1. THE ANNUAL MEETING OF ST. MARTIN’S EPISCOPAL CHURCH
WELCOME

2. Treasurer’s Presentation January 26, 2014
St. Martin’s Episcopal Church
Treasurer’s Presentation January 26, 2014

3. History and Context
Historically, the church could call on a few wealthy members of the congregation to cover deficits;
This is no longer an option.
Total endowment, $2.9 million in 2005, fell to $1.9 million in 2008, now $2.5 (inc. Memorial Funds and Rector’s Discretionary Fund); preservation of spending power mandates reducing annual draw on endowment.
Location affects contributions; RI has one of the lowest general philanthropy contribution rates in the country.
Our pledges: goal: $340,000 from families and individuals. Actual so far: $304,000 from 139 givers.

4. Liabilities & Net Assets
2013 Balance Sheet
Assets
• Property $ 8,100,000
• Major Rep & Maint ,000
• Endowment ,522,000
• Cash ,000
$ 10,756,000
Liabilities & Net Assets
• Liabilities (Loan from Diocese) $ ,000
• Net Assets _10,656, $ 10,756,000

5. 2013 Budget / Actual (in thousands)
RECEIPTS BUDGET ACTUAL VARIANCE Pledges (40) Other Offerings Investment Income Other Income TOTAL RECEIPTS (31) DISBURSEMENTS BUDGET ACTUAL VARIANCE Personnel Outreach (0) Operations (0) Property (14) TOTAL DISBURSMENTS (2) SURPLUS / (DEFICIT) (5) (38) (33)

6. 2014 Budget / 2013 Actual (in thousands)
RECEIPTS BUDGET ACTUAL VARIANCE Pledges (20) Other Offerings Investment Income (2) Other Income (1) TOTAL RECEIPTS (19) DISBURSEMENTS BUDGET ACTUAL VARIANCE Personnel (8) Outreach (2) Operations Property TOTAL DISBURSED SURPLUS / (DEFICIT) (38) (38) (0)

7. Apportionment to Our Diocese and National Church
Our National
Church
The Diocese of
Rhode Island
St. Martin’s &
all RI parishes
19% of Total Diocesan Income
17% of Parish Income:

8. What is The Endowment?
Market value 12/31: $2.5 million (inc. $.2 Mem Funds and $.2 Rector’s Discretionary Fund). Unrestricted $.3 million $2.2; $2.0
The Endowment represents legacy gifts from the past.
Responsible stewardship for coming generations requires that we reduce the “draw” below 7-8% toward a more sustainable 4-6%.
In 2006 the Vestry made a deliberate decision to draw up to 7% to fund a 3-year growth plan; we continued for 5 years!
2013 actual draw (including deficit) was 8.4%.
• 2014 budget draw (including deficit) is 8.3%.

9. Capital Improvements
We borrowed $100,000 for five 1.5% interest
to fund new hot water heating system for church and repairs & maintenance to parish house. Repayment $20,800 in 2014 and for next four years.

10. St. Martin’s Pledge Facts
2011
2012
2013
2014
Total
$364,000
$363,000
$338,000
$304,000
# pledges
197
182
163
139
Avg Pledge
$1,848
$2,000
$2,074
$2,188
% <$1,500 55 54 40
Net new 23 15 19 24
*Average 2011 Pledging Statistics: 
RI $1,479; CT $2,160; MA $1,862;
New England $1,856; Deep South $2,727; TX, AK, OK, & KA $3,246

11. Your Pledge Dollars 55 cents: Personnel
16 cents: Apportionment/Outreach
12 cents: Program / Operations
17 cents: Property Maintenance

12. Summary Net Growth in Endowment $ 234,000
Improvements to Plant & Equip ,000
Debt Outstanding ,000
__________________
2013 Operating Deficit ,000
2013 Pledges Not Yet Paid ,000
___________________
2014 Operating 6% Draw ,000
• Budgeted Pledges Not Yet Made ,000
2014 Possible Deficit ,000
Additional 5% Draw ,000

13. St. Martin’s Episcopal Church
Credits:
Missy Bennett: All Data
Fla Lewis: Financial Judgement
Heather Annis & Paul Langmuir: Art Work
David Brookhart: New Design
Dennis Stark: Executive Producer

14. St. Martin’s Episcopal Church
Thanks for listening!