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Council on Finance & Administration Connectional Table. February 22, 2014. Agenda. 2013 Year End Performance Revisit 2015 Budget Assumptions 2015 Budget Proposal Stewardship Focus. 2. We Celebrate Apportionment Giving Improvements.
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Council on Finance & AdministrationConnectional Table February 22, 2014
Agenda • 2013 Year End Performance • Revisit 2015 Budget Assumptions • 2015 Budget Proposal • Stewardship Focus 2
We Celebrate ApportionmentGiving Improvements • We celebrate that 67 churches (11%) exceeded the prior year • 19 churches in Baltimore Metro exceeded the prior year – 25% total
Our Strong Connection82% of Churches Gave 100% • The connection remains strong with 100% apportionment churches remaining at 82%. In fact, 90% of our churches gave 100% apportionments in 2012 or 2013.
2013 Apportionment Summary • Apportionment Collection Rate was 89.8% vs. budget of 91.5% • December Apportionment Giving was $286,000 less than budget • Year End Apportionment Giving was $257,000 less than budget
2013 Expense Summary • Significant expenses over budget: • Legal Fees - $182,000 • Church Growth - $106,000 • Financial System Upgrade - $54,000 • Significant expenses under budget: • Conference Insurance - $90,000 • Communications - $23,000 • Annual Audits - $23,000 • Episcopal Office - $53,000 • Retreat and Camping Ministry • Operating Net Income was positive $35,000 • YE Expenses were $26,500 over budget
2013 Financial Summary • Expenses were $26,500 over budget (0.1% of budget) • 2013 expenses were $570K less than 2012 expenses • Net Income was negative $177,000 (1% of budget) • Primary driver was the December apportionment giving
2015 Budget Overview and Discussion 8
2015 Budget Assumptions Assumptions from October Connectional Table • The 2013 statistical data shows an increase of 0.4% in the apportionment base to $87.0M (first increase in 3 years) • Collection Rate assumption was reduced to 91.5% • Continuing to budget for $14.1M apportionment income 2015 Apportionment Income Apportionment Base Benevolence Factor Collection Rate X X = $86.2M X 17.75% X 92.5% = $14.1M Revised Assumptions by CFA in January/February 2015 Apportionment Income Apportionment Base Benevolence Factor Collection Rate X X = $86.5M X 17.75% X 91.5% = $14.1M
2013 Statistical Data Trends • Apportionment Base Increased by 0.4% • Pastor Compensation Up 0.5% $ 22.6 Million • Housing Allowance Up 1.2% $ 7.4 Million • Church Staff Up 1.0% $ 26.1 Million • Program Expenses Up 1.4% $ 5.4 Million • Operating Expenses Down 0.3% $ 26.2 Million • Operating Income Increased by 4.3% ($131.4 Million, Up $5.4 M) • Pledges Up 8.9% $ 52.1 Million • Non-Pledges Up 2.9% $ 57.7 Million • Fundraisers Down 5.3% $ 4.9 Million
2015 Budget Discussion • This is the 3rd straight year with Apportionment Income set at $14.1 million. It is a challenge….
2015 Budget Discussion • The 2015 Budget Proposal still has a gap in excess of $300,000 that needs to be addressed. • The CFA will lead a team to evaluate the best path forward for closing the remaining gap in the 2015 budget proposal. • The CFA will bring the final 2015 budget to the Conference during the PreCon Sessions in May.
Our Focus - Stewardship • The Cabinet is implementing new ways for working with churches who currently find themselves in one or two of the following categories: 1. Currently giving less than 100% apportionments 2. Not making full benefit payments • Our focus is on growing stewardship capacity with detailed plans and expectations for each congregation
Our Focus - Stewardship • We are also excited to announce that the Mid-Atlantic Foundation is launching a new leadership program in the Fall of 2014 that will focus on Church Stewardship. • More details will be made available throughout the year.
