| 1.0 | The Budget for The
Episcopal Church for the period January 1, 2004 through December 31, 2006,
which shall be a unified budget including Canonical, Corporate, and Program
(mission) portions, is adopted at a total of $146,395,000.00. |
|
| 1.1 | The Canonical portion, providing
for the contingent expenses of the General Convention, the stipend of the
Presiding Bishop and the expenses of that office, the expenses of the President
of the House of Deputies, and Church Pension Fund assessments is adopted at a
total of $28,115,000.00 as follows: |
|
For the year 2004 $ 8,474,000.00
For the year 2005 $ 8,618,000.00
For the year 2006 $
11,023,000.00 |
| 1.2 | The Corporate portion, providing
for the requirements for the administrative support of the Domestic and Foreign
Missionary Society offices, is adopted at a total of $25,567,000.00 as
follows: |
|
For the year 2004 $ 8,225,000.00
For the year 2005 $ 8,577,000.00
For the year 2006 $
8,765,000.00 |
| 1.3 | The Program (mission) portion, providing for
support for the mission and ministry (restricted and unrestricted) of the
Church, is adopted at a total of $92,713,000.00 as follows: |
|
For the year 2004 $ 30,510,000.00
For the year 2005 $ 30,821,000.00
For the year 2006 $
31,382,000.00 |
|
| 2.0 | The funding policy for the period
January 1, 2004 through December 31, 2006 is adopted, based on a single Asking
(apportioned share) of the dioceses. After a $100,000 exemption from total
income, a single Asking shall be applied at a flat rate of 21% of the balance
of income to the diocese, reported in the diocesan financial statements for the
year two years prior to the year to which the pledge is applied [e.g.: 2004
Askings (apportioned share) are to be based on 2002 actual income figures].
"Income" includes (1) all congregational giving to the diocese, (2) all
unrestricted investment and endowment income to the diocese, (3) restricted
investment and endowment income to the diocese which covers costs in the
operating budget, and (4) other earnings from investments or enterprises. It is
intended that income shall include revenues that fund normal operating and
program expenses of the dioceses. It is not intended to include pass-through
income that is used for expenses for programming that are simply administered
by the dioceses, or that would not be otherwise funded by contributions from
parishes or out of investment income. |
|
| 2.1 | We rejoice with dioceses that
have moved toward, and those that give at and above, the 21% Asking. Such
giving creates a strong financial basis for vital mission and witness of The
Episcopal Church. We encourage all our dioceses to adopt the 21% Asking; then
we could allocate an additional 4.7 million dollars each year toward fulfilling
the mission priorities which we have embraced in this 74th General
Convention. |
| 2.2 | For the budgetary period income
from diocesan commitments, totaling $90,487,000.00 is anticipated as
follows: |
|
For the year 2004 $ 29,473,000.00
For the year 2005 $ 30,062,000.00
For the year 2006 $
30,952,000.00 |
| 2.3 | For the budgetary period
2004–2006, payment by the dioceses of the Askings shall be made in
twelve equal monthly payments. |
| 2.4 | All additional income, other
than from the Askings of the dioceses, totaling $55,908,000.00, is projected as
follows: |
|
For the year 2004 $ 18,554,000.00
For the year 2005 $ 18,382,000.00
For the year 2006 $
18,972,000.00 |
| 2.5 | A General Ordination fee is
hereby authorized, which fees shall be added to the funding from dioceses and
applied to the expenses of examination as appropriated in the budget. A
candidate for Holy Orders eligible for examination and so certified by the
diocesan bishop shall not be disqualified for examination because the fee has
not been paid. |
| 2.6 | General Convention registration
and exhibitors fees are hereby authorized, which fees shall be added to the
funding from dioceses and applied to the expenses of the 2006 General
Convention, and for no other purpose. |
|
| 3.0 | In the exercise of their respective
authorities, the Executive Council of the General Convention and the Joint
Standing Committee on Program, Budget and Finance shall be subject to the
following policies: |
|
| 3.1 | Each year, the Executive
Council, with the advice of the Joint Standing Committee on Program, Budget and
Finance, shall adjust the budget to the assured income of the Executive Council
so as to carry out the Budget for The Episcopal Church for that year on a
balanced budget basis. |
| 3.2 | The fiscal year shall begin January
1. |
| 3.3 | If in any year the total
anticipated income for budget support is less than the amount required to
support the budget approved by the General Convention, the Canonical portion of
the Budget for The Episcopal Church shall have funding priority over any other
budget areas. |
| 3.4 | Net surpluses that are realized in any year
of the triennium are to be allocated in the subsequent years of the triennium
in the following rank order, as needed, to: |
|
- Ministries With Young People
- Ethnic Congregational Development
- Congregational Development
|
| 3.5 | Undesignated bequests and
legacies received during the budgetary period shall be set aside in the general
endowment fund of which only the income shall be used for the general purposes
of the Society. |
| 3.6 | Designated bequests and legacies
received during the budgetary period shall be set aside in specific funds of
which only the income shall be used for the purposes so
designated. |
| 3.7 | Each Committee, Commission,
Agency and Board (CCAB) proposing to the General Convention any resolution with
funding implications shall present to the Joint Standing Committee on Program,
Budget and Finance a detailed budget in support of its plan(s), including cost
estimates from contractors and suppliers for all goods and services, by no
later than six months before the opening day of the General
Convention |
| 3.8 | Subsequent editions of the
Report and Proposal of the Presiding Bishop and Executive Council to the
General Convention contain the following information for each year of the
preceding triennium: |
|
- A description of the actual income and expenditures of the
DFMS, relating the expenditures to the Church's priorities with accompanying
narrative.
- Endowment balance and total investment return, with
accompanying narrative.
- Posting of this report on the DFMS website when it is released
to the Bishops and Deputies.
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