1	Grace-St. Luke’s Guide to Parish Finance May 20, 2007 Matt Crow
2	Guide to Parish Finance
3	Guide to Parish Finance What we will cover today… Parish Budget Accumulated Financial Resources Financial Strategy
4	Overview of Parish Budget
5	Parish Budget Oversight 2007 Finance Committee Michael Rowland (Chair) Jim Taylor (Senior Warden) Buddy Adams (Treasurer) Father Moloney Linda Stine (Staff Liaison) Thomas Boggs Waldrup Brown Dabney Collier Matt Crow Eric Epperson Jeb Fields Kelley Harwood Ruthie Lentz Lucy McLemore Lee Nix Preston Wilson 2007 Vestry Jim Taylor (Senior Warden) Hallie Peyton (Junior Warden) Buddy Adams (Treasurer) Sandra Ireland (Clerk) Anne Ayers Warren Ayres Thomas Boggs Keith Carpenter Dabney Collier Dan Eason Eric Epperson Gayle Evans Leslie Hartney Ruthie Lentz Holley McGehee Lucy McLemore Becky Mercer Jill Norcross Michael Rowland Ed Taylor Preston Wilson Jim Williamson
6	2007 Budget: Sources of Cash
7	Recent Pledge History at GSL
8	2007 Budget: Uses of Cash
9	2007 Budget: Uses of Cash How our 2007 budget compares to similar parishes
10	Fascinating Budget Facts Grace–St. Luke’s is the 4^th largest financial supporter of the Diocese of West TN Behind Calvary, St. John’s, Holy Communion Represents 10% of our pledge/alms base Our diocesean pledge used to be 13% We live within our means Only two deficits in the last decade (’97 and ’01) of about $10 thousand each
11	YTD Financial Results
12	Accumulated Financial Resources At the end of April 2007, we had: General Fund (operating account): $133 thousand Exchange Fund (parish groups): $513 thousand Capital Resources (reserves): $369 thousand Endowment Funds: $3.8 million
13	Oversight of Financial Resources
14	Endowment Funds General Endowment: Non-budgeted, extraordinary expenditures Heritage: Buildings & Grounds Suzanne Trezevant Little: Upkeep of Trezevant Hall Robert White Memorial: Altar Guild, EYC, Scouts Phillips Memorial: Youth Sam Batt Owens: Concerts
15	Sources of Endowment Funds Budget Surplus Gifts Designated Bequests Undesignated Bequests
16	Fascinating Endowment Facts The Vestry typically allocates Undesignated Bequests: 50% to Endowments (General and Heritage) 25% to Outreach 25% to Named Building Project Endowment Income is NOT in the budget St. John’s also does not budget endowment income Calvary does budget endowment income
17	Uses of Endowment Income General Endowment Fund Income: Purchasing Lemaster House (beside Smythe playground) Replacing boilers Paving (parking across Peabody) Painting the nave and sanctuary Replacing gutters Computer systems Roofing Key point here is that endowment income allows us to budget more for all parish activities because we don’t have to have reserves in the budget for unexpected items.
18	Financial Strategy From Self Assessment Team Report: Link Stewardship Process to Parish Goals Finance Committee and Vestry working to revamp budgeting process
19	Financial Strategy Ideal Budget Process
20	Financial Strategy What kinds of things could we do? More staff Full-time maintenance person Parish Administrator Better salary increases (2% in ’07) More outreach “Plate” offering for outreach (done at St. John’s) 0.7% of budget toward Millennium Goals Increase diocesan giving (to previous level) More programs New programs More Christian Ed offerings Expand music program
21	Financial Strategy: You Your ideas and financial support are the (only) source of our financial strategy.