Consolidated Financial Report 12.31.2004 McGladrey & Pullen, LLP is a member firm of RSM International, an affiliation of separate and independent legal entities.
Officers Alfred W. Gwinn, Jr. Resident Bishop James L. Bryan Secretary Sharon E. Strother Treasurer Council on Finance and Administration Ferrell Blount President Leonard Fairley Vice President Sylvia Harriss Secretary
Contents Independent Auditor's Report on the Financial Statements and Supplementary Information 1 Financial Statements Consolidated statements of financial position 2 Consolidated statements of activities 3 4 Consolidated statements of cash flows 5 Notes to consolidated financial statements 6 12 Supplementary Information Consolidating statements of financial position 14 Statement of financial position, Conference 15 Statement of activities, Conference 17 Statement of financial position, District Superintendent Offices 18 Statement of activities, District Superintendent Offices 19 Statement of financial position, Board of Missions, Inc. 20 Statement of activities, Board of Missions, Inc. 21 Statement of financial position detail, Conference 22-29 Statement of activities detail, Conference 30-41 Statement of financial position detail, summary of investments, Conference 42 Detail schedules of central and special fund activities, Conference: Schedules 1. Equitable Compensation 43-45 2. Emerging Church Support 46-47 3. Joint Committee on Incapacity 58 4. Annual Conference Expense 49 5. Conference Treasurer's Office Expense 50 6. Staff Parsonage Maintenance 51 7. Connectional Ministries Office, Meetings and Programs 52 8. Connectional Ministries, Staff Salaries 53 9. Connectional Ministries, Task Forces 54 10. Commission on Education 55 11. Commission on Laity 56 12. Commission on Evangelism 57 13. Commission on Church and Society 58 14. Golden Cross Fund 59 15. Commission on Missions and Outreach Ministries 60 16. College Sustaining Program 61 17. Board of Ordained Ministry 62 18. Commission on Communications 63 19. Media Center 64 20. Central Supplies 65 21. Youth Activities 66 22. Ten Dollar Club 67 23. Board of Pensions 68 24. Insurance 69 25. Ministerial Education Fund 70 26. Ministers' Transition Fund 71 27. Board of Trustees Fund 72 28. Congregational Development Foundation, Inc. 73 29. Contingency Reserve 74
Independent Auditor's Report To the Council on Finance and Administration North Carolina Conference, Southeastern Jurisdiction, of The United Methodist Church, Inc. Raleigh, North Carolina We have audited the accompanying consolidated statements of financial position of North Carolina Conference, Southeastern Jurisdiction, of The United Methodist Church, Inc. and affiliates as of December 31, 2004 and 2003, and the related consolidated statements of activities and cash flows for the years then ended. These financial statements are the responsibility of the Conference's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our report dated May 7, 2004, we expressed an opinion that, except for the Conference s election not to record or disclose certain information regarding the cost of postretirement benefits other than pensions, the 2003 consolidated financial statements presented fairly, in all material respects, the Conference s financial position, changes in net assets and cash flows in conformity with accounting principles generally accepted in the United States of America. As described in Note 12 to the consolidated financial statements, the Conference has changed its method of accounting for the cost of postretirement benefits other than pensions and restated its 2003 financial statements. Accordingly, our present opinion on the 2003 financial statements, as presented herein, is different from that expressed in our previous report. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of North Carolina Conference, Southeastern Jurisdiction, of The United Methodist Church, Inc. and affiliates as of December 31, 2004 and 2003, and the changes in their net assets and their cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. Our audits were made for the purpose of forming an opinion on the basic consolidated financial statements taken as a whole. The consolidating and other supplementary information is presented for purposes of additional analysis of the basic consolidated financial statements rather than to present the financial position and changed in net assets of the individual entities. The consolidating and other supplementary information has been subjected to the auditing procedures applied in the audits of the basic consolidated financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic consolidated financial statements taken as a whole. Raleigh, North Carolina April 28, 2005 McGladrey & Pullen, LLP is a member firm of RSM International, an affiliation of separate and independent legal entities. 1
Consolidated Statements of Financial Position December 31, 2004 and 2003 2003 Assets 2004 (as restated) Cash (Note 2) $ 6,286,300 $ 5,663,021 Accounts receivable (Note 8) 2,817,713 3,566,737 Investments (Note 3) 46,906,515 40,707,472 Mortgage loans receivable, less allowance for doubtful loans of $6,000 2,366,218 2,457,884 Property and equipment, net (Notes 4 and 9) 6,174,502 5,356,439 Other assets (Note 5) 2,054,898 2,118,631 Total assets $ 66,606,146 $ 59,870,184 Liabilities and Net Assets Liabilities: Accounts payable (Note 8) $ 2,756,906 $ 2,602,348 Agency payables 284,644 325,036 Notes and mortgages payable (Note 9) 694,099 707,459 Postretirement benefit liability (Notes 7 and 12) 40,563,940 38,741,891 Total liabilities 44,299,589 42,376,734 Commitments (Note 6) Net assets: Unrestricted: Designated, Next Year's Approved Budget 10,572,292 10,948,006 Undesignated 7,549,554 2,162,776 Temporarily restricted (Note 10) 4,184,711 4,382,668 Total net assets 22,306,557 17,493,450 Total liabilities and net assets $ 66,606,146 $ 59,870,184 See Notes to Consolidated Financial Statements. 2
