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Treasurer's Report

October 14, 2016

 

Treasurer’s Financial Report to the Parish for the Nine Months ended September 30, 2016:

 

1. Income and Expenses. As of September 30, 2016, our ordinary income for the calendar year was $404,908 compared to the budget of $357,350 and our ordinary expenses were $340,564 compared to the budget of $394,800. The positive result is in major part attributable to the accounting change, effected in August, that includes in this year’s January ordinary income almost $90,000 of pledges for 2016 that were prepaid in 2015. Were net ordinary income to be adjusted to exclude the $90,000 not included in the budget, StP’s net ordinary income as of September 30 would be within $5,000 of the amount budgeted.  

Not reflected in ordinary income is a bequest of $25,000 from the estate of Barbara Malcolm. The terms of the bequest ask that the funds be used for “maintenance of the church building.” Consequently, we will maintain this bequest as a restricted fund separate and apart from our long-term investments and our Capital Campaign Fund. A portion of this bequest has been appropriated by the Vestry to pay for current studies of the leaks in the Bell Tower and their potential remedies. Also excluded from ordinary income is $21,000 in revenue associated with special services, such as weddings, that we have reclassified (since we developed the budget) as contributions to a building fund.

In the nine months ended September 30, 2016, we received $27,710 for, and spent $19,400 from, the Capital Campaign Fund.

Unlike prior years, pledges for 2017 prepaid this year will be not be recognized in 2016 income and instead will be deferred to January 2017. As of September 30, StP had received $6,036 in prepaid 2017 pledges and gifts, recognition of which in income is being deferred to January 2017. An explanation of the accounting change appears on the StP website under “Resources – Treasurer’s Report – Accounting Changes Authorized – Accounting Change Notice.”

2. Balance Sheet: As of September 30, our working capital and related reserves (including the balance of the restricted Malcolm bequest and building fund balance) were $234,509, the Capital Campaign Fund balance was $132,936 and our long-term investments aggregated $644,143. The Rector’s Discretionary Fund held $9,637.

3. Seniors: For those of you with IRAs and “minimum required distributions” – Included in legislation enacted into law in December 2015 was an expansion of the popular IRA provision allowing individuals aged 70½ or older to make direct charitable gifts from traditional and Roth IRAs to qualified charities in a total amount up to $100,000 per year and exclude the amount of the gifts from income subject to federal income tax. This provision applies only to IRAs and not to 401(k)s, 403(b)s and other tax-favored retirement plans. Gifts must be made directly from the custodian of your IRA to St. Paul’s or another qualified charity. Please consult your tax advisor or contact us for assistance in utilizing this provision.

4. Gifts of Securities: If you choose to meet your pledge with, or make a gift to StP of, securities, please call the Treasurer’s office [508-228-0916 x16] for instructions as to how to effect the transfer to StP.

5. Quarterly statements. If you indicated on your 2016 pledge card that you wanted to receive periodic statements of the status of your gifts to St. Paul’s, your statement for the nine months ended September 30, 2016 is being e-mailed to you. If you do not receive your statement by November 1, please e-mail us - .

 

Frank Robinson, Treasurer

Dual Macintyre, Assistant Treasurer