5 th Session of Upper New York Annual Conference May 29 May 31: Pre Conference Booklet 132

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1 5 th Session of Upper New York Annual Conference May 29 May 31: Pre Conference Booklet

2 5 th Session of Upper New York Annual Conference May 29 May 31: Pre Conference Booklet 133 UPPER NEW YORK ANNUAL CONFERENCE OF THE UNITED METHODIST CHURCH FINANCIAL STATEMENTS With Accompanying Notes For The Six Months Ended December 31, 2010 and The Years Ended December 31, 2011 & 2012 Fi 133

3 5 th Session of Upper New York Annual Conference May 29 May 31: Pre Conference Booklet Notes to Financial Statements for the Six Months Ended Dec. 31, 2010 and the Years Ended Dec. 31, 2011 & History and Nature of Activities Pursuant to the direction of the Northeastern Jurisdictional Conference, the North Central New York, Western New York, Troy and Wyoming annual conferences unified and realigned their geographical boundaries to create a single Annual Conference and Episcopal Area across Upstate New York as of July 1, A Plan of Union was presented by the Joint New Area/Conference Team ( New ACT ) and developed through the efforts of New ACT, the Joint Distribution Committee (established pursuant to the 2008 Book of Discipline, 1509), the Assets Allocation Task Force and numerous other individuals, teams and committees. In this process, the North Central New York, Western New York and Troy annual conferences were consolidated into one Successor Corporation, and the Wyoming Conference transferred all of its assets and was discontinued. All of the assets of the North Central New York and Western New York conferences were transferred to the Upper New York Annual Conference. The assets of the Troy Conference were equitably allocated, based upon a ministry share formula, between the Upper New York and New England conferences. The assets of the Wyoming Conference were similarly allocated between the Upper New York and Central Pennsylvania conferences. The purpose of the Upper New York Annual Conference of The United Methodist Church (the Conference) is to make disciples of Jesus Christ for the transformation of the world. The Conference fulfills that mission by facilitating and resourcing the local churches in the Conference to invite, to nurture and care for our people so they may care for others; to equip the clergy and laity to learn so they can be enabled to lead; and to deploy, taking the love of Christ into our communities and the world. The Conference also serves as the administrative agency for the United Methodist Churches in the Upstate New York region, facilitating the establishment of local churches which become part of the Conference, providing leadership to the local churches, and by enabling of ministry through the extended connection of The United Methodist Church. 2. Summary of Significant Accounting Policies These financial statements have been prepared on the accrual basis of accounting which recognizes income when earned and expenses when incurred. Fund Accounting To insure observance of limitations and restrictions placed on the use of resources available to the Conference, the accounts of the Conference are maintained in accordance with the principles of fund accounting. This is the procedure by which resources for various purposes are classified for accounting and reporting purposes into funds established according to their nature and purpose. The following is a summary of the funds adopted for the Conference: General Fund Includes Conference, Camps & Retreat, Ministerial, Episcopal, General Business Administration and all Conference teams, resources activities. Investment Fund Includes the interest, dividend, gains and losses activity of all Conference investments held in institutional investment funds, with the exception of the assets held by the General Board of Pensions & Health. 134

4 5 th Session of Upper New York Annual Conference May 29 May 31: Pre Conference Booklet Trustee Fund Includes the activities of all revenue and expenses related to Trustee held property as outlined in the Book of Discipline. This property includes, among other things, closed church properties and district parsonages. General Board of Pensions & Health Fund Includes activities as under the charge of the Conference Board of Pensions and Health. These include all revenues and expenses related to Conference clergy and employee health care, pension and other employee benefits. Property & Equipment Fund Includes the activities of all purchases and sales of Conference held property and equipment. 3 rd Party Fund Includes activities related to funds held by the Conference for related third parties that include Course of Study, RISE, Haiti and Peace with Justice. 3. Accounts Receivable and Notes Receivable The Conference records Shared Ministries and other church giving on an accrual basis of accounting, therefore recognizing the revenue as it is earned. The receivables are presented net of an estimated amount recognized as an allowance for uncollectible accounts. Accounts and notes receivable consisted of the following: 12/31/10 12/31/11 12/31/ Church & seminary loans $ 706,835 $ 587,390 $ 462,716 Multi peril ins receivable 6,053 6,560 11,916 Benefits receivables 49, ,774 39,574 Other receivables 159,447 17, Total $ 921,530 $ 712,672 $ 514, Interconference Due (To) From Other Funds According to the principles adopted in Fund Accounting, interfund accounting is employed, whereby a liability is recorded as due to in one fund and also recorded as an asset of a another as a due from the respective fund. The summary all of these interfund transactions are reflected within each fund and are netted against each other. The net total of these fund balances is zero. 5. Investments Investments are measured at fair value in the statement of financial position. Investment income or loss including gains and losses on investments, interest and dividends, are included in the statement of activities as increases or decreases in unrestricted net assets unless the income or loss is restricted by donor or law. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the conference primarily uses readily obtainable, published market values. 135