Consolidated Statement of Activities Temporarily Unrestricted Restricted Total Revenues, gains and other support: Apportionments $ 15,766,112 $ - $ 15,766,112 Other church remittances 1,568,190-1,568,190 Restricted contributions - 1,840,722 1,840,722 Insurance premiums 9,534,637-9,534,637 Registration fees 389,598-389,598 Investment income 2,538,922-2,538,922 Unrealized appreciation on investments 2,947,063-2,947,063 Grants - 1,138,956 1,138,956 Other 855,962-855,962 Total revenues, gains, and other support 33,600,484 2,979,678 36,580,162 Net assets released from donor restrictions (Note 11) 3,177,635 (3,177,635) - Expense or distribution: Program: Mission development / spiritual formation 3,107,235-3,107,235 Episcopal 2,802,582-2,802,582 Benefit and welfare 15,307,884-15,307,884 General church distributions 2,747,745-2,747,745 Disaster response and recovery 1,727,276-1,727,276 Other 5,067,375-5,067,375 Administrative 818,991-818,991 Fund raising 187,967-187,967 Total expenses 31,767,055-31,767,055 Change in net assets 5,011,064 (197,957) 4,813,107 Net assets at beginning of year 13,110,782 4,382,668 17,493,450 Net assets at end of year $ 18,121,846 $ 4,184,711 $ 22,306,557 See Notes to Consolidated Financial Statements. 3
Consolidated Statement of Activities Year Ended December 31, 2003 Unrestricted Temporarily Total (as restated) Restricted (as restated) Revenues, gains and other support: Apportionments $ 15,196,246 $ - $ 15,196,246 Other church remittances 697,614-697,614 Restricted contributions - 1,903,479 1,903,479 Insurance premiums 7,998,933-7,998,933 Registration fees 333,166-333,166 Investment income 2,176,241-2,176,241 Unrealized appreciation on investments 4,093,341-4,093,341 Grants - 931,059 931,059 Other 1,207,788-1,207,788 Total revenues, gains, and other support 31,703,329 2,834,538 34,537,867 Net assets released from donor restrictions (Note 11) 3,926,748 (3,926,748) - Expense or distribution: Program: Mission development / spiritual formation 2,318,177-2,318,177 Episcopal 2,838,159-2,838,159 Benefit and welfare 19,765,687-19,765,687 General church distributions 3,392,276-3,392,276 Disaster response and recovery 1,074,941-1,074,941 Other 5,381,161-5,381,161 Administrative 662,327-662,327 Fund raising 257,525-257,525 Total expenses 35,690,253-35,690,253 Change in net assets (60,176) (1,092,210) (1,152,386) Net assets at beginning of year, as previously reported 50,155,986 5,474,878 55,630,864 Restatement (Note 12) (36,985,028) - (36,985,028) Net assets at beginning of year, as restated 13,170,958 5,474,878 18,645,836 Net assets at end of year $ 13,110,782 $ 4,382,668 $ 17,493,450 See Notes to Consolidated Financial Statements. 4
Consolidated Statements of Cash Flows Years Ended December 31, 2004 and 2003 2003 2004 (as restated) Cash Flows From Operating Activities Increase (decrease) in unrestricted net assets $ 4,813,107 $ (1,152,386) Adjustments to reconcile increase (decrease) in unrestricted net assets to net cash provided by (used in) operating activities: Depreciation 260,853 221,853 Unrealized appreciation of investments (2,947,063) (4,093,341) (Gain) loss on sale of investments (10,999) (352,820) (Gain) loss on disposal of assets (572,554) 312,369 Changes in assets and liabilities: Decrease in accounts receivable 749,024 (1,338,244) Decrease in accounts payable 154,558 855,674 Increase (decrease) in agency payables (40,393) 76,325 Increase in post retirement benefit liability 1,822,049 1,756,863 Net cash provided by (used in) operating activities 4,228,582 (3,713,707) Cash Flows From Investing Activities Investment in United Methodist Foundation (2,918,698) (3,681,379) Purchase of other investments (2,941,111) (292,027) Withdrawals from United Methodist Foundation 2,618,829 1,832,704 Sale of other investments - 6,637,926 Mortgage loans originated (626,000) (545,000) Principal payments on mortgage loans 717,666 475,277 Acquisition of property and equipment (1,080,562) (388,781) Proceeds from sale of property and equipment 574,200 - Disposal of other assets 63,733 173,485 Net cash provided by (used in) investing activities (3,591,943) 4,212,205 Cash Flows From Financing Activities Payments on note payable (21,306) (18,451) Net borrowings (payments) on mortgages payable 7,946 (32,893) Net cash used in financing activities (13,360) (51,344) Net increase in cash 623,279 447,154 Cash: Beginning 5,663,021 5,215,867 Ending $ 6,286,300 $ 5,663,021 See Notes to Consolidated Financial Statements. 5
Notes to Consolidated Financial Statements Note 1. Nature of Business and Significant Accounting Policies The Conference is incorporated in the State of North Carolina and is the fundamental body of the United Methodist Church, Inc., which under Episcopal leadership provides the mechanism for admitting and ordaining clergy, appointing itinerant pastors to churches, and supplying them with mutual support. The Conference is composed of ministerial and lay members and other individuals as required in The Book of Discipline of The United Methodist Church, which, in an annual meeting, defines the programs and responsibilities of the Church as a whole. A summary of the Conference's significant accounting policies follows: Principles of consolidation: As a result of formal affiliations and economic interdependency between the Conference and Division of Missions, Incorporated, North Carolina Annual Conference, The United Methodist Church (d/b/a Board of Missions, Inc.) and the twelve District Superintendent Offices of the Conference, the financial statements of these organizations are presented on a consolidated basis and include the accounts of all entities. All significant intercompany accounts and transactions have been eliminated in the consolidation. Basis of presentation: In preparing its financial statements, the Conference classifies net assets and revenues, expenses, gains, and losses based on the existence or absence of donor-imposed restrictions. Accordingly, net assets of the Conference and changes therein are classified and reported as follows: Unrestricted net assets Net assets that are not subject to donor-imposed stipulations. Temporarily restricted net assets Net assets subject to donor-imposed stipulations that may or will be met either by actions of the Conference and/or by the passage of time. Permanently restricted