Kingston Congregational Church STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2004

Transcription

1 STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2004 ASSETS Checking Account (Fleet) $16, (1) Brokerage Accounts (Advest) $83, (2) Pledges Receivable $6, (3) Investment Principal $490, (4) TOTAL ASSETS $597, LIABILITIES & FUND BALANCES LIABILITIES Prepaid Pledges $2, (5) Accounts Payable $12, (6) FUND BALANCES (7) Board/Committee Funds $6, (8) Capital Funds $12, (9) Memorials / Painting $60, (10) Restricted Funds $4, (11) Operating Surplus $7, (12) Subtotal of fund balances $91, ENDOWMENT Temporary endowment $113, (13) Permanent endowment $377, (14) TOTAL LIABILITIES AND ENDOWMENT $597, Prepared by: Nelson Weiderman 1 DRAFT 4/26/05

2 STATEMENT OF FINANCIAL POSITION NOTES (1) Balance per bank statement is $24, There are no deposits outstanding. There are 17 checks outstanding totalling $ The adjusted checking balance is therefore $16, (2) Advest balance is $83, This is 100% operating fund money and includes no endowment funds. See the endowment report for a breakdown. Money is transferred between Advest and the checking account as needed (3) Pledges receivable are 2004 pledges received in 2005 (estimated). (4) Investment principal is the Church's endowment at book value. (See Endowment Statement for detailed breakdown). Market value is approximately $1.14 million. (5) Prepaid pledges represent pledge income for 2005 collected in (6) Payables include the Christmas Offering ($ ), the Blanket Offering ($1714), OGHS ($3554), and Neighbors-In-Need ($421), Heiffer Project ($411) and Hungarian Chaplaincy ($380). (7) For further detail on fund balances, see the attached detail sheets. (8) Board/Committee Funds are dedicated to a particular individual, board, or committee of the church. Income is by restricted gift or from designated endowment (e.g. Music) and expense is approved by the responsible individual, Board, or Committee Chairperson. (9) Capital Funds are associated with multi-year capital improvements or maintenance such as the Sanctuary Fund and the Cemetery Fund. (10) Memorials are funds donated in memory of a friend or loved one. They are held until an appropriate use is determined by the family in consultation with the Board of Trustees, after which the account should terminate. A substantial legacy given by the Roehl Estate ($58,716.46) has been earmarked for painting the church in (11) Restricted funds are reserved for special purposes, such as flood damage and organ repairs and maintenance. (12) The Operating Surplus represents the accumulated surplus from current and recent years from the operations of the church. (13) Temporary Endowment consists of the book value of funds received from the Peckham Estate. There were no restrictions placed on the Peckham bequest. (14) Permanent Endowment consists of the remainder of the endowment including the proceeds from the sale of the Manse. This endowment is restricted with respect to principal and income (dividends as well as capital gains) as shown on the Endowment Statement. Prepared by: Nelson Weiderman 2 DRAFT 4/26/05

3 DETAILED FUND BALANCES AS OF DECEMBER 31, 2004 Starting Income Expense Transfers Ending Balance Balance Board/Committee Funds Minister's Fund $ $3, $2, $1, Organ/Music $1, ($749.38) $ (1) Emig Fund $ $ $ (2) Christian Ed $2, ($2,049.35) $0.00 (3) Bell-Yevich Flowers $ $30.00 $ Adult Ed / Book $ $ Reception Comm $2, $ $2, TOTAL $8, $3, $2, ($2,450.73) $6, Capital Funds Cemetery $5, $1, ($800.50) $5, (4) Capital Fund $3, $3, Sanctuary Fund $6, $3, $30.00 $3, (5) TOTAL $15, $1, $3, ($770.50) $12, Memorials (6) Ken Coombs $0.00 $ $ Marjorie Kaiser $0.00 $ $ $0.00 Shilling $0.00 $10.00 ($10.00) $0.00 (7) DeWolf $ $ MacLennon $ $ Shaw $0.00 $20.00 ($20.00) $0.00 (7) Clayton $0.00 $ ($360.00) $0.00 Roell / Painting $0.00 $58, $58, (8) Aukerman ($700.00) $1, ($605.00) $0.00 (9) TOTAL $ $61, $ ($995.00) $60, Restricted Funds Organ Restoration $3, $50.00 $3, Youth Mission $1, $1, Sound Systems $4, $3, ($1,116.79) $0.00 (10) Restricted Gifts $0.00 $ $ $0.00 (11) TOTAL $8, $ $3, ($1,116.79) $4, TOTAL ALL INCOME/EXP $32, $66, $10, ($5,333.02) $83, Operating Surplus $7, $ $0.00 $0.00 $7, (12) Prepared by: Nelson Weiderman 3 DRAFT 4/26/05

