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Diocesan Council Reports

Diocesan Trustees Report, Fourth Quarter of 2021 and YTD 2021
Fourth Quarter 2021 & Year to date figures

Funds invested by the Diocesan Trustees are positive through the 4th quarter in the calendar year 2021 in both the Endowment and Combined accounts.

The Endowment Fund was up Q4 3.47%. The balance through the end of December 2021 was $3,191.243. Year to date the Endowment Fund is up 9.08%.

The Combined Fund was up Q4 2.77%. The balance through the end of December 2021 was $4,145,231. Year to date the Combined Fund is up 7.04%.

The Diocesan Endowment Fund is invested in a managed portfolio. The value of the Endowment Fund increased from $3,044,711 on January 1, 2021 to a value of $3,191.243. on December 31, 2021. The investments gained $107,574 in value for the Fourth quarter of 2021. However, there were withdrawals of -$31,268 during Q4 of 2021. Year to date the Endowment account is up 9.08% total investment results are up $271,317. Year to date withdrawals are -$124,786.

The Combined Fund is also invested in a managed portfolio. The Combined Fund increased in value from $4,008,313 on January 1, 2021 to a value of $4,145,231 on December 30, 2021. The investments gained $111,732 in value for the Fourth quarter of 2021. However, there were withdrawals of -$10,502 during Q4 of 2021. Year to date the Combined account is up 7.04% total investment results are up $277,356. Year to date withdrawals are -$140,437.

Donald Monty
Chair, Diocesan Trustees

 

Treasurer’s Report
February 26, 2022

Year to Date December 31, 2021

The Diocese ended 2021 with a surplus in Net Ordinary income of $4,420.58 compared to the projected 2021 deficit of (-$392,466)). If the DFMS Relief Grant of $40,000 received is included Net Income was $35,391.32.

At year-end December 31, 2021, total income (excluding the Relief Grant) was $875,694 or $118,176 more than budgeted revenues of $757,518. Total income decreased by $21,529.39 over 2020. The decrease year over year was primarily driven by a reduction in 4011 Pledges –
Prior Years (2020).

Total Expenses were $871,273.53 or (-$70,599.65) less than budgeted expenses of $941,873.18. Significant budget variances are noted below.

Cash on hand in INB checking as of 12-31-2021 was Primary Account 25,000.58 and Sweep Investment Account $368,513.00 for a total of $393,513.58. Trustees’ investment accounts market value as of 12-31-2021 was Combined Account $4,144,717.36 (12-31-2020 $4,007,090.47) and the Endowment for the Episcopate $ 3,190,787.82 (12-31-2020 $3,043,776.41).
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** Significant Variances – Regular Actual to Budgeted – total variance for the budget element
shown (…..) equals under budget

Revenue $118,176.11
All income elements were over budget except 4050 Miscellaneous Income and 4075 Springfield Current Vol Gifts.

Expenses

Bishop & Mission Strategy Developer (145,335.41) Bp Martins retirement and Fr Newago’s call to the Dakotas mid-year

5302 Outreach (45,400) allocations approved in November 2021 Council –not processed before 12-31-21plus some held back for new bishop’s involvement

5368 Accounting 4,222.28 Additional noncontract work/questions necessitated by Bp Martins & Sue Springs retirement plus the bishop election

5385 Capital Improvements 54,927.00 Roof claim (Other Income 4076 offset) and unexpected air conditioning replacement

5854 Support for Seminarians 8,641.46 We processed 2021 and 2022 payments to Nashotah House Seminary in 2021. Nashotah is aware and not expecting any additional 2022 funds.

Insurance 5452 Clergy Group (103,763.15) Substantial number of unfilled clergy openings

5369 Annual Audit 511.00- Cost of audit increased

5806 Youth Camp 5808 Camp Scholarships (18,000) Church Camp cancelled due to pandemic

Programs (5802, 5809, 5754, 5850, 5855) (16,100) all programs affected by pandemic

5852 Commission on Ministry 1777.50 a larger than expected number of candidate screenings

5904 Standing Committee (14,774.18) expenses related to the bishop election process