net assets Net assets subject to donor-imposed stipulations that they be maintained permanently by the Conference. At December 31, 2004 and 2003 there were no permanently restricted net assets. Revenue and support: The principal source of revenue and support is apportionments received from the local churches. Apportionments are the recommended support for the local churches. Apportionments expire at the end of each calendar year. Local churches do not have any commitment on any underpayment of their apportionments. Accounts receivable: Since a significant dollar amount of member church support are received close to the Conference s year-end, the Conference provides the member churches with a cut-off date subsequent to year-end in order for churches to fulfill their annual apportionments. Thus, the Conference recognizes accounts receivable at the dollar amount of apportionments received by the cut-off date. Investments: Investments in equity securities with readily determinable fair values and all investments in debt securities are stated at fair value. Changes in the fair value of investments, including both realized and unrealized gains and losses, are included in the accompanying consolidated statements of activities. In determining realized gains and losses, the cost of investments is determined using the specific-identification method. 6
Notes to Consolidated Financial Statements Note 1. Nature of Business and Significant Accounting Policies (Continued) Property and equipment: Land, buildings and equipment are recorded at cost since 1983. Prior to 1983, if historical costs were unavailable, estimated historical costs were used. Church properties assumed by the Conference, as well as land donated to the Conference, are stated at their estimated fair value at the time of receipt. Depreciation is computed using the straight-line method over the following estimated useful lives: Years Buildings 30-40 Improvements to buildings 10-40 Furniture and equipment 5-15 The Conference evaluates, on an on-going basis, the carrying value of property and equipment based on estimated future undiscounted cash flows. In the event such cash flows are not expected to be sufficient to recover the carrying value of the assets, the useful lives of the assets are revised or the assets are written down to their estimated fair values. Postretirement benefits other than pensions: Effective January 1, 2003, the Conferences is recognizing net periodic postretirement benefit cost and the accumulation of such costs as employees render the services necessary to earn their postretirement benefits. The Conference formerly provided for these costs on a pay as you go basis, which was not in accordance with accounting principles generally accepted in the United States of America. See Note 12 for more information about the Company's implementation of this accounting policy. The Conference uses an actuary to determine the actuarial present value of accumulated other postretirement plan benefits. A change in the actuarial assumptions used could significantly change the amount of the actuarial present value of accumulated plan benefits reported in the accompanying financial statements. Estimates: In preparing its financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of financial position and revenues and expenses in the statement of activities for the reporting period. Actual results could differ from those estimates. Other accounting policies: The expenditures for each year are financed principally by funds received from revenue from unrestricted apportionments of the previous year. Accordingly, the revenue from apportionments shown in the accompanying statement of activities will be available for operations budgeted for the ensuing year. Insurance premiums: The Conference administers an insurance program under which health benefits are provided for clergy and selected lay employees of the Conference. Insurance premium revenue and related expenses are recorded in the period for which the premium relate. Income taxes: No provision is made for income taxes because the Conference is exempt from state and federal taxes on income. 7
Notes to Consolidated Financial Statements Note 2. Cash Arrangements with banks for investment of excess funds require minimum cash balances of $300,000 to be maintained. All cash deposits are legally subject to withdrawal without penalty. Funds are invested in this program each business day. The amount invested in this program at December 31, 2004 and 2003 was $0. The Conference places its cash with high quality financial institutions. At times this cash balance is in excess of the FDIC insurance limits. Note 3. Investments Investments at December 31, 2004 and 2003 are comprised of the following: 2004 2003 Certificates of deposit $ 413,120 $ 408,078 GBOP Superannuate Endowment Fund 276,855 223,720 National United Methodist Foundation 1,155,648 892,474 United Methodist Development Fund 1,000,000 1,000,000 GBOP Deposit Account 7,558,877 2,949,825 Investment in United Methodist Foundation, Inc. 36,334,416 34,967,541 Other 167,599 265,834 $ 46,906,515 $ 40,707,472 The Conference's investment in United Methodist Foundation, Inc. represents approximately 50 and 52 percent of the unitholder equity of the Foundation at December 31, 2004 and 2003, respectively. The Foundation's net assets were approximately $73,139,000 and $66,997,000 at December 31, 2004 and 2003, respectively, and consisted primarily of common stocks and fixed income securities. The Conference invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statements of financial position. Note 4. Property and Equipment Property and equipment at December 31, 2004 and 2003 is comprised of the following: 2004 2003 Land and land improvements $ 3,653,578 $ 3,497,204 Buildings and building improvements 4,351,573 3,623,481 Furniture and equipment 1,434,431 1,274,425 9,439,582 8,395,110 Less accumulated depreciation 3,265,080 3,038,681 $ 6,174,502 $ 5,356,429 Depreciation expense for the years ended December 31, 2004 and 2003 was $260,853 and $221,853, respectively. 8