4 DETAILED FUND BALANCE NOTES (1) Transfer out $1, to balance Music budget. Transfer in $360 for the Concert for Manfred Clayton from his memorial fund. (2) Income exceeded expenses this year. (3) This account zeroed because it should never have been created as a restricted fund and has not had any activity for many years. (4) Cemetery transfer to reimburse expenses to be in line with total income $ (5) Sanctuary Fund expense was carpeting in the sanctuary. Transfers from memorials. (6) Memorial gifts are held until a decision is made on the project they will be used for. (7) Transfers to Sanctuary Fund from Memorials. (8) Roell Estate reserved for painting project. (9) Balance of Aukerman Fund used to offset piano gift expenses in Music account. (10) Balance of Sound System fund to Buildings and Grounds. (11) All restricted gifts paid out during the year. (12) Represents accumulated operating fund surplus over the years. Prepared by: Nelson Weiderman 4 DRAFT 4/26/05

5 INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, Actual Budget Actual Budget OPERATING INCOME Pledges / Gifts Total $258,830 $269,000 $275, $285,000 Pledges, current year 241, ,000 $255, ,000 (1) Pledge shrinkage/surplus (4,590) (2,000) ($473.15) (2,000) Net pledge income 236, ,000 $254, ,000 Plate 13,290 13,000 $9, ,000 Unrestricted gifts 6,631 3,000 $6, ,000 Pledges, previous year 2,388 $4, (2) Investment Total $44,961 $52,500 $52, $49,500 Investment Income 39,504 46,262 $46, ,017 (3) Investment to Music 1,797 1,875 $1, ,955 Investment to Cemetery 3,699 3,863 $3, ,028 (4) Interest Income (5) Stock Sale Gain/Loss (248) ($279.40) (6) Special Offerings Total $15,409 $20,100 $13, $21,300 Peace & Justice 50 One Great Hour of Sharing 3,617 3,600 $3, ,600 Neighbors-In-Need 1,621 $ Blankets 2,005 3,100 $1, ,200 Heifer Project $ Hungarian Chaplaincy 1,637 1,400 $1, ,400 Christmas 5,862 6,300 $5, ,400 Sr. High Youth Event 4,000 $0.00 5,000 (7) Emig Lecture 1,100 $ ,100 Other Special Offerings Other Income Total $31,131 $35,950 $38, $26,994 Rental fees 5,122 5,000 $6, ,000 Fund Raisers 6,584 7,500 $6, ,194 UCC Support - Special Fund 7,500 $1, Grants (Potter Fund) 5,500 6,000 $5, ,500 Flowers 3,011 4,000 $2, ,000 Special Events $ (8) Concert Receipts 6,153 2,000 $4, ,000 (9) Music Fund Transfer 459 $1, (10) Family Life $ Senior High 2, $5, ,000 (11) Junior High 600 $ (11) Adult Education $ Misc Transfers 453 1,000 $2, ,000 (12) Special Items Total $8,997 $0 $0 $0.00 From 2001 Surplus 8,997 TOTAL OPERATING INCOME $359,328 $377,550 $379, $382,794 Prepared by: Nelson Weiderman 5 DRAFT 4/26/05

