HOLY SPIRIT MEMORIAL FOUNDATION

Annual Report 2019

HOLY SPIRIT MEMORIAL FOUNDATION

Board Members:

The Rev. Terri Ann Grotzinger, Rector Mark Dvarishkis, Treasurer Jeannie Warner (`20), President Richard Dailey (`19), Vice President Torian Donohoe (`21), Clerk Margaret Borg (`19) James Wiley (`20) Dave Strohmaier (`21) Glenn Hladek (`19) Elizabeth Ettenger (`20) Mark Dvarishkis (`21)

HOLY SPIRIT MEMORIAL FOUNDATION ANNUAL REPORT 2019

PURPOSE: The Foundation was established in 1995 to serve as a thoughtful and objective financial manager-conservator of endowed gifts made to the Memorial Foundation and special gifts made to Holy Spirit Episcopal Church. The benefits of these gifts are to assure the ability of Holy Spirit Episcopal Church to serve current and future parishioners with the quality of worship we enjoy, to preserve and upgrade our historic church facilities, to support other small churches and to meet priority community outreach needs.

The Foundation's focus is on the capital and long-term needs of the Parish. Farsighted parishioners have, through gifting and bequests in their wills, provided the Foundation with the funds necessary for meeting such capital and long-term requirements.

2019 ACTIVITY: During 2019 the Foundation received no gifts or memorials and funded $ 20,561 in the following projects and activities:

Capital Improvements Education Youth Ministry Outreach Garden and Grounds Parish Support and Misc. Total

$ 8,598 3,490 756 7,367 94 256

$ 20,561

For the full year the investment account increased from $ 569,585 to $ 663,930.

2020 BUDGETED ACTIVITY: The Board allocated $ 23,975 to Holy Spirit for improvement and restoration of church facilities, support for charitable and humanitarian activities, education of clergy and staff, supplemental materials, and services for youth training and other church activities during 2020.

Said amount represents a four percent spending allocation based on the average balances of the Foundation's General Endowment and Board Designated Funds as of December 2017 and 2018 plus the average balances of the General Endowment, Board Designated Funds and Burgess Educational Trust as of September 2019. The same allocation formula has been used for a number of years and is in accord with generally accepted procedures for foundations.

1

SPENDING CATEGORIES

1. Improvement and restoration of the physical plant and facilities of Holy Spirit Episcopal Church

2. Support for charitable and humanitarian activities based on Christian values

3. Assistance for clergy and seminarians for seminary and continuing education

4. Supplemental materials, services, etc. to enhance religious education, youth training and other religious activities of Holy Spirit Episcopal Church

5. Assistance to covenant churches and missions in western Montana

6. To any of the above categories as decided by the Vestry of Holy Spirit Episcopal Church

Total

FUNDS ALLOCATED $ 11,987 7,193 2,398

0 0 2,397 $ 23,975

2019 BOARD AGENDA: Your Board members decided to do some "housekeeping" chores concerning revisions to the Articles of Incorporation. A three-member subcommittee of Margaret Borg, Dick Dailey and Torian Donohoe prepared the edits with the intention of including minimal substantive changes while insuring all corporate assets would accrue to Holy Spirit Parish, or in the alternative, the Episcopal Diocese of Montana, if the Foundation corporation is dissolved. At the June meeting, a quorum being present, the board unanimously adopted the revisions.

We have made these revisions available to the members of Holy Spirit at the church office, and they will be filed with the Diocese and the Montana Secretary of State.

I want to personally thank this board for their tireless work on your behalf. Although the changes may look like an "easy fix," I can assure you that they were not. And this board worked diligently, with prayerful intention.

Final investment information for 2019 will not be available until the end of January 2020. Therefore, the numbers on the last two pages of this report are pending finalization.

The Foundation gratefully accepts all reasonably constructive gifts of tangible value, providing the gift does not impose an unacceptable obligation on the Foundation or the Parish.

2

All gifts are confidential. Please contact the office or any Foundation Board member to answer your questions about donations to the Foundation.

FOUNDATION ASSETS: The Foundation's progress in building assets is reflected in the following year-end balances in our investment, cash and other asset accounts:

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

$ 579,367 $ 623,784 $ 594,512 $ 645,955 $ 730,048 $ 696,270 $ 597,291 $ 590,651 $ 668,823 $ 586,327 $ 670,127

There was an increase of $ 83,800, in the Foundation's asset accounts for 2019. Gifts and memorials totaled $ 0, and interest income on the bank balance totaled $ 17. Expenditures were $ 20,561. The investment account increased $ 104,344.

BOARD MEMBERS:

The members of the Board, as set forth on the cover of this

Annual Report, met quarterly during the year. Pursuant to the Foundation's By-Laws the terms

of Margaret Borg, Glenn Hladek and Richard Dailey expire at this Annual Meeting, and Board

member Elizabeth Ettenger is stepping down as well. They are due special thanks for their years

of service.

Respectfully submitted,

Jeannie Warner, President

3

Holy Spirit Memorial Foundation Financial Statements

Balance Sheet As s e ts

Cash in Bank Inventory (Ornaments) Investment Portfolio

Total

Fund Balances HSMF Board Designated Funds Clergy International Travel Burgess Educational fund HSMF General Endowment Total

12/31/2018 15,812.95 929.25 569,584.72

586,326.92

276,999.45 20,554.94 69,040.92 219,731.61 586,326.92

Statement of Income and Expenditures

For the years ended December 31

2018 Actual

Income

Investment/Int Income(Loss)

(57,647.86)

Interest Income

19.73

Gifts

2,199.95

Total Income

(55,428.18)

Expe ns e

Current Exense

Bd Desig - Donor Specified Use

Garden Club

175.50

Hearing System

193.00

Seminary/Deacon School-Burgess

1,361.90

Board Designated Parish Support

Holy Spirit Parish Capital Improvements

15,709.79

Outre ach

6,739.29

Education

Continuing Ed - Rector

900.00

Continuing Ed - Others

525.00

Church School

816.75

Youth Ministry

-

Adult Ed/Exploratuions

426.89

Total 65370 - Education

2,668.64

Miscellaneous Gifts-Expense

200.00

Business Expense

20.00

Total 65000 Current Expense

27,068.12

Total Expenditures

27,068.12

Excess Income over Expenditures

(82,496.30)

4

12/31/2019 5,268.53 929.25

663,929.55 670,127.33

314,487.08 24,348.64 81,783.42 249,508.19 670,127.33

2019 Actual

104,344.83 16.96 0.00

104,361.79

-

93.60 222.00

8,597.79 7,367.00

454.20 606.61 858.60 756.00 1,570.59 4,246.00

34.99 20,561.38 20,561.38 83,800.41

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download