Funding for the 2010 Budget
Funding for the budget comes primarily from four sources:
- Parish Payment of Support for our Diocesan Program: $2,425,000 (which funds 70.3% of total expenses, and includes amounts due for both current and prior years)
- Endowment and Investment income: $378,934 (funds 11.0%)
- Fees Received for Administrative Services: $178,340 (funds 5.2%)
- Transfers: $463,280 (funds 13.4%)
The remaining funds are from grants, in the amount of $2,000, which funds .1%.
Parish Support is projected to decrease $75,000 (3.0% from the 2009 budget). This decrease is based on the estimated support from parishes decreasing in 2009 and estimated to continue declining in 2010, from its 2008 level.
The decrease of $77,110 (16.9% from the 2009 budget) in Endowment and Investment Income results primarily from the reduction in the spending rule approved by the Trustees, and actual decline in market value of the endowment and custodial funds. The Trustees approved a spending rule of 4% for 2010, which is a reduction from 4.5% in 2008 and 2009. This reduction was deemed necessary to preserve the purchasing power of the endowment funds and sustain their use for the mission of the Diocese.
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 $6,740, or 3.9% from the 2009 budget.
Transfers represent funding for specific programs that meet donor restrictions on the use of the respective custodial funds. The total represents a decrease of $40,656, or 8.0% from the 2009 budget. The net reduction includes decreases of $65,000 from funding the chaplaincy at Rainbow Babies and Children’s Hospital, $7,656 from the Loans and Grants funds, due to reduction in the spending rule, and the elimination of funding from the BLF discretionary funds of $1,000. Increases in transfers included $11,000 for clergy and lay continuing education and grants, $19,000 from previously unused custodial funds for congregations, and $3,000 from custodial funds for staff continuing education and training.
The total proposed budget provides funding of $3,447,554, a decrease of $189,056 (5.2%) over the 2009 budget.