Notes to Consolidated Financial Statements Note 5. Other Assets Other assets at December 31, 2004 and 2003 consist of the following: 2004 2003 Loans to Churches $ 1,038 $ 15,910 Inventory 180,069 227,527 Church properties and donated land held for resale 1,333,267 1,341,413 Note receivable from Camps 485,715 505,537 Other 54,809 28,244 $ 2,054,898 $ 2,118,631 Note 6. Pensions In 1981, the Conference began participating in multiemployer pension plans provided by the General Board of Pensions (GBOP). Four defined contribution plans provide benefits for Clergy and lay staff as follows for all service after December 31, 1981. The Ministers Pension Plan provides retirement benefits for bishops of The United Methodist Church elected by a Jurisdictional Conference, clergy members of an Annual Conference and local pastors of The United Methodist Church under Episcopal appointment or those eligible for appointment to a charge. The Cumulative Pension and Benefit Fund provides retirement benefits for lay staff of the Annual Conference. Funding in 2004 and 2003 was based on 12% of plan compensation for both plans. The expense for these two plans was $459,484 and $433,450 for 2004 and 2003, respectively. The Comprehensive Protection Plan provides death, disability and educational benefits for all individuals eligible to participate in the Ministers Pension Plan. The Basic Protection Plan provides death and disability benefits for lay staff who participate in the Cumulative Benefit and Pension Fund. The expense for these two plans was $79,443 and $75,926 for 2004 and 2003, respectively. The plans also provide defined benefits in accordance with their predecessor plan, The Ministers Reserve Pension Fund. All plan participants as of December 31, 1981 entitled to receive benefits from The Ministers Reserve Pension Fund will receive upon retirement a monthly retirement benefit, disability, surviving spouse and surviving children benefits. Benefits are based on years of service and an approved pension rate. The pension rate is based on a percent of the Conference Average Salary. Benefits are subject to certain reductions if the participant retires before reaching age 65. The Conference voluntarily agreed to fund the prior service liability for service years prior to 1982. On January 1, 2004, the net unfunded liability based on a pension rate of $516 per service year was $40,238,169. Current expense for the prior service liability was $3,112,375 and $6,710,584 for 2004 and 2003, respectively. Included in the 2003 expense are the required payment of $3,710,584 and a discretionary payment of $3,000,000. The amount paid to fund the unfunded prior service liability is determined annually by the General Board of Pensions. The Conference amortizes prior service cost over a 30-year period. 9
Notes to Consolidated Financial Statements Note 7. Postretirement Benefits Other Than Pensions The Conference has an unfunded postretirement benefits plan that provides medical, dental, and life insurance benefits to curent and future retirees. Retirement benefits under the plan are based primarily on the participants official title while employed by the Conference, the participants age, and the participants length of service. The Conference uses January 1 as its measurement date for the plan. Amounts recognized in the statement of financial position at December 31, 2004 and 2003 consist of: 2004 2003 Accrued benefit cost $ (40,563,940) $ (38,741,891) Net periodic benefit cost recognized totaled $3,473,089 and $3,300,302 for the years ended December 31, 2004 and 2003, respectively. Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost for years ended December 31 are: 2004 2003 Discount rate 7% 7% Expected return on plan assets 0% 0% The trend of health care costs used to determine the benefit obligation and net periodic benefit cost assumes a 12.0% and 11.0% annual rate of increase for 2004 and 2003, respectively with such rates declining gradually to 5.5%. The Conference is on an unfunded basis regarding the plan; therefore, they maintain no assets in the plan. However, they have internally designated $1,000,000, which is held with a related party for purposes of future obligations related to the plan. The Conference has not made any additional contributions to the internal designation in the past two years, nor do they expect to make a contribution in the current year. Benefits paid for the years ended December 31, 2004 and 2003 were $1,651,043 and $1,543,439, respectively. The benefits expected to be paid in each of the next five fiscal years and in the aggregate for the fiscal years thereafter are as follows: Year Amount 2005 $ 1,807,400 2006 1,949,100 2007 2,043,300 2008 2,117,400 2009 2,202,100 10
Notes to Consolidated Financial Statements Note 8. Related Party Transactions United Methodist Foundation, Inc. was established primarily as an investment pool available for organizations, churches and agencies related to the North Carolina Conference, Southeastern Jurisdiction, of The United Methodist Church, Inc. Net amounts of accounts receivable / (accounts payable) due from / to the Foundation were ($3,042) and $117,552 at December 31, 2004 and 2003, respectively. Note 9. Pledged Assets and Long-Term Debt On December 6, 2001, the Conference entered into a secured note payable to The United Methodist Development Fund. The note is due in 180 monthly installments of $4,924, including interest at 8.5%, with a final payment due December 2016. This note is collateralized by land held by the Conference with a carrying value of $708,384. At December 31, 2004 and 2003, the outstanding amounts due on this note were $442,505 and $463,811, respectively. Several of the Conference s District Superintendent Ofices have mortgages payable outstanding related to their parsonages. At December 31, 2004 and 2003, the outstanding amounts due were $251,594 and $243,648, respectively. Maturities of the long-term debt are due in future years as follows: Year Ending December 31, Amount 2005 $ 34,912 2006 36,886 2007 39,034 2008 41,372 2009 43,917 Thereafter $ 497,980 694,099 Note 10. Temporarily Restricted Net Assets Temporarily restricted net assets as of December 31, 2004 and 2003 are available for the following purposes: 2004 2003 Disaster relief and preparedness $ 987,711 $ 1,919,891 Establishment of new churches 1,816,696 839,715 Other 1,380,304 1,623,062 $ 4,184,711 $ 4,382,668 11