5 5 th Session of Upper New York Annual Conference May 29 May 31: Pre Conference Booklet Property and Equipment As of July 1, 2010, the Conference recorded on its statement of financial position, those fixed assets in existence on the financial statements of the four previous conferences. Since that time, the Conference has not used a plant fund to accumulate the net investment in fixed assets. Instead, fixed assets are expensed as acquired and any resources contributed for asset acquisition are recorded as increases in the unrestricted fund balance. 7. Loans and Notes Payable The Conference s obligations for loans and notes payable consisted of the following: 8. Net Assets Lender 12/31/10 12/31/11 12/31/12 Key Bank building loan $ 412,500 $ 268,690 $ 124,776 PNB Bank building loan 30,000 30,000 30,000 PNB Bank truck loan 5,204 Total $ 447,704 $ 298,690 $ 154,776 Net assets at Dec. 31, 2010, 2011 and 2012 are defined by the Conference for the purposes as outlined, by fund, in the statements of financial position. The categories used by the Conference to report net assets, is as follows: Unrestricted Net assets that are not subject to donor imposed restrictions. Designated unrestricted Net assets that are internally designated for a specific purpose or activity by the Conference. Temporarily restricted Net assets subject to donor imposed stipulations that may or will be met either by actions of the Conference and/or the passage of time. Temporarily restricted Property & Equipment: Net assets that consist of the property and equipment of the Conference. Permanently restricted Net assets subject to donor imposed stipulations which may be maintained permanently by the Conference. Generally, the donors of these assets permit the conference to use all or part of the income earned on related investments for program operations. 9. Conference Clergy and Staff Pension, Disability and Health Insurance Plans The Conference maintains a variety of benefit programs to cover all eligible clergy and staff across the Conference. Those plans include: Clergy Retirement Security Program (CRSP) and Comprehensive Protection Plan (MPP/CPP) The Conference participates in a defined benefit, multi employer pension plan administered by the General Board of Pensions and Health (GBOPH). The plan provides pension benefits to retiring clergy including disability income benefits with guaranteed minimum benefits for 136

6 5 th Session of Upper New York Annual Conference May 29 May 31: Pre Conference Booklet widows and dependent children of deceased retirees. The Conference contributes to CRSP based on individual pay and length of service. United Methodist Personal Investment Plan (UMPIP) Lay employees of the Conference are eligible to participate in the UMPIP after working for the conference for one year. The conference contributes 9% of their salary if the lay employee contributes at least 3% of their salary. Lay employees are immediately vested in this plan. Clergy are also eligible to make voluntary contributions to the plan. Health Insurance Plan The Conference provides health insurance for eligible clergy and staff which is administered by GBOPH. Participants are required to contribute a portion of the insurance costs. Post Retirement Health Plan Also as part of the health insurance plan, the Conference sponsors a post retirement health care plan for all conference employees and participating clergy that meet eligibility requirements. The plan is contributory, with retiree contributions that are adjustable based on various factors, some of which are discretionary. 10. Income Tax Status The Conference is exempt from income tax under Section 501(c)(3) of the Internal Revenue Code and, therefore, has no provision for federal or state income or franchise taxes. 137

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NORTH CAROLINA CONFERENCE, SOUTHEASTERN JURISDICTION, OF THE UNITED METHODIST CHURCH, INC. AND AFFILIATES CONSOLIDATED FINANCIAL STATEMENTS

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