2. Report of the Treasurer to the 2017 Diocesan Assembly
St Nicholas Orthodox Church Portland, OR October 11, 2017

3. Previous Assembly in Oregon - 1998

4. Report Objectives
Status of Percentage Assessment Policy Compliance
Provide an Overview of 2016 Financials
Report 2017 Year to Date Financials
Comment on Parish Financial Reports

5. Percentage Assessment Goal
As a percent of eligible parish income, the goal, per policy, for January 2019 is:
12.5% assessment for parishes
10% for missions
6% to 10% for “special needs” missions & parishes
0 to 4% for startup or struggling missions.

6. Parishes Percentages as of January 2017
4 out of 37 parishes are over 12.5%
25 out of 37 parishes are at 12.5%
7 out of 37 parishes are below 12.5%
1 out of 37 parishes are “out of plan”

7. Mission Percentages as of January 2017
8 out of 15 missions are at 10%
1 out of 15 missions at “special needs” level of 6.5%
6 missions at “startup/struggling” levels of 4.0 to 4.5%

8. Have remittances from parishes met expectations?
Was the Diocese of the West able to support the OCA at the level promised?

9. Remittances to Diocese
2016
Budget Same as 2015
Budget $ 631,756
Actual $ 695,199
2017
September 30
Budget $640,000
Sept $ 606,579
95%

10. Support sent to the OCA 2012 $251,580 2013 $233,700 2014 $225,032
Headcount Method
2012 $251,580
2013 $233,700
2014 $225,032
2015 $217,080
34% Commitment
$226,035
***************
2017 Budget $225,180
Sept $204,252
91% of budget

11. 2016 Financial Position

12. 2016 OPERATING ASSETS 12/31/2016 12/31/2015 Total Operating Assets
$ 586,009
$ 699,570
Checking/Savings/CDs
$ 277,337
$ 676,247
Receivables
$ 300,099
$ 9,857
Other Current Assets
$ 8,573
$ 10,721
Fixed Assets $
$ 2,745
Net Operating Income
$ -62,271
$ 68,080

13. Restricted Fund Assets
12/31/2016
Net Income
Total Restricted Assets
$ 1,086,908
$ 33,170
Pt. Reyes Loan Fund
$ 836,327
$ 12,524
Mission Funds
$ 203,767
$ 34,753
Scholarship Fund
$ 43,760 $
Other Restricted Funds
$ 3,053
( $ 1,924)

14. 2016 OPERATING ACTIVITY Dec. 31, 2016 Budget % of Budget Income
$ 733,325
$ 671,756
109 %
Ordinary Expense
$ 655,520
$ 672,076
98 %
Net Ordinary Income
$77,730
Extraordinary Expense
$140,000
Net Income
-$62,271

15. Priest Andre Paez, Maha Adranly, Michael Wagner
Posting of Financials
The audited 2016 report is posted on the Diocesan web site: Administration/Minutes & Reports/Financial Reports
Report of the Internal Audit Committee is posted at the same location as well as in the report book.
Audit Committee:
Priest Andre Paez, Maha Adranly, Michael Wagner

17. Let’s see how we are doing this year.

18. Operating Assets 1/1/2017 9/30/2017 Total Operating Assets $ 587,769*
$ 726,106
Checking & Savings
$ 278,050
$ 429,116
Accounts Receivable
$ 301,146
$ 296,594
Investments & Other Current Assets
$ 8,573 $
Net Operating Income
$ 141,718 **
* Some operating reclassified end of 2016
** Includes loan of $300,000 to OCCIF

19. Restricted Assets 1/1/2017 9/30/2017 Net Income
Total Restricted Assets
$ 1,080,984
$ 1,119,087
$ 14,434
Pt. Reyes Loan Fund
$ 828,604
$ 861,603
$ 10,199
Mission Funds
$ 205,567
$ 210,563
$ 4,277
Scholarship Fund
$ 43,760
$ 43,832 $
Other Restricted Funds $
$ 3,089
($ 1,114)

20. OPERATING ACTUAL VS BUDGET
75% of the year
As of 9/30/2017
2017 Budget
% of Budget
Income
$ 630,085
$ 684,595
92%
Ordinary Expense
$ 489,602
$ 685,297
71%

21. Questions

22. Parish Financial Reporting Concerns
Are Year-End Reports Complete?
Are both operating fund and restricted fund reporting included?

23. Some 2016 reports were not clearly labeled as to “operating” or “consolidated”. Some “operating” reports were not accompanied by restricted fund reports. Some reports did not label donor designated income as such.

24. Reminders

25. Rectors
Are responsible for reviewing and understanding parish financial reports.
Accountable for the submission of the parish annual financial report(s) and year-end remittance recap report to the Diocese.

26. Treasurers
Responsible for submitting by 1/31/2018 the following reports:
Parish 2017 Annual Financial Report
2017 Remittance Recap Sheet.
2018 Parish Treasurer name & contact information
Outstanding 2017 Remittances

27. Treasurers
Responsible for sending in remittances by the 15th of each Month.
Objective is to pay enough each month such that your parish owes or is owed as little as possible for the remittance year.

28. Final Questions?
Annie