Notes to Consolidated Financial Statements Note 11. Net Assets Released From Restrictions During the years ended December 31, 2004 and 2003, net assets were released from donor restrictions by incurring expenses satisfying the restricted purposes or by occurrence of other events specified by the donors as follows: 2004 2003 Disaster relief and preparedness $ 1,771,957 $ 1,200,884 Establishment of new churches 389,715 1,399,501 Duke Endowment retiree benefit supplement 665,721 669,719 Other 350,242 656,644 $ 3,177,635 $ 3,926,748 Note 12. Restatement of Net Assets The Conference s financial statements as of and for the year ended December 31, 2003 have been restated to properly reflect the cost of postretirement benefits other than pensions in accordance with accounting principles generally accepted in the United States of America. As a result of the restatement, the beginning balance of unrestricted net assets at January 1, 2003 has been decreased by approximately $37.0 million to properly reflect the liability for postretirement benefits other than pensions at that time. In addition, the expense for postretirement benefits other than pensions was increased and the change in net assets in the statement of activities for the year ended December 31, 2003 was decreased by approximately $1.8 million from the previously reported amounts as a result of the restatement. Further, for the year ended December 31, 2004, the expense for postretirement benefits other than pensions was increased and the change in net assets in the statement of activities was decreased by approximately $1.8 million from the amounts that would have been reported prior to the restatement. 12
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Consolidating Statement of Financial Position December 31, 2004 District Superintendent Board of Assets Conference Offices Missions, Inc. Eliminations * Total Cash $ 4,671,031 $ 828,223 $ 1,459,560 $ (672,514) $ 6,286,300 Accounts receivable 2,794,733-22,980-2,817,713 Investments 46,738,916 166,279 1,320-46,906,515 Mortgage loans receivable - - 2,366,218-2,366,218 Property and equipment 3,369,379 867,153 1,937,970-6,174,502 Other assets 2,029,410 25,488 - - 2,054,898 Total assets $ 59,603,469 $ 1,887,143 $ 5,788,048 $ (672,514) $ 66,606,146 Liabilities and Net Assets Accounts payable $ 3,421,921 $ 6,394 $ 1,105 $ (672,514) $ 2,756,906 Agency payables 284,644 - - - 284,644 Notes and mortgages payable 442,505 251,594 - - 694,099 Postretirement benefit liability 40,563,940 - - - 40,563,940 Total liabilities 44,713,010 257,988 1,105 (672,514) 44,299,589 Net assets: Unrestricted: Designated, next year's approved budget 10,572,292 - - - 10,572,292 Undesignated 133,456 1,629,155 5,786,943-7,549,554 Temporarily restricted 4,184,711 - - - 4,184,711 14,890,459 1,629,155 5,786,943-22,306,557 Total liabilities and net assets $ 59,603,469 $ 1,887,143 $ 5,788,048 $ (672,514) $ 66,606,146 *Eliminations consist of intercompany receivables and payables between the Conference and the Board of Missions, Inc. that must be eliminated in the consolidation process to avoid overstating these accounts. 14
Statement of Financial Position - Conference December 31, 2004 Assets Cash $ 4,671,031 Accounts receivable 2,794,733 Investments 46,738,916 Property and equipment 3,369,379 Other assets 2,029,410 Total assets $ 59,603,469 Liabilities and Net Assets Liabilities: Accounts payable $ 3,421,921 Agency payables 284,644 Notes and mortgages payable 442,505 Postretirement benefit liability 40,563,940 Total liabilities 44,713,010 Net assets: Unrestricted: Designated, Next Year's Approved Budget 10,572,292 Undesignated 133,456 Temporarily restricted 4,184,711 Total net assets 14,890,459 Total liabilities and net assets $ 59,603,469 15
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Statement of Activities, Conference Temporarily Unrestricted Restricted Total Revenues, gains and other support: Apportionments $ 15,766,112 $ - $ 15,766,112 Other church remittances 546,918-546,918 Restricted contributions - 1,840,722 1,840,722 Insurance premiums 9,534,637-9,534,637 Registration fees 389,598-389,598 Investment income 2,400,870-2,400,870 Unrealized appreciation on investments 2,946,975-2,946,975 Grants - 1,138,956 1,138,956 Other 115,379-115,379 Total revenues, gains, and other support 31,700,489 2,979,678 34,680,167 Net assets released from donor restrictions 3,177,635 (3,177,635) - Expense or distribution: Program: Mission development/spiritual formation 3,107,235-3,107,235 Episcopal 2,802,582-2,802,582 Benefit and welfare 15,307,884-15,307,884 General church distributions 2,747,745-2,747,745 Disaster response and recovery 1,727,276-1,727,276 Other 3,287,833-3,287,833 Administrative 818,991-818,991 Fundraising 187,967-187,967 Total expenses 29,987,513-29,987,513 Change in net assets 4,890,611 (197,957) 4,692,654 Net assets at beginning of year, as previously reported 44,557,028 4,382,668 48,939,696 Restatement (38,741,891) - (38,741,891) Net assets at beginning of year, restated 5,815,137 4,382,668 10,197,805 Net assets at end of year $ 10,705,748 $ 4,184,711 $ 14,890,459 17
Statement of Financial Position, District Superintendent Offices December 31, 2004 Assets Cash $ 828,223 Investments 166,279 Property and equipment 867,153 Other assets 25,488 Total assets $ 1,887,143 Liabilities and Net Assets Liabilities: Accounts payable $ 6,394 Mortgages payable 251,594 Total liabilities 257,988 Net assets: Unrestricted: Undesignated 1,629,155 Total liabilities and net assets $ 1,887,143 18
Statement of Activities, District Superintendent Offices Unrestricted Revenues, gains and other support: Other church remittances $ 1,021,272 Grants 376,867 Other 21,501 Total revenues, gains, and other support 1,419,640 Expense or distribution: Program: Other 1,405,473 Total expenses 1,405,473 Change in net assets 14,167 Net assets at beginning of year 1,614,988 Net assets at end of year $ 1,629,155 19
