PARISH ADMINISTRATION & FINANCE ENEWS
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Values investing product available for D&B participants
By Louis Fuertes & Theresa Dupont
The Trustees of Donations & Bequests (D&B) have made a new investment option available to ECCT parishes. The “Values Investing Fund” is intended to provide parishes an opportunity to direct their investment dollars towards corporations that have acted in a way that is consistent with Episcopal values in a number of dimensions:
-- These corporations have adapted their operations and distribution practices to reduce their environmental impact.
-- They have pursued employment practices, workplace standards and subcontractor agreements that provide for reasonable working conditions. Their products and services provide clear benefits to their customers. They are active supporters of their communities.
-- They have adopted enlightened corporate governance practices:
·
With corporate boards made up of individuals with diverse personal backgrounds and professional experiences,
·
With board-level oversight of a robust set of management practices and business risks.
D&B’s new “Values Investing Fund” is representative of “ESG” funds that screen potential investment options based on their
E
nvironmental,
S
ocial justice and corporate
G
ov
ernance characteristics. ESG funds are a very rapidly growing investment category, particularly among foundations and not-for-profit organizations. ESG funds have experienced investment performance comparable to other investment funds with comparable asset allocations. This has been true for the investment vehicle selected by D&B Trustees for D&B’s Values Investing Fund. Like D&B’s Balance Return Fund, the Values Investing Fund has a target asset allocation of 57% corporate stocks, 35% fixed income securities, 5% tangible assets and 3% cash. ECCT’s Missionary Society Board has elected to be the initial participant in D&B’s new Values Investing Fund.
Parishes interested in learning more about how they can invest in a manner that is consistent with Episcopalian values should contact Theresa Dupont, Secretary for D&B at
tdupont@episcopalct.org
, or 203-639-3501, ext. 125, for more information.
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Constitución y Cánones en español e inglés / Constitution and Canons in Spanish and English
by Matt Handi
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Industrial Appraisals
by Matt Handi
Our effort to reappraise all properties is close to completion and is about to wrap up. If you would like a copy of your parish’s appraisal, please contact
Matt Handi
at 203-639-3501, ext.107.
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We ask that parishes that last completed their survey more than two years ago, please update their information in the online portal. Parishes in need of an update are St. Luke’s, Darien and Trinity, Brooklyn.
If you do not see your parish listed, please submit your survey as soon as possible. Parishes that have not completed their survey are not considered to be in Good Standing.
Your bishops and staff at the Commons have been working on ways to bolster collaboration between parishes and the people of the Episcopal Church in Connecticut working towards God’s mission and have rolled out a parish survey that supports this effort. We ask that all parishes complete their surveys in a timely manner and then refresh their data annually.
Contact
Matt Handi
at 203-639-3501, ext. 107 if you require assistance or further information.
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Audit and Financial Reviews due September 1
By Karolyn Nicolaides
The Canonical requirement (Canon IV 2D – Business Methods in Church Affairs) states that your annual parish audit or financial review is due to ECCT by September 1.
The importance of having this work completed in a timely manner cannot be overstated. While it is a very useful tool for ECCT to have qualified parish financial statements, it also provides your church leadership the assurance that your financials are being handled properly.
Parishes with total revenues (Line D on your Parochial Report) exceeding $750K are required to have an audit while those with total revenues below $750K are required to have a financial review. Both are to be performed by a CPA or an Independent Public Accountant.
Please remember that at Annual Convention, in order for your parish to be reported in “good standing” your parish audit/financial review must be received by September 1, 2019.
You can request a list of Certified Public Accountants (that other parishes have used) by emailing knicolaides@episcopalct.org
You may review all Parish Financial Reporting Requirements on our website (
www.episcopalct.org
) on the "Forms & Publications’ tab," "File Repository."
Thank you to the parishes that have submitted audits or financial reviews for the two most recent years past (2016-2017) and BINGO to those who have already submitted their 2018!
If you feel that your parish is not listed (in error), please email and inquire what year(s) we are missing. Kindly forward documents to
knicolaides@episcopalct.org
.