6 INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, Actual Budget Actual Budget OPERATING EXPENSE Board of Trustees $65,060 $81,011 $94, $78,970 Board of Mission $57,746 $62,967 $56, $62,700 Board of Christian Education $10,751 $8,880 $11, $9,100 Board of Deacons $17,164 $14,100 $15, $15,600 Church Staff $199,283 $203,307 $196, $211,396 Miscellaneous $4,219 $7,285 $5, $5,028 TOTAL OPERATING EXPENSE $354,223 $377,550 $379, $382,794 OPERATING SURPLUS (DEF) $5,105 $0 $ $0 BOARD OF TRUSTEES Property total $45,389 $58,678 75, $57,645 Buildings and Grounds $13,294 $12,000 $21, $13,500 Additional Facilities cleaning $5,000 $5, $5,460 Audit $5,000 $5, $0 Potter Fund Project $5,500 $6,000 $5, $5,500 Utilities Fire Alarm $500 $500 $ $525 Fuel (Church) $11,609 $13,750 $12, $15,500 Electric (Church) $2,569 $3,630 $3, $3,850 Water $741 $900 $ $950 Rubbish $78 $400 $ $360 Insurance Property/Liability Insurance $11,098 $11,498 $18, $12,000 (13) Office total $18,478 $20,533 $19, $19,925 Banking/Brokerage Fees $881 $800 ($1,164.45) $800 (14) Payroll Services $1,529 $1,500 $1, $1,600 Copiers/computers $7,460 $8,600 $9, $8,500 Office suppl & post $7,271 $7,500 $7, $7,500 Telephone $1,337 $2,108 $1, $1,500 Archivist $0 $25 $0.00 $25 Committees Stewardship Comm $1,193 $1,000 $ $1,200 Planned Gift Comm $0 $800 $55.00 $200 TOTAL $65,060 $81,011 $94, $78,970 Prepared by: Nelson Weiderman 6 DRAFT 4/26/05

7 INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, Actual Budget Actual Budget BOARD OF MISSION & SOCIAL JUSTICE UCCRI UCC Basic Support $24,200 $24,667 $24, $22,500 RI Conference Dues $7,500 $7,500 $7, $7,500 Local Conf. Missions $4,100 $4,100 $4, $3,500 Committees Board of Mission & SJ $236 $200 $ $200 Projects Congregational Hist Soc $0 $100 $ $100 Andover Newton Seminary $450 $450 $ $800 Bangor Seminary $450 $450 $ $800 SK Special Ministries $3,000 $3,000 $3, $2,000 Habitat for Humanity $1,700 $1,700 $1, $2,000 South Providence Ministries $700 $700 $ $2,000 Special Offerings Total $15,409 $20,100 $14, $21,300 Peace and Justice $50 $0 $0.00 One Great Hour $3,617 $3,600 $3, $3,600 Neighbors-In-Need $1,621 $ Blankets $2,005 $3,100 $1, $3,200 Heifer Project $618 $600 $ $600 Hungarian Chaplain $1,637 $1,400 $1, $1,400 Christmas $5,862 $6,300 $5, $6,400 Sr. High Youth Event $4,000 $0.00 $5,000 Emig Lecture $1,100 $ $1,100 TOTAL $57,746 $62,967 $56, $62,700 BOARD OF CHRISTIAN EDUCATION Education Church School $4,656 $4,680 $3, $4,700 Adult Education $543 $500 $ $500 Youth Fellowship Groups $4,211 $2,900 $7,061 $2,900 (15) Senior High $1,700 $6, $1,700 Junior High $1,200 $ $1,200 College $0 $0 Committees Family Life $1,341 $800 $ $1,000 TOTAL $10,751 $8,880 $11, $9,100 Prepared by: Nelson Weiderman 7 DRAFT 4/26/05

