TM

February 16th 2014

St James Episcopal ChurchAnnual Update 2013

GROWTH(Spiritual, Membership, Stewardship)

• Our Parish if Growing……– Spiritual-Outreach food and clothing responded to the community’s needs

– $8,186 of food purchases in addition all the food and clothing donations from our parish and the community

– Membership-437 Members on our parish list at the end of 2013– 429 members were on the parish list at the end of 2012– 150 members were contacted and removed after confirming they were not a

member due to just visiting, relocation, transferring, etc.– 29 new families have joined St. James’

– Stewardship-2014 Pledges are at record levels!– 92 Pledging units (a record number)– Totaling $200,593 (a record amount)

Jesus tells his disciples “for where your treasure is, there your heart will be also” (Matt 6:21). Your commitment reflects your heart and your willingness to use your treasure for the ministry of Christ through the ministries of St. James’ Parish. You and all who have participated are a great blessing.

Our prayers are being answered!!

Thanks be to God!

St James’ 2013 Financial Update

• Section 1 – Balance Sheet

• Section 2 – Review of Endowments

• Section 3 – 2013 Results of Operations

• Section 4 – 2014 Budget Discussion

Some Important Points before we begin the Financial Review

• What a Difference a Year Makes!• Our Operating Shortfall declined 60% to ($14,000) from ($35,000)

– Many people came through and made extra donations beyond their pledges!! Thank you for your praises to God!!

• Endowment balance is up 31% to $616,000– We decreased the amount withdrawn from the endowments by 46%

• Withdraws were only $19,000 for capital projects (as opposed to support operating shortfalls)

– Stock market helped, but so did Bequests!!

• The 2014 Budget is basically balanced on an operating basis!!– It’s based on realistic assessments of likely revenue and expenses

• No more “faith based or hoped for” income!!• Vestry may elect to make withdraws from the endowment in 2014, but they

will be for specific projects and improvements not to balance the budget–

Section 1 - St James Balance Sheet (Page 1)

St James Episcopal ChurchBalance Sheet as of 12/31/2013

Cash BasisBeginning

Balance12/31/2012

2013 Deposits

2013 Withdraws

2013 Interest

Transfers Between Accounts

Ending Balance

12/31/2013

OPERATING ACCOUNTS:PETTY CASH 374$ (264)$ (110)$ 0$ ALTAR GUILD 1,695$ 3,784$ (4,954)$ 340$ 864$ BUSINESS EXPENSES ACCOUNT 164$ (164)$ -$ ECW ACCOUNTS 6,580$ 7,026$ (5,719)$ 0$ 7,886$ RECTOR'S DISCRETIONARY FUND 573$ 550$ (3,187)$ 0$ 2,890$ 826$ FIRST NIAGRA BANK -$

1-Parish Account 8,601$ 289,220$ (281,702)$ 5$ 357$ 16,481$ 2-Reserved Accounts 29,521$ 12,553$ (24,492)$ 8,876$ 26,458$

TOTAL OPERATING ACCOUNTS 47,507$ 313,133$ (320,318)$ 6$ 12,188$ 52,515$

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Section 1 - St James Balance Sheet (Continued)

St James Episcopal ChurchBalance Sheet as of 12/31/2013

Cash Basis

Beginning Balance12/31/2012

2013 Deposits 2013 Withdraws

2013Valuation Change

Transfers to Operating Accounts

Ending Balance12/31/2013

INVESTMENT ACCOUNTS Bean Estate 38,081$ $8,184 46,265$ Capital Fund 25,609$ $5,504 31,113$ Cemetery Fund 79,432$ $15,997 ($5,000) 90,429$ Cemetery Unrestricted 65,943$ $13,099 ($5,000) 74,042$ Charles P. Shannon Trust 3,484$ $749 4,233$ DLauro Estate 28,763$ $6,182 34,945$ General Reserve Account 36,239$ $5,786 ($10,000) 32,025$ Marjorie D. Elliott Trust 16,821$ $3,616 20,437$ Marsteller/Norton Choir/Music 30,889$ $12,839 $7,052 $1,000 51,780$ Mary Cronmiller Memorial 29,139$ $6,263 35,402$ Mary Fields Memorial -$ $25,000 $5,373 30,373$ Moser Memorial Fund 3,333$ $717 4,050$ Outreach House 38,063$ $8,181 46,244$ Platts Hall Endowment Fund 60,317$ $12,964 73,281$ Prepaid Stock Donation -$ $7,799 $121 7,920$ Sarah Jane Pugh Trust 2,964$ $24,150 $1,011 28,125$ William Lane Trust 4,151$ $892 5,043$

TOTAL INVESTMENT ACCOUNTS 463,228$ 69,788$ -$ 101,689$ (19,000)$ 615,705$

FUND BALANCE 510,355$ 382,921$ (320,318)$ 101,695$ (6,812)$ 668,220$

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$16,000 Lower than 2012!!

Stock Market Helped us

Out

Bequest and “found”

Blackrock funds

Section 2 – 2013 St James Endowment Composition

• Substantial improvement in the ratio of Restricted vs Unrestricted funds• 41% of endowment is unencumbered vs less than 25% in 2012

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Unrestricted General Use42%

Restricted as to Principal28%

Restricted as to Purpose

31%

Endowment Funds

Section 2 – St James’ Endowment Burn Rate

• Assumes:• Annual planned transfers for specific projects continue @ $25,000/year• Endowment Valuations remain constant

• Increase in Endowment and reduction in the burn rate have really secured our Parish’s future!