Statement of Financial Position, Board of Missions, Inc. December 31, 2004 Assets Cash $ 1,459,560 Accounts receivable 22,980 Investments 1,320 Mortgage loans receivable 2,366,218 Property 1,937,970 Total assets $ 5,788,048 Liabilities and Net Assets Liabilities: Accounts payable $ 1,105 Total liabilities 1,105 Unrestricted: Undesignated 5,786,943 Total liabilities and net assets $ 5,788,048 20
Statement of Activities, Board of Missions, Inc. Changes in unrestricted net assets: Revenues: Investment income 138,052 Temporarily Unrestricted Restricted Total $ $ - $ 138,052 Unrealized appreciation on investments 88-88 Other 342,215-342,215 480,355-480,355 Net assets released from restrictions - - - Expense or distribution: Program: Other 374,069-374,069 374,069-374,069 Change in net assets 106,286-106,286 Net assets: Beginning 5,680,657-5,680,657 Ending $ 5,786,943 $ - $ 5,786,943 21
Statement of Financial Position Detail, Conference December 31, 2004 Due From Assets Cash Investments Other Funds Central Fund $ 4,548,251 $ 16,583,753 $ - Special Funds: Adult Education Programs - - 23,308 Adult Study Tour - - 1,660 Advance Specials, World Missions - - 37,641 Annual Conference Merit Scholarship - - 2,615 Apex New Church Accounting Support - - 3,925 Bishop's Initiative, Children - - 148,183 Blackburn Scholarship Fund - 171,085 245 Board of Ordained Ministry - - 9,473 Board of Pensions - 7,850,619 1,664,048 Board of Trustees - 970,238 568,972 Catalyst UMC Accounting Support - - 22,200 Central Supplies - - - Children's Ministries - - 6,461 Church Extension, SFT Funds - 306,754 - Church of Risen Lord Accounting Support - - - Church Redevelopment Endowment, SFT Funds - 240,715 15,000 Church Salary Endowment, SFT Funds - 353,901 - Circles of Hispanic Ministries - - 13,261 Committee on Disaster Preparedness - - 149,327 Committee on Disaster Relief - Duke Endowment - - 174,039 Communications Events - - 1,106 Conference Advance Specials - - 96,752 Conference Mission Team Work - - 471 Conference Summer School - - 8,475 Congregational Development Foundation, Inc. - - 279,837 Congregational Development Initiatives - - 82,590 Congregational Development Initiatives - Designated Donations - - 63,121 Copier Fund - - 1,269 Crossbeams - - 17,298 Disaster Recovery Seed Funding - - 50,000 Disaster Relief - Bishop Direct - - - Division of National Missions - - 5,991 Effective Ministry Training Fund - - 16,233 Elizabeth City New Church Accounting Support - - 5,289 Episcopal Residence - - 8,070 Farm Crisis - - 5,048 General Conference - - - Golden Cross Fund - - 28,785 Handicap Accessibility Program - - 75,000 Hispanic Ministries - - 43,825 Historical Book Sales - - 894 Historical Society Event - - 200 Holding Reserve - - 34,926 Howard M. McLamb Ministerial Scholarship Fund - - 5,020 Hunger and Human Needs Fund - - 19,413 Hurricane Isabel Governor's Relief Fund - - 116,556 Insurance - 4,565,323 2,954,577 (Continued) 22
Accounts Property and Other Total Receivable Equipment Assets Assets $ 2,210,591 $ - $ 503,622 $ 23,846,217 - - - 23,308 - - - 1,660 - - - 37,641 - - - 2,615 - - - 3,925 - - - 148,183 691 - - 172,021 - - - 9,473 60 - - 9,514,727 177,469 3,369,379 370,176 5,456,234 - - - 22,200 - - 6,308 6,308 - - - 6,461 1,238 - - 307,992 - - - - 972 - - 256,687 1,428 - - 355,329 - - 1,050 14,311 - - - 149,327 - - - 174,039 - - - 1,106 - - - 96,752 - - - 471 - - - 8,475 - - 1,136,852 1,416,689 - - - 82,590 - - - 63,121 - - - 1,269 - - - 17,298 - - - 50,000 - - - - - - - 5,991 - - - 16,233 - - - 5,289 - - - 8,070 - - - 5,048 - - - - - - - 28,785 - - - 75,000 - - - 43,825 - - - 894 - - - 200 - - - 34,926 95,541 - - 100,561 - - - 19,413 - - - 116,556 144,478 - - 7,664,378 23
Statement of Financial Position Detail, Conference December 31, 2004 Due From Assets Cash Investments Other Funds Isa Grant Scholarship Fund $ - $ - $ 2,171 John Wesley Endowment - 327,622 15,309 Jurisdictional Conference - - - Laity Banquet - - 792 Lay Employee Disability Fund - - 84,460 MERC Initiatives - - - Migrant Farm Worker Housing Project - - 90,000 Ministers' Transition Fund - 14,125,239 - Ministerial Education Fund - - 59,974 Missions and Multicultural Ministries - - 69,859 Media Center - - 14,165 Morningstar Accounting Support - - - Native American Awareness - 71,902 25,360 Native American Project - - - New Home Construction - - 1,298 New Ordinands Holy Land Trips - - 11,500 Operation Liberia - - - Pastoral Counseling Commission - - 2,561 Peace With Justice - - 9,886 Pension billing 2,851 - - Printer Fund - - 18,535 Promotores de Salud - - 1,138 Retiree Welfare Benefits Liability - 1,155,648 - Rocky Mount Community Ministries - - 24,719 Rural Affordable Housing Project 119,929-1,878,130 Rural Church Consultation Services - - 7,142 SEJ Association, Communicators - 16,117 - Spirit for Tomorrow Campaign - - 1,899 Stewardship Seminars - - 276 Ten Dollar Club - - 236,517 Town and Country Committee - - 21,402 UMCOR Disaster Relief Funding - - 10,000 United Methodist Men - - 340 Vision 2020 - - - Wellspring - - 97,537 Youth Activities - - 26,900 Youth Service Fund - - 16,039 Zimbabwe Orphan Endeavor - - 292,329 Subtotal 4,671,031 46,738,916 9,781,342 Elimination of interfund balances - - (9,781,342) Total $ 4,671,031 $ 46,738,916 $ - (Continued) 24
Accounts Property and Other Total Receivable Equipment Assets Assets $ - $ - $ - $ 2,171 1,322 - - 344,253 - - - - - - - 792 - - - 84,460 - - - - - - - 90,000 57,328 - - 14,182,567 - - 7,302 67,276 - - - 69,859 - - - 14,165 1,323 - - 1,323 4,894 - - 102,156 - - - - - - 121 1,419 - - - 11,500 - - - - - - - 2,561 - - - 9,886 97,364 - - 100,215 - - - 18,535 - - - 1,138 - - - 1,155,648 - - - 24,719 - - (1) 1,998,058 - - - 7,142 34 - - 16,151 - - - 1,899 - - - 276 - - - 236,517 - - - 21,402 - - - 10,000 - - - 340 - - - - - - 880 98,417 - - 3,100 30,000 - - - 16,039 - - - 292,329 2,794,733 3,369,379 2,029,410 69,384,811 - - - (9,781,342) $ 2,794,733 $ 3,369,379 $ 2,029,410 $ 59,603,469 25
