Improved Financial Situation Reported to Council
Diocesan Press Service. February 7, 1974 [74037]
GREENWICH, Conn. -- A dramatic turnabout in the Episcopal Church's national financial situation during the past three years was reported to the Executive Council at its quarterly meeting here.
Dr. Lindley M. Franklin, Jr., Treasurer, reported that to date 71 of the 93 domestic dioceses have accepted their quotas for 1974, compared to 42 of the 92 dioceses in 1971. Eight of these dioceses in 1974 have oversubscribed their quotas for a total of $95,953. Eleven dioceses pledged less than the quotas.
Following the General Convention in 1970, when a triennial budget was set, there was a shortfall in the General Church Program commitment budget of $2.5 million for 1971. The shortfall below the 1972 budget set by Convention was $2.65 and $2.4 for 1973.
In 1974, of the dioceses that have acted on the quotas, there is a shortfall of only $71,834. A final report will not be available until early in March when the remaining 11 dioceses will have had their annual meetings.
Dr. Franklin said that one reason for the much improved financial outlook is "the new, more equitable quota formula " for the dioceses which was devised by the Council and approved by the General Convention last fall.
Oscar C. Carr, Jr., Vice President for Development, said that the information sharing and data gathering visitation project to the dioceses in the fall of 1972, as a part of the budget making process, had a great deal to do with the turnabout. The Council sent teams of fact finders to 91 of the 92 domestic dioceses to ask what the dioceses thought the mission of the Church should be for the next triennium, what the priorities should be, and how the program should be funded.
"When the Executive Council visited the dioceses," Mr. Carr said, "and involved the Church leadership in the decision-making process, the result was a greater understanding of the Church program and the shaping of a program that dioceses can support. "
" If the dioceses which have not yet responded to the quotas exceed their quotas in an amount equal to the shortfall, " he said, "or if dioceses which have pledged less than their quotas can raise their pledge, there will be a balanced commitment budget for the first time in the history of the Episcopal Church. "
The total budget for 1974 is $13,625,732, of which $11,008,381 is apportioned to the 93 U.S. dioceses. Other sources of income for the 1974 budget are voluntary offerings by overseas dioceses, trust fund income, special gifts, short term investments, and the lapsed balance from a previous year.
The Council approved a resolution that called for using the unspent portion of the 1973 budget, totaling $393,262.94, as income for the 1974 budget.