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2023 Financial Summary

Diocese remains on solid footing

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    • Operating revenues = $1,130,388

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    • Net operating income = $96,442

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    • Balance sheet is strong, investments are recovering
      • Cash on hand = $278,104
      • Invested funds
        • Restricted = $9,579,734
        • Unrestricted = $724,313

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2023 Treasury Operations Summary

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  • Part-time finance employee hired December 2023
    • 8 – 16 hours per week

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  • Auditor’s presentation of the 2022 audit results to the November 2023 Council meeting
    • Complemented the Diocese on a smooth transition as Art Kendall retired and Megan Timms came onboard at the end of 2022

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  • The Retreat House moved their offices and operations out of the property in Hillsboro in the summer of 2023

  • Sale of the property in Hillsboro is anticipated in 2024

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  • Portion of cash on hand not needed for operations was moved into a low volatility, government backed investment vehicle – FDRXX Fidelity Government Cash Reserves

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2023 Invested Funds

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Easton Episcopal Funds

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December 2021 = $ 11,200,666

December 2022 = $ 9,013,019

of $2,187,647

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December 2022 = $ 9,013,019

December 2023 = $ 10,129,046

of $1,116,027

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Historical Data - Pledges

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Year Percent Asking Commitment

      • 2019 90.33% 855,200 772,538
      • 2020 90.33% 899,672 801,504
      • 2021* 97.41% 798,599 774,970
      • 2022 93.97% 869,358 816,919
      • 2023 90.36% 929,857 840,240
      • 2024 92.63% 907,069 840,242

*(10% Waiver) – 2021 asking without the waiver = $887,332

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Risks – Update

Risk Identified in 2023 Presentation:

- Inflation - rising salary, benefits and insurance costs

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Update:

- Federal Reserve inflation rates:

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- Medical insurance rates through the Medical Trust

6% from 2023 to 2024.

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- General liability & property insurance rates through Church Insurance 13% from 2022 to 2023.

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- Staff salary increases:

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Risks – Update

Risk Identified in 2023 Presentation:

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- Poor financial market conditions - declining Easton Episcopal Funds balance, change in draw rate from investments

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Update:

- Good news overall in the market

- Easton Episcopal Funds year end balance increased from 2022 to 2023. The total gross return for 2023 was 17.37%

- Draw rate remained the same from 2023 to 2024 at 5%

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Risks – Update

Risk Identified in 2023 Presentation:

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- Unpredictable support from parishes

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Update:

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- Pledging average remains above 90% for the past 6+ years.

- Finance Committee actively engaged in the two-year asking project.

- Listening Committee has been in touch with all parishes unable to meet the full asking for 2024. The parishes and committee will meet to share information and strategize on how to improve each parishes’ financial outlook.

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Romans 15:26���.. for Macedonia and Achaia have been pleased to share their resources with the poor among the saints at Jerusalem. They were pleased to do this, and indeed they owe it to them; for if the Gentiles have come to share in their spiritual blessings, they ought also to be of service to them in material things.����

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