Statement of Financial Position Detail, Conference December 31, 2004 Accounts/Notes Due to and Agency Other Liabilities and Net Assets Payables Funds Central Fund $ 1,924,233 $ 7,883,636 Special Funds: Adult Education Programs - - Adult Study Tour - - Advance Specials, World Missions 37,641 - Annual Conference Merit Scholarship - - Apex New Church Accounting Support - - Bishop's Initiative, Children - - Blackburn Scholarship Fund - - Board of Ordained Ministry - - Board of Pensions - - Board of Trustees 2,374 - Catalyst UMC Accounting Support - - Central Supplies - 87 Children's Ministries - - Church Extension, SFT Funds - 35,000 Church of Risen Lord Accounting Support - 5,704 Church Redevelopment Endowment, SFT Funds - - Church Salary Endowment, SFT Funds - 8,100 Circles of Hispanic Ministries - - Committee on Disaster Preparedness 59,404 - Committee on Disaster Relief - Duke Endowment 19,612 - Communications Events - - Conference Advance Specials 96,752 - Conference Mission Team Work - - Conference Summer School - - Congregational Development Foundation, Inc. 554,333 - Congregational Development Initiatives - - Congregational Development Initiatives - Designated Donations - - Copier Fund - - Crossbeams - - Disaster Recovery Seed Funding - - Disaster Relief - Bishop Direct - 499 Division of National Ministries 5,991 - Effective Ministry Training Fund - - Elizabeth City New Church Accounting Support - - Episcopal Residence 144,807 - Farm Crisis - - General Conference - 31,672 Golden Cross Fund - - Handicap Accessibility Program - - Hispanic Ministries - - Historical Book Sales - - Historical Society Event - - Holding Reserve 34,980 - Howard M. McLamb Ministerial Scholarship Fund - - Hunger and Human Needs Fund - - Hurricane Isabel Governor's Relief Fund 20,467 - Insurance 918,978 - (Continued) 26
Total Liabilities Total Net Assets and Liabilities (Deficit) Net Assets $ 9,807,869 $ 14,038,348 $ 23,846,217-23,308 23,308-1,660 1,660 37,641-37,641-2,615 2,615-3,925 3,925-148,183 148,183-172,021 172,021-9,473 9,473-9,514,727 9,514,727 2,374 5,453,860 5,456,234-22,200 22,200 87 6,221 6,308-6,461 6,461 35,000 272,992 307,992 5,704 (5,704) - - 256,687 256,687 8,100 347,229 355,329-14,311 14,311 59,404 89,923 149,327 19,612 154,427 174,039-1,106 1,106 96,752-96,752-471 471-8,475 8,475 554,333 862,356 1,416,689-82,590 82,590-63,121 63,121-1,269 1,269-17,298 17,298-50,000 50,000 499 (499) - 5,991-5,991-16,233 16,233-5,289 5,289 144,807 (136,737) 8,070-5,048 5,048 31,672 (31,672) - - 28,785 28,785-75,000 75,000-43,825 43,825-894 894-200 200 34,980 (54) 34,926-100,561 100,561-19,413 19,413 20,467 96,089 116,556 918,978 6,745,400 7,664,378 27
Statement of Financial Position Detail, Conference (Continued) December 31, 2004 Accounts/Notes Due to and Agency Other Liabilities and Net Assets Payables Funds Isa Grant Scholarship Fund $ - $ - John Wesley Endowment - - Jurisdictional Conference - 14,754 Laity Banquet - - Lay Employee Disability Fund - - MERC Initiatives - 1,259,452 Migrant Farm Worker Housing Project - - Ministers' Transition Fund 125,962 434,877 Ministerial Education Fund 67,276 - Missions and Multicultural Ministries - - Media Center - - Morningstar Accounting Support - 4,322 Native American Awareness 51,078 - Native American Project - 7,297 New Home Construction - - New Ordinands Holy Land Trips - - Operation Liberia - - Pastoral Counseling Commission - - Peace With Justice 4,942 - Pension Billing 4,031 95,928 Printer Fund - - Promotores de Salud - - Retiree Welfare Benefits Liability 40,563,940 - Rocky Mount Community Ministries - - Rural Affordable Housing Project 55,245 - Rural Church Consultation Services - - SEJ Association, Communicators 16,151 - Spirit for Tomorrow Campaign - - Stewardship Seminars - - Ten Dollar Club - - Town and Country Committee - - UMCOR Disaster Relief Funding - - United Methodist Men - - Vision 2020-14 Wellspring - - Youth Activities - - Youth Service Fund 4,813 - Zimbabwe Orphan Endeavor - Subtotal 44,713,010 9,781,342 Elimination of interfund balances - (9,781,342) Total $ 44,713,010 $ - 28
Total Liabilities Total Net Assets and Liabilities (Deficit) Net Assets $ - $ 2,171 $ 2,171-344,253 344,253 14,754 (14,754) - - 792 792-84,460 84,460 1,259,452 (1,259,452) - - 90,000 90,000 560,839 13,621,728 14,182,567 67,276-67,276-69,859 69,859-14,165 14,165 4,322 (2,999) 1,323 51,078 51,078 102,156 7,297 (7,297) - - 1,419 1,419-11,500 11,500 - - - - 2,561 2,561 4,942 4,944 9,886 99,959 256 100,215-18,535 18,535-1,138 1,138 40,563,940 (39,408,292) 1,155,648-24,719 24,719 55,245 1,942,813 1,998,058-7,142 7,142 16,151-16,151-1,899 1,899-276 276-236,517 236,517-21,402 21,402-10,000 10,000-340 340 14 (14) - - 98,417 98,417-30,000 30,000 4,813 11,226 16,039-292,329 292,329 54,494,352 14,890,459 69,384,811 (9,781,342) - (9,781,342) $ 44,713,010 $ 14,890,459 $ 59,603,469 29
Statement of Activities Detail, Conference Net Assets (Deficit) January 1, 2004 Revenue Central Fund: General $ 13,041,983 $ 13,988,414 Annual Budget Programs: African University Fund - 56,437 Annual Conference Expense - 2,588 Asbury Homes, Inc - - Bishop's Day Apart - - Bishop's Discretionary Fund - 500 Black Colleges - 248,788 BODM: Sexual Ethics Program 14,806 Board of Ordained Ministry - 5,970 Cabinet Discretionary Fund - - Camps Maintenance - - Campus Ministry - - Children's Ministry - - Clergy Counseling Consultation - - College Sustaining Program - - Commission on Christian Unity - - Commission on Church and Society - - Commission on Communications - 2,183 Commission on Education - - Commission on Evangelism - - Commission on Higher Education - - Commission on Laity - - Commission on Missions and Outreach Ministries - - Commission on Stewardship - 500 Commission on Worship - - Committee on Archives and History - - Committee on Disaster Preparedness - - (Continued) 30
Net Assets Net Central (Deficit) Revenue/ Fund December 31, Expense (Expense) Transfers 2004 $ - $ 13,988,414 $ (12,992,049) $ 14,038,348 56,446 (9) 9-127,013 (124,425) 124,425-3,483 (3,483) 3,483-9,999 (9,999) 9,999-2,435 (1,935) 1,935-248,826 (38) 38-50,295 (35,489) 35,489-146,446 (140,476) 140,476-7,257 (7,257) 7,257-295,529 (295,529) 295,529-423,858 (423,858) 423,858-17,900 (17,900) 17,900-132,622 (132,622) 132,622-460,936 (460,936) 460,936-4,846 (4,846) 4,846-7,366 (7,366) 7,366-55,298 (53,115) 53,115-9,035 (9,035) 9,035-15,007 (15,007) 15,007-2,342 (2,342) 2,342-20,936 (20,936) 20,936-362,141 (362,141) 362,141-10,328 (9,828) 9,828-2,960 (2,960) 2,960-3,946 (3,946) 3,946-5,598 (5,598) 5,598-31