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2013 2014 2015 2016 2018 2019 2020 2021 2022 2022 2022 $300,000

$350,000

$400,000

$450,000

$500,000

$550,000

$600,000

$650,000

Restricted Fund Limit Endowment Balance

Section 3 - St James’ Summary of Operating Income and Expenses versus Budget

INCOME 2013 Budget 2013 Actual

Budget vs Actual

Plate & Donations 58,000$ 67,967$ 9,967$

Pledges 200,000$ 173,898$ (26,102)$

Special Offerings 10,000$ 17,813$ 7,813$

Miscellaneous -$ 3,345$ 3,345$

Building Usage 16,000$ 15,071$ (929)$

Fund Raising 10,000$ 12,386$ 2,386$

TOTAL RECEIPTS 294,000$ 290,480$ (3,520)$

EXPENSES

Assessments 9,044$ 9,044$ -$

Buildings & Grounds 52,400$ 66,926$ (14,526)$

Communications & Fundraising

Education 3,200$ 3,398$ (198)$

Office & Finance 22,100$ 27,266$ (5,166)$

Outreach 7,428$ 12,333$ (4,905)$

Parish Life 2,150$ 3,657$ (1,507)$

Salaries & Benefits 182,997$ 174,923$ 8,074$

Worship 3,200$ 6,544$ (3,344)$

TOTAL EXPENSES 282,519$ 304,091$ (21,572)$

OPERATING INCOME 11,481$ (13,612)$ (25,093)$

SPECIAL INCOME:

Bequests -$ 25,000$ 25,000$

Blackrock Investments (Found) -$ 36,989$ 36,989$

TOTAL SPECIAL INCOME -$ 61,989$ 61,989$

NET INCOME FROM OPERATIONS 11,481$ 48,377$ 36,896$

YTD as of 12/31/2013

5

There was a lot of “faith” in this

amount. It certainly was

justified.

Section 3 - St James’ Summary of Operating Income and Expenses 2012 versus 2013

INCOME 2012 Actual 2013 Actual

2012 vs 2013

Plate & Donations 62,593$ 67,967$ 5,374$

Pledges 144,257$ 173,898$ 29,641$

Special Offerings 12,245$ 17,813$ 5,568$

Miscellaneous 4,072$ 3,345$ (727)$

Building Usage 15,552$ 15,071$ (481)$

Fund Raising 11,306$ 12,386$ 1,080$

TOTAL RECEIPTS 250,025$ 290,480$ 40,455$

EXPENSES

Assessments 9,540$ 9,044$ 496$

Buildings & Grounds 58,393$ 66,926$ (8,533)$

Communications & Fundraising

Education 10,075$ 3,398$ 6,677$

Office & Finance 33,805$ 27,266$ 6,539$

Outreach 5,099$ 12,333$ (7,234)$

Parish Life 1,969$ 3,657$ (1,688)$

Salaries & Benefits 160,053$ 174,923$ (14,870)$

Worship 6,018$ 6,544$ (526)$

TOTAL EXPENSES 284,952$ 304,091$ (19,139)$

OPERATING INCOME (34,927)$ (13,612)$ 21,315$

SPECIAL INCOME:

Bequests -$ 25,000$ 25,000$

Blackrock Investments (Found) -$ 36,989$ 36,989$

TOTAL SPECIAL INCOME -$ 61,989$ 61,989$

NET INCOME FROM OPERATIONS (34,927)$ 48,377$ 83,304$

YTD as of 12/31

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Praise be to God!!

That’s a 16% Increase in

Giving.

Look how much Bequests help your parish!!

Section 3 – St James 2013 Operating Cash Sources

23%

60%

6%1% 5% 4%

Receipts Covered 95.5% of Expenses!!AMEN!!!

Plate & DonationsPledgesSpecial OfferingsMiscellaneousBuilding UsageFund Raising

• Big Improvement over 2012 (88%)

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Section 3 – St James 2013 Operating Cash Uses

3%22%

1%

9%

4%

1%

58%

2%

Composition of Operating Expenses

Assessments

Buildings & Grounds

Communications & Fundraising

Education

Office & Finance

Outreach

Parish Life

Salaries & Benefits

Worship

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• Operating expenses were a bit higher than 2012, but mostly because increased donations allowed the Parish to spend more on Building Improvements and Outreach

Section 4 - St James’ 2014 Budget

INCOME 2013 Actual 2014 Budget

2014 Budget vs

2013 Actual

Plate & Donations 67,967$ 48,000$ (19,967)$

Pledges 173,898$ 190,000$ 16,102$

Special Offerings 17,813$ 10,000$ (7,813)$

Miscellaneous 3,345$ 1,000$ (2,345)$

Building Usage 15,071$ 14,000$ (1,071)$

Fund Raising 12,386$ 10,000$ (2,386)$

TOTAL RECEIPTS 290,480$ 273,000$ (17,480)$

EXPENSES

Assessments 9,044$ 12,381$ (3,337)$

Buildings & Grounds 66,926$ 56,500$ 10,426$

Communications & Fundraising 2,000$ (2,000)$

Education 3,398$ 2,500$ 898$

Office & Finance 27,266$ 21,600$ 5,666$

Outreach 12,333$ 4,800$ 7,533$

Parish Life 3,657$ 1,500$ 2,157$

Salaries & Benefits 174,923$ 175,950$ (1,027)$

Worship 6,544$ 1,750$ 4,794$

TOTAL EXPENSES 304,091$ 278,981$ 25,110$

OPERATING INCOME (13,612)$ (5,981)$ 7,631$

SPECIAL INCOME:

Bequests 25,000$ -$ (25,000)$

Blackrock Investments (Found) 36,989$ -$ (36,989)$

TOTAL SPECIAL INCOME 61,989$ -$ (61,989)$

NET INCOME FROM OPERATIONS 48,377$ (5,981)$ (54,358)$

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Really close to Break-Even!!