Funding for the Proposed 2009 Budget
Funding for the budget comes primarily from four sources:
- Parish Payment of Support for our Diocesan Program: $2,500,000 (which funds 68.75% of total expenses, and includes amounts due for both current and prior years)
- Endowment and Investment income: $456,074 (funds 12.5%)
- Fees Received for Administrative Services: $171,600 (funds 4.7%)
- Transfers: $506,936 (funds 14.05%)
Parish Support is projected to increase $50,000 (2.0% over the 2008 budget). This increase is based on the estimated support from parishes increasing slightly in 2009. Actual receipts in 2007 exceeded the 2009 budget amount.
The decrease of $16,682 (3.5% from the 2008 budget) in Endowment and Investment Income results primarily from the elimination of interest from the Fifth Third checking account. The checking account had a sweep feature which added over $42,000 to receipts during its 18 months duration. It will be considered again when interest rates are more favorable. The Trustees approved a spending rule of 4.5% for 2009, which is a continuation from its 2008 rate.
The actual monthly amount increases 1.36% from 2008, due to a higher valuation for the Joint Investment Fund for the 12 quarters ended June 30, 2008.
Fees for Administrative Services represent a reimbursement to the personnel expense category for time spent by staff in the administration and distribution process for grants made from specific custodial funds. The total represents an increase of $5,060, or 3.0% from the 2008 budget.
Transfers represent funding for specific programs that meet donor restrictions on the use of the respective custodial funds. The total represents an increase of $21,232, or 4.4% from the 2008 budget. Funds of $36,300 from the Bishop’s Annual Appeal and $30,000 from a custodial fund for new congregational programs are being used to help continue funding three key positions for recently ordained clergy, and summer internships for seminarians. A transfer of $28,000 from custodial funds is being used to fund a comprehensive revitalization program. The reallocation of income from the BLF Capital Fund was continued for 2009. The transfer from the Arthur B. Williams, Jr. Legacy Endowment Fund of $14,000 is the same for 2009. The remainder of the increase in transfers in the 2009 budget represents an increase in amounts from special funds used to fund ministry development programs.
The total proposed budget provides funding of $3,636,610, an increase of $59,310 (1.6%) over the 2008 budget.
