P. O. Box s st. Michaels, md 21663
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Consolidated Balance Sheet
Financial Accounts DescriptionRestricted Funds (principal restricted) Permanent Endowment Fund (PEF) Balance as of 12/31/2009 $801,808 In accordance with Maryland law, the principal (total of contributions directed to the PEF) is permanently restricted from invasion. The PEF is managed by trustees appointed by the Vestry for staggered three year terms. Monies in excess of the principal can be distributed for use by Christ Church based on the distribution policy recommended by the PEF Trustees and approved by the Vestry. The current maximum payout for a year is 5% of the average market value of the past 3 years. If the market value of the fund falls below historic principal, withdrawals are limited to realized interest and dividend receipts only. The PEF was established in 2002 in conjunction with Christ Church becoming the beneficiary of an income stream of a charitable remainder trust over a 30 year period. The Vestry transferred $50,000 from general funds at inception and the fund received a substantial bequest in 2005. The PEF is currently managed by Westwood Trust of Dallas, Texas in a diversified mix targeted at 90% equity and 10% fixed income investments. Walk in Ministries Fund Balance as of 12/31/2009 $55,218 This fund was established with a restricted gift of $50,000. The excess above the principal may be used by the clergy of Christ Church to assist in Christ Church’s ministry to members of the community in need of short term financial assistance. This fund is managed as part of Christ Church’s general investment portfolio. Acolyte Fund Balance as of 12/31/2009 $2,350 This Fund was established with a restricted gift of $2000. The excess over the principal may be used in support of acolyte programs. This fund is managed as part of the general investment portfolio. Designated Use Funds (principal not restricted) Church Yard (Columbarium) Account Balance as of 12/31/2009 $5,629 A Fund was established to account for income and expenses associated with the Columbarium and Churchyard. Income is primarily from the sale of niches, and contributions received from time-to-time. The fund is managed as part of the general investment portfolio. Altar Guild Account Balance as of 12/31, 2009 $2,198 This fund was established in 2006 with a bequest. Monies from this fund are available to the Altar Guild for special expenses and managed as part of the general investment portfolio. 2014 Sabbatical Account Balance as of 12/31/2009 $10,000 This fund was established in 2009 to prepare for another sabbatical in 2014. Back to School Projects Account Balance as of 12/31/2009 $9,540 This represents the unspent contributions received during the 2009 year. El Hogar Dental Equipment Account Balance as of 12/31/2009 $3,091 This represents the unspent contributions received during the 2009 year. Deacon’s Account Balance as of 12/31/2009 $5,897 A fund established to support the ministry of Deacon, Jim Lea. It is managed as a part of the general investment portfolio. Education and Sabbatical Account Balance as of 12/31/2009 $ 0 The opening balance of $10,282 was used as part of the 2009 Sabbatical cost Men’s Club Account Balance as of 12/31/2009 $2,299 A fund established to support the operations of the Men’s Club. Income and expenses are associated with the activities of the Men’s Club. The fund is managed as part of the general investment portfolio. Outreach Account Balance as of 12/31/2009 $50,057 This fund was established in 2005 with a bequest from an estate and designated by the Vestry for the purpose of supporting Christ Church’s outreach ministry. The fund is currently managed as part of the general investment portfolio. Memorial Acount Balance as of 12/31/2009 $14,604 This fund was established as a repository for unrestricted bequests and memorial gifts to Christ Church. These funds may be used for purposes as determined and approved by the Clergy and Vestry. This fund is managed as part of the general investment portfolio. Music and Choir Account Balance as of 12/31/2009 $10 This fund was established to fund special music activity beyond the scope of the yearly budgeted support of music and choir activities. Use is recommended by the Worship and Music Committee and approved by the Vestry. The fund is managed as part of the general investment portfolio. Operating Reserve Account Balance as of 12/31/2009 $132,060 These are funds available for unforeseen or extraordinary operational expenses of Christ Church. They are the sum of monies in the general investment portfolio minus the balance in designated use funds, the Walk-in Ministry Fund and the Acolyte Fund. General Investment Portfolio Balance as of 12/31/2009 Funds in the general investment portfolio are managed by the Treasurer with direction from the Finance Committee. The general portfolio was invested at year end as follows:
Total $403,319 Buildings and Grounds A note to let you know that this year we were able to complete the handicap walkway from the rear end of our church to the double door entrance way of our church, thanks to the input from Mark Nestlehutt). We hope that we will be able to update our heating and air conditioning this coming year. If it is not possible this, then we will try to maintain our present systems. If you have any questions, please do not hesitate to call on us. We hope this year will be a joyful one. Submitted by Salvatore P. Simoncini, Co Chair with John Booth Tellers There are now 14 parishioners who count the weekly offering and deposit the funds in the PNC Bank. The tellers fill out a report that credits each parishioner for his/her weekly offering. This report and the deposit slip are then given to the parish administrator who enters the information recorded by the tellers into the computer system. We greatly appreciate their assistance and would very definitely welcome additional volunteers. Submitted by Ed Sipe, Treasurer WORSHIP & MUSIC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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