Year End 2010 Financial Statements
Dear Brothers and Sisters,
Tithe Income was $556,798, an increase of only $4,376 over the prior year. This is a marked departure from the 12% average growth rate of the fifteen years preceding. In previous years there was always a church or two the produced oversized increases, either from large gifts or building fund donations. That didn't happen in 2010. Also, the proportion between "gainers" and "losers" was significantly less favorable than that of 2009: twenty-seven churches showed decreases in 2010, versus eighteen in 2009, while gainers decreased from forty-eight to forty-one. It was a year of tight budgets for many of our churches and, by the grace of God, the decision of the Diocese to relieve its churches of the OCA Membership Assessment burden couldn't have come at a better time.
Missions & Parish Development expenses totaled $189,702, well in excess of our "25% of Tithe Income" benchmark. A total of $535,959 was loaned to thirteen churches, most of which was used to pay down bank mortgage debt. The Diocese is currently managing the bank debt of seven churches with aggregate indebtedness of $2,791,911: the total of scheduled payments for 2011 is $256,915. The 2011 payment schedule for Church Friendly Loans and Priest Seminary Debt are $116, 328 and $26,650, respectively, and scheduled payments to the six churches currently receiving DIocesan Planting Grants total $57,000. The sum total of our 2011 funding commitments is $457,902.
Our ability to take on funding commitments of this extent and magnitude is made possible by the growth in Church Deposits and Church Friendly Loans from individuals. Both of these funding mechanisms are of fairly recent origin (2008) but their essential place in the financial workings of this Dioceses has already been established. The number of churches participating in the Church Deposit and Managed Debt programs will continue to grow as they come to realize the attendant benefits to themselves, their sister churches, and the Diocese. Likewise, the responsiveness of people to the Church Friendly Loan concept indicates further growth potential. These mechanisms for meeting the massive capital needs of our growing Diocese are the product of a Gospel-centered unity of purpose that dwell within its people - a people secure in the knowledge of having been created for a purpose, which is manifested by a willingness to offer their time, talent, and treasure to Him.
Our Tithe Income to date is $114,325, which is about 25% ahead of last year. There hasn't been a full year increase of this size since 2007, so maybe we're due. Timely remittance of Tithe payments in recent months is the best I've seen in my seventeen years as treasurer, and I thank you for that. It makes the management of our somewhat intricate financial structure so much easier.
The 2010 Financial Reports are attached hereto. Your questions and comments are welcome.
Yours in Christ,