Diocesan Pledges Above Forecast: Council Hears Budget Report, Approves Study for Archives
Episcopal News Service. June 29, 2004 [062904-1]
Episcopal Life staff
Eighty two dioceses have signed pledges totaling $23.6 million to support the 2004 General Convention budget, and others have indicated support totaling another $4.2 million, the Episcopal Church's chief financial officer, N. Kurt Barnes, told Executive Council members in June.
"This implies that diocesan pledges for the year could total more than $27.8 million, or approximately $384,000 above our February forecast, even after we include allowances for nonpayments," he said. [At its February meeting, Executive Council approved a $40 million budget that reflected a 4 percent overall cut in expenses.]
"Revenue is running in line with the budget, and expenses are slightly lower," Barnes added. "I'm very confident that we are in line with the revenue budget, and the 'Doomsday scenario' that some people were predicting is not materializing."
Barnes said that 40 of the church's 100 dioceses had pledged 21 percent of their diocesan budget, according to a formula that General Convention has established. Another three--Easton, Newark and Southern Ohio–-pledged more than 21 percent.
The treasurer said he also was receiving income from some parishes and from individuals in the five dioceses that had decided to contribute nothing to the current national budget.
Feasibility study for archives
Following a report by Bishop Larry Maze, chair of the Board of Archives, and Mark Duffy, chief archivist, council approved $25,000 for a feasibility study to determine the benefits of renovating the existing building or building a new structure for the church's historical documents.
At its last meeting, April 29-30, the archives board voted to keep the archives located in Austin, Texas, at the Seminary of the Southwest after the seminary board's invitation to discuss how the two institutions could align their mission and program more closely.
The seminary offered, as part of its master campus plan, to set aside the current 46-year-old library building for the archives' use under terms yet to be negotiated. The archives board also said it wanted to explore alternative campus sites for new construction.
The feasibility study will provide independent expertise and an engineering assessment of the existing structure and evaluate it with other options for new building construction.
In other business, the council:
o Approved a $250,000 undesignated gift to the Anglican Church of Canada to demonstrate support and solidarity for its continuing mission.
o Resolved to continue to provide space and services for the Anglican United Nations Observer Office, reflected in the budget as an additional annual contribution to the Anglican Consultative Council. It also asked for a cost-analysis to develop a strategy regarding the housing of Episcopal-related agencies and organizations now in the church center building.
o Approved a line of credit not to exceed $50 million with the Bank of New York. It replaces a previous line of credit with another institution. The funds are available for general working capital purposes, as well as to the Episcopal Church Building Fund, the Episcopal Church Foundation and to parishes and dioceses, providing low-interest loans.
o Authorized the treasurer to negotiate terms for a loan of a maximum of $2.5 million to the Episcopal Church Foundation. The foundation requested $5 million to be drawn over a five-year period to expand its capability in raising money for Episcopal entities through planned giving and bequests. The Church Pension Group will consider a matching $2.5 million loan.
Controller hospitalized
Tom Hershkowitz, the Episcopal Church Center's financial controller, was taken to the hospital during Executive Council with what was determined to be cerebral bleeding. He remains in stable condition in a Vermont hospital, and it is anticipated that he soon will be moved to a rehabilitation center, said Presiding Bishop Frank T. Griswold.
"Our thoughts and prayers are with Tom, as well as with his wife, Diane, and their sons, Jeffrey and Michael," said Griswold. "We will surely miss Tom's gifts, and look for the day when he will be able to resume his duties."
Treasurer Barnes also issued a statement. "We miss Tom's presence and his contributions," he said. "His immediate staff and I will work hard to maintain the systems and level of quality and attention that he has put in place.
"Tom and I recently discussed the staffing of the Controller's Department and identified which roles people could step into when required," Barnes said. "We firmly believe that 'where God guides, God will provide.' We know that Tom's spirit is with us as much as our thoughts are with him."