8 INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, Actual Budget Actual Budget BOARD OF DEACONS Deacons Deacons $636 $800 $ $700 Pulpit supply $300 $450 $ $350 Confirmation Education $280 $500 $ $400 Pastoral Expenses $600 $ $600 Director of Music Fund $300 Committees Music Committee $11,213 $6,600 $9, $8,300 (16) Flower $3,659 $4,250 $3, $4,250 Visiting $30 $100 $0.00 $50 Welcoming/Membership $22 $200 $38.74 $50 Hospitality/Fellowship $661 $600 $ $600 Special Events $363 $0 $ $0 TOTAL $17,164 $14,100 $15, $15,600 MISCELLANEOUS EXPENSE Contingency $520 $3,422 $1, $1,000 (17) Cemetery $3,699 $3,863 $3, $4,028 TOTAL $4,219 $7,285 $5, $5,028 Prepared by: Nelson Weiderman 8 DRAFT 4/26/05

9 INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, Actual Budget Actual Budget CHURCH STAFF Pastor Total $110,989 $112,626 $113, $117,824 Pastor Salary/Housing $77,436 $78,119 $78, $81,244 Pastor FICA Offset $5,982 $5,975 $5, $6,215 Pastor Life Ins $1,180 $760 $1, $790 Pastor Health & Dental Ins $11,539 $12,135 $12, $13,500 Pastor Business Travel $3,573 $4,100 $4, $4,100 Pastor Continuing Ed $419 $600 $ $600 Pastor Annuity $10,860 $10,937 $10, $11,375 Director of Music Total $27,754 $28,504 $28, $29,894 Director of Music salary $25,782 $26,478 $26, $27,537 Director of Music FICA $1,972 $2,026 $2, $2,107 Director of Music Prof Exp $0 $0.00 $250 Church School Director Tota $14,506 $15,646 $15, $17,338 Church School Dir salary $13,926 $14,302 $14, $15,874 Church School Dir FICA $301 $1,094 $ $1,214 Church School Dir prof exp $279 $250 $ $250 Church Secretary Total $27,679 $28,560 $25, $22,280 Office Administrator $25,712 $26,530 $24, $20,697 Office Admin. FICA $1,967 $2,030 $1, $1,583 Financial Secretary Total $ $7,051 Office Administrator $ $6,550 Office Admin. FICA $59.69 $501 Sexton Total $11,954 $9,761 $6, $13,273 Sexton salary $11,374 $9,067 $6, $12,330 Sexton FICA $581 $694 $ $943 Other Staff Expense Total $6,400 $8,210 $5, $3,736 Nursery Care $1,119 $2,000 $1, $1,040 Staff Health $3,910 $3,690 $1, $0 (18) Worker's Comp $1,371 $2,520 $2, $2,696 TOTAL $199,283 $203,307 $196, $211,396 Prepared by: Nelson Weiderman 9 DRAFT 4/26/05

10 INCOME STATEMENT NOTES (1) Pledge income received in 2004 was $248,526 ($4,574 less than budgeted). To that was added $6,000 in pledges receivable, which leaves a shrinkage of only $473 for the year. The $6,000 is a realistic estimate of late pleges to be received. (2) Pledges for the previous year represents the excess received in 2004 over the amount booked as receivable at the end of 2003 (zero). (3) Investment income is endowment income. This includes a "one-time" increment of $5,000 for the audit. This amount comes from liquidation of invested dividends and capital gains. See the endowment report. (4) Part of Investment Income ($5,738) was restricted to Music and Cemetery and the remainder supported general purposes. (5) Interest Income represents money market interest on Fund Accounts in Advest Capital Alliance money market fund. Interest rates continued very low in (6) This represents the amount of the difference between what a stock is worth when received (credited to pledges) versus the net receipts after brokerage fees. The negative value indicates that we credited more to pledges than we realized by selling the stock. (7) See note 11. (8) Special Events are donations for receptions and funerals. (9) Concert Receipts also includes other Music Income from sale of CD's, etc. (10) Total music income included $4,143 from concerts and $1,875 from endowment, $2725 from the operating budget, and this $1,109 from segregated funds for a total of $9852. Both income and expense (from all sources) were $3252 above budget. See note 16. (11) All Youth income (fund raisers and special offerings) is included on these lines. (12) Transferred from fund account dormant for many years. (13) Includes six quarters of insurance because of billing acceleration. (14) A total of $ in fees were reimbursed by Fleet from prior years' overcharges. (15) Actual youth expenses exceeded budgetted expenses (including special offering $4,000) by $161, while actual income from fund raising and special offerings exceeded budget by $795. (16) Actual music expenses exceeded budgetted expenses by $3252. Actual music income including endowment income, concert income exceeded budgetted income by $2,143. The difference was made up by a transfer from the Music fund of $1,109. (17) Contingency is entirely staff differences from PAYCHEX. The majority of this is new unbudgeted state taxes. (18) Actual health expense was $11,410, but this was offset by amounts withheld from salaries. By the end of the year all staff were off our health plan. Prepared by: Nelson Weiderman 10 DRAFT 4/26/05