Statement of Activities Detail, Conference (Continued) Net Assets (Deficit) January 1, 2004 Revenue Committee on Episcopacy $ - $ - Conference Board of Trustees Expense - - Conference Claimants, Pensions - - Conference Journal - 2,295 Conference Plan of Inclusiveness - - Conference Secretary's Office Expense - - Conference Staff Relations Committee - - Conference Treasurer's Office Expense - 225 Congregational Development Office Expense - 1,350 Congregational Development Salary and Benefits - - Contingency Reserve Funds - 10,319 Connectional Ministries Office, Meetings and Programs - - Connectional Ministries, Staff Salaries - - Connectional Ministries, Task Forces - - Criminal Justice and Mercy Ministries - - District Superintendents' Fund Cabinet Expense - 1,672 District Superintendents' Fund Salaries - - District Superintendents' Fund Travel - - Emergency Salary Fund - - Emerging Church Support - 19,850 Episcopal Fund - 385,177 Episcopal Residence - - Equitable Compensation - - General Administration - - Golden Cross - - Human Relations Day - 11,085 In-coming WATS - - Information Management Office - 150 Interdenominational Cooperation - 46,746 Joint Committee on Incapacity - - Jurisdictional Conference - - (Continued) 32
Net Assets Net Central (Deficit) Revenue/ Fund December 31, Expense (Expense) Transfers 2004 $ 9,267 $ (9,267) $ 9,267 $ - 154 (154) 154-1,886,723 (1,886,723) 1,886,723-40,528 (38,233) 38,233-53,083 (53,083) 53,083-82,011 (82,011) 82,011-1,378 (1,378) 1,378-736,976 (736,751) 736,751-54,225 (52,875) 52,875-165,488 (165,488) 165,488-155,107 (144,788) 144,788-95,118 (95,118) 95,118-735,975 (735,975) 735,975-94 (94) 94-11,627 (11,627) 11,627-38,657 (36,985) 36,985-1,257,369 (1,257,369) 1,257,369-90,958 (90,958) 90,958-35,000 (35,000) 35,000-721,683 (701,833) 701,833-397,440 (12,263) 12,263-9,676 (9,676) 9,676-158,198 (158,198) 158,198-150,828 (150,828) 150,828-19,351 (19,351) 19,351-11,085 - - - 3,290 (3,290) 3,290-188,458 (188,308) 188,308-46,754 (8) 8-313,893 (313,893) 313,893-137,692 (137,692) 137,692-33
Statement of Activities Detail, Conference (Continued) Net Assets (Deficit) January 1, 2004 Revenue Legal Counsel $ - $ - Methodist Building Operating Fund - - Methodist Building Capital Maintenance - - Methodist Home for Children - - Methodist Retirement Homes, Inc. - - Ministerial Education Fund - - Ministerial Relations Office - 35,766 Minister's Moving Expense - - Ministers' Transition Fund - - Monitoring and Accountability - - Multicultural Ministry - - Nominations - - North Carolina Christian Advocate - - North Carolina Council of Churches - - Office of the Bishop - - One Great Hour of Sharing - 89,091 Seminary Visitation - - Staff Parsonage Maintenance - - Treasurer Bonding and Insurance - - United Methodist Student Day - 6,841 Wellspring - 10,248 World Communion - 19,526 World Service - - Youth Ministry - - Total Central Fund 13,041,983 14,960,527 (Continued) 34
Net Assets Net Central (Deficit) Revenue/ Fund December 31, Expense (Expense) Transfers 2004 $ 16,255 $ (16,255) $ 16,255 $ - 71,279 (71,279) 71,279-23,760 (23,760) 23,760-187,164 (187,164) 187,164-280,752 (280,752) 280,752-642,924 (642,924) 642,924-278,501 (242,735) 242,735-157,232 (157,232) 157,232-206,361 (206,361) 206,361-889 (889) 889-18,783 (18,783) 18,783-360 (360) 360-49,992 (49,992) 49,992-16,000 (16,000) 16,000-42,294 (42,294) 42,294-89,091 - - - 342 (342) 342-20,000 (20,000) 20,000-7,257 (7,257) 7,257-6,841 - - - 120,940 (110,692) 110,692-19,526 - - - 1,587,658 (1,587,658) 1,587,658-29,027 (29,027) 29,027-13,964,162 996,365-14,038,348 35
Statement of Activities Detail, Conference (Continued) Net Assets (Deficit) January 1, 2004 Revenue Special Funds: Adult Education Programs $ 23,311 $ - Adult Study Tour 1,660 - Annual Conference Merit Scholarship 1,233 1,382 Apex New Church Accounting Support - 49,277 Bishop's Initiative - Children 190,090 69,819 Blackburn Scholarship Fund 157,815 14,206 Board of Ordained Ministry 10,000 10,000 Board of Pensions 8,521,871 7,222,825 Board of Trustees 4,507,529 2,685,263 Catalyst United Methodist Church Accounting Support 3,783 135,685 Central Supplies 5,753 84,228 Children's Ministries 313 12,208 Church Extension, SFT Funds 263,128 25,864 Church of the Risen Lord Accounting Support 14,454 66,419 Church Redevelopment Endowment, SFT Funds 250,862 20,825 Church Salary Endowment, SFT Funds 333,888 29,541 Circle of Hispanic Ministries 35,480 210,463 Committee on Disaster Preparedness 275,860 531,531 Committee on Disaster Relief - Duke Endowment 226,220 11 Communications Events - 1,370 Conference Mission Work Team 22,685 2,276 Conference Summer School 8,475 - Congregational Development Foundation, Inc. 839,715 133,524 Congregational Development Initiatives 216,832 2,000 Congregational Development Initiatives - Designated Donations - 63,121 Copier Fund 1,964 4,358 Crossbeams 17,298 - Disaster Recovery Seed Funding - - Disaster Relief - Bishop Direct (499) - Disciple Bible Outreach - 17 Effective Ministry Training Fund 2,158 48,467 Elizabeth City New Church Accounting Support - 43,881 Episcopal Residence 52,486 616,034 (Continued) 36
Net Assets Net Central (Deficit) Revenue/ Fund December 31, Expense (Expense) Transfers 2004 $ 3 $ (3) $ - $ 23,308 - - - 1,660-1,382-2,615 45,352 3,925-3,925 111,726 (41,907) - 148,183-14,206-172,021 10,527 (527) - 9,473 6,229,969 992,856-9,514,727 1,738,932 946,331-5,453,860 117,268 18,417-22,200 83,760 468-6,221 6,060 6,148-6,461 16,000 9,864-272,992 86,577 (20,158) - (5,704) 15,000 5,825-256,687 16,200 13,341-347,229 231,632 (21,169) - 14,311 667,468 (135,937) (50,000) 89,923 71,804 (71,793) - 154,427 264 1,106-1,106 24,490 (22,214) - 471 - - - 8,475 110,883 22,641-862,356 136,242 (134,242) - 82,590-63,121-63,121 5,053 (695) - 1,269 - - - 17,298 - - 50,000 50,000 - - - (499) 17 - - - 34,392 14,075-16,233 38,592 5,289-5,289 805,257 (189,223) - (136,737) 37