year in January of 2004 with a negative balance of ($6,043.32) but when compared to the total 2003 budget of $918,444 it amounted to less than l% This small deficit was covered by a transfer from accumulated surplus fund account. Most of the deficit was due to the short fall of the budgeted pledge income ending 12/31/03.
In Spring of 2004 the Vestry approved a 2004 Budget of $884,177 with following highlights. The important note is that the 2004 Budget was balanced with accumulated surplus funds due to lack of pledge income. (Please see the 2004 Income and Expense Report in the appendix.)
As Emmanuel experienced a down turn in pledges and recordable contributions for 2004, the over all 2004 budget was cut from $924,000 in 2003 to $884,177 for 2004. Even with the cut backs in expenditures throughout many categories, the budget was not in balance and was supplemented by $31,380.
Earlier this year, the parish incurred expenses which were not in the budget. The parish had two break ins and a lightning strike The costs and repairs pushed expenses beyond insurance coverage.
As you can see, 2004 has proven to be a most challenging year financially for our parish. But in the end, it's Emmanuel, with so many parish programs, outreach ministries, and a wonderful physical campus which are supported by your continued contributions. We look forward to a typical strong 4th quarter in giving, which should bring us close to the goals for the year.
— Ray (Butch) Bush, chair
EMMANUEL PARISH ENDOWMENT FUND
Emmanuel Parish Endowment Fund. Inc. was granted a charter in the Superior Court of Clarke County, Georgia on April 21, 1944. The Endowment Fund grew from contributions from parishioners and reached the total of $25,000 in 1948. About 1965 the Vestry directed that various small funds and bequests be transferred to the Endowment Fund and administered by the Board of Trustees as Special Funds within the Endowment Fund. In 1980 the Endowment Fund as Trustee received distribution in trust from the estates of Mrs. Elizabeth VonderLieth Williams and Mrs. Mildred VonderLeith Rhodes. By the provisions of the Trusts, and by law, none of the principal of the Endowment Fund, the Williams Trust, the Rhodes Trust or the Special Funds (except the Joelson Fund) can ever be spent. The charter provides that the affairs of Emmanuel Parish Endowment Fund, Inc., be conducted by a Board of Trustees composed of six members of Emmanuel Church, at least half of whom are or have been members of the Vestry, and the Rector, who is ex-officio Trustee. Trustees are appointed by the Vestry for four year terms. Trustees currently serving for the year 2004 are: James A. Bowers, Jr., John F Coplin, Robert E. Gibson, B. Amrey Harden, Gene Weeks, and Norman J. Wood.
The Trustees of Emmanuel Parish Endowment Fund, Inc., make the investment decisions for the funds. They are advised by a portfolio manager from SunTrust Bank and by the Atlanta money management firm of A. Montag and Associates. SunTrust Bank also performs the duties of agent and treasurer. In that capacity, the Bank holds all securities and funds and provides a detailed accounting to the Trustees quarterly. The firm of Rice and Giles, CPA, performs an annual review and prepares the annual Internal Revenue information return.
At the present time the Endowment Fund is administered as four (4) funds:
- 1. The General Fund is composed of the original contributions, additional contributions, and the growth of the investment of those funds.
- 2. The Williams Trust, established under the will of Mrs. Williams
- 3. The Rhodes Trust, established under the will of Mrs. Rhodes.
- 4. The Special Funds, composed of miscellaneous trust funds given and
- bequeathed to the Church over the years.
- 2. The Williams Trust, established under the will of Mrs. Williams
The investments of the Endowment Funds are composed of savings accounts, certificates of deposit, government bonds, government agency bonds, corporate bonds, common stocks, preferred stocks, and in special situations, real estate. Emmanuel Parish Endowment Fund is managed with the objective of providing the maximum amount of income to the Church, consistent with safety of capital and preservation of purchasing power by growth of principal. The normal asset allocation is 70% equities, 25% fixed income, and 5% cash. The asset allocation can vary from the normal, dependent on opportunities available to the Trustees. The Trustees have regularly scheduled quarterly meetings with the investment advisors, with meetings in between as needed.
The charter states that the purposes of Emmanuel Parish Endowment Fund, Incorporated are: "religious, educational, and charitable, with the accumulation, maintenance, and management of an endowment fund to be used by the corporation for the benefit, development, and expansion of the work of Emmanuel Church or Parish." A complete report of the Endowment Fund finances is located in the appendix.
Endowment Fund Financial Report
The balances of the Endowment Fund as of September 30, 2004 are:
| General Fund |
$ 766,616
|
| Rhodes Trust |
1,280,872
|
| Williams Trust |
4,001,909
|
| Special Funds |
965,923
|
| TOTAL ENDOWMENT FUND |
$7,015,320
|
The following are distributions to Emmanuel Church for the period October 1, 2003 through September 30, 2004:
| General Fund |
$ 21,148.44
|
| Rhodes Trust |
36,489.63
|
| Williams Trust |
117,014.23
|
| Special Funds (see schedule below) |
30,309.56
|
| TOTAL DISTRIBUTIONS |
204,988.86
|
The total distributed by vestry upon recommendations of the Williams Rhodes Screening Committee: $153,530.86)
Balances in Special Funds
|
$ 20,275 |
|
VonderLieth and McLeroy Memorial Rooms |
15,504
|
| Rhodes Education of a Priest |
71,192
|
| Emma Long-Rector's Discretionary Fund |
550
|
|
Jenny Smith Fund for the Poor of Athens |
7248
|
|
Leighton M. Ballew Fund (discretion. of vestry, especially outreach and Haitian scholarships) |
236,235
|
| Edith W. Joelson Fund (for needy people wherever located) |
123,026
|
|
Mildred Lyles Dearing Fund (discretion of the Vestry) |
283,208
|
| James Lester Sexton Music Fund |
11,009
|
| James C. Bloomfield Memorial Fund |
149,171
|
|
Sexton Cemetery Fund* |
48,505
|
| TOTAL SPECIAL FUNDS |
$965,923
|
* The Sexton Cemetery Fund is administered by Emmanuel Parish Endowment Fund, Inc., under special trust arrangement with the Estate of Mrs. Margaret Branch Sexton. The fund is available for maintenance of Sexton cemetery lots in Savannah, Georgia. Income to this fund accumulates, is added to principal, and spent as needed for maintenance.
Emmanuel Episcopal Church Income and Expense Summary for 2004
Income:
| Pledge income |
$478,508
|
| Recordable contributions |
55,000
|
| All other contributions |
19,150
|
| Transfer from accumulated surplus |
31,380
|
| Receipts from endowments |
210,303
|
| Rental income(Potter's house,GLSP,Thrift House) |
68,860
|
| Other income |
20,976
|
| Total of all income/surplus transfer |
$884,177
|
Expenses:
| Total salaries, benefits, FICA |
$373,270
|
| Contributions beyond the Parish |
89,729
|
| Parish programs |
34,110
|
| Operating expenses |
153,330
|
| Rental property expenses |
79,092
|
| Use of endowment funds |
149,196
|
| Other expenses |
5,450
|
| Total of all budgeted expenses |
$884,177
|
|
|
|
| In kind expenses(donations) beyond the parish |
$101,016
|