11 Endowment Activity 2004 Financial Statement of Invested Endowment for 12 Months 2004 Schedule I - Principal Values (as of 12/31/04) Original Value of Bequests and Gifts $559, Market Value of Principal $1,130, Carrying or Book Value $490, Schedule II - Transfers from Endowment to Operating Fund Cash dividends paid from endowment $0.00 Transer of dividend/capital gain income $52, TOTAL $52, Book Market Original Schedule III - Changes in Principal Value Value Value Balances as of 12/31/03 $520, $1,090, $559, Additions to Endowment $0.00 $0.00 Subtractions from Endowment $0.00 Realized Capital Gains (Loss) $22, Transfer to Operating Fund ($52,000.00) Balances as of 12/31/04 $490, $1,130, $559, Book Market Percent of Schedule IV - Portfolio by Category Value Value Total Money Market Account $0.00 $ % Mutual Funds $490, $1,130, % TOTAL $490, $1,130, % Schedule V - Portfolio by Income Restriction Units Value Endowment Ministerial and church support 4471 $184, % Manse fund for housing 5650 $232, % Cemetery 2256 $92, % Organ/Music 1096 $45, % Unrestricted $575, % TOTAL $1,130, % Unit value: $ Prepared by: N. Weiderman 11 DRAFT 4/26/05

12 Endowment Activity 2004 Schedule VI -- Endowment Dividends & Capital Gains (Reinvested) Div & ST Cap Gain LT Cap Gains Total Fidelity Balanced Fidelity Spartan Limited Mat. Gvt Heartland Value Price Equity Income Vanguard Index United Church Foundation Dreyfus MidCap Index Fund TOTAL $19, $30, , Detail for Schedule III -- Capital Gains and Losses Proceeds Basis Gain/Loss 1/12/04 Sale of Fidelity Gov't Bd $10, $8, $1, /16/04 Sale of Heartland Value $30, $11, $19, /2/04 Sale of Heartland Value $2, $ $1, TOTAL $43, $20, $22, Detail for Schedule III -- Changes to Endowment Amount Units none TOTAL $ Note: Unit value as of 12/31/03 was $39.72 Detail for Shedule IV -- Change in Cash Position Starting Balance (01/01/04) $8, /12/04 Sale of Fidelity Gov't Bd $10, /16/04 Sale of Heartland Value $30, /2/04 Sale of Heartland Value $2, /31/04 Total annual contributions ($52,000.00) Final Cash Balance (12/31/04) $0.00 Detail for Schedule IV - Book and Market Values Fidelity Balanced $76, $178, Fidelity Inter. Gvt. Inc. $76, $96, Heartland Value Fund $68, $193, Price Equity Income $62, $191, Vanguard Index 500 $47, $145, United Church Foundation $75, $159, Dreyfus MidCap Index Fund $82, $166, Subtotal Mutual Funds $490, $1,130, Prepared by: N. Weiderman 12 DRAFT 4/26/05