Parishes that have submitted audits or financial reviews for the two most recent years past include:
Christ Church, Ansonia; Christ Church, Bethany; St. Thomas' Church, Bethel; Christ Church, Bethlehem; Old Saint Andrew's Church, Bloomfield; St. George's Church, Bolton; St. John's Church, Bridgeport; St. Mark's Church, Bridgeport; St. Mark's Church, Bridgewater; St. John's Church, Bristol; Grace Episcopal Church, Broad Brook; Trinity Church, Brooklyn; St. Peter's Church, Cheshire; Church of the Holy Advent, Clinton; Trinity Episcopal Church, Collinsville; St. Alban's Church, Danielson; St. Luke's Church, Darien; Church of the Epiphany, Durham; St. Stephen's Church, East Haddam; All Saints Church, East Hartford; St. John's Church, East Windsor; Holy Trinity Church, Enfield; St. John's Church, Essex; St. Paul's Church, Fairfield; St. Timothy's Church, Fairfield; St. James' Church, Farmington; St. David's Church, Gales Ferry; St. James' Church, Glastonbury; Christ Church, Greenwich; St. Barnabas' Church, Greenwich; Christ Church, Guilford; St. John's Church, Guilford; Grace & St. Peter's Church, Hamden; Christ Church Cathedral, Hartford; Grace Church, Hartford; St. Monica's Church, Hartford; The Church of the Good Shepherd, Hartford; Trinity Church, Hartford; St. Peter's Church, Hebron; Emmanuel Church, Killingworth; Trinity Church, Lakeville; St. Michael's Church, Litchfield; Trinity Church, Litchfield; St. Andrew's Church, Madison; St. Mary's Church, Manchester; St. Andrew's Church, Marble Dale; All Saints Church, Meriden; St. Andrew's Church, Meriden; Church of the Holy Trinity, Middletown; St. Andrew's Church, Milford; St. Peter's Episcopal Church, Milford; St. Peter's Church, Monroe; St. Mark's Church, Mystic; St. Mark's Church, New Britain; St. Mark's Church, New Canaan; Christ Church, New Haven; St. Luke's Church, New Haven; St. Thomas' Church, New Haven; Trinity Church, New Haven; St. James' Church, New London; St. John's Church, New Milford; Grace Church, Newington; Trinity Church, Newtown; St. John's Church, Niantic; Zion Church, North Branford; St. John's Church, North Haven; Christ Church, Norwalk; St. Paul's on the Green, Norwalk; Christ Episcopal Church, Norwich; St. Ann's Church, Old Lyme; Grace Church, Old Saybrook; St. John's Church, Pine Meadow; Church of Our Saviour, Plainville; Christ Church, Pomfret; Trinity Church, Portland; St. James' Church, Preston; Christ Church, Redding; St. Stephen's Church, Ridgefield; St. Paul's Church, Riverside; Church of St. Andrew the Apostle, Rocky Hill; St. John's Church, Salisbury; Trinity Church, Seymour; Church of the Good Shepherd, Shelton; St. Paul's Church, Shelton; St. Alban's Church, Simsbury; St. Luke's Church, South Glastonbury; St. Peter's Church, South Windsor; St. Paul's Church, Southington; Trinity Church, Southport; Grace Church, Stafford Springs; Iglesia Betania Church, Stamford; St. Francis' Church, Stamford; Calvary Church, Stonington; St. Mark's Chapel, Storrs; Christ Church, Stratford; Trinity Church, Tariffville; St. Peter's/Trinity Church, Thomaston; Trinity Church, Torrington; Grace Church, Trumbull; Trinity Church, Trumbull; St. John's Church, Vernon; St. Paul's Church, Wallingford; St. John's Church, Waterbury; St. James's Church, West Hartford; Church of the Holy Spirit, West Haven; Emmanuel Church, Weston; Christ & Holy Trinity Church, Westport; Trinity Church, Wethersfield; St. Paul's Church, Willimantic; St. Matthew's Church, Wilton; St. Paul's Church, Windham Center; All Saints Church, Wolcott; St. John the Evangelist Church, Yalesville; Grace Church, Yantic
;
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Property
claim reminder
By Matt Handi
Beginning in August 2018, our insurance broker relationship transitioned over to Beecher Carlson. Conact information is below.
For property claims
, please continue to call
John Webster
at York Risk Services. John’s number is 201-388-4509
Account management:
All general questions should be addressed to: Michael McGowan, Managing Director, 646-358-8521, Cell 646.285.2462,
mmcgowan@beechercarlson.com
Certificates of Insurance/Evidence of Coverage:
- For evidence of insurance or an auto ID card: Linda Volpe, Client Services Administrator, 646-658-8543 or cell 646-740-6217, lvolpe@beechercarlson.org
Claims Reporting Information
Type of Loss: General Liability or Automobile Liability.
Example of General Liability Loss: A third party slips or falls at the Church. Example of Auto Liability Loss – You get into a car accident
Type of Loss: Workers Compensation.
Example: An employee is injured at work.
In addition to the above please feel free to contact
Matt Handi
at 203-639-3501, ext. 107 to further discuss if you have any questions.
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[Even more] Fun with Parochial Reports: Back by overwhelming popular demand ...
By Louis Fuertes
Here is some information that can help you benchmark how your parish compares with others. To play this game at home, you will need a copy of your 2018 Parochial Report (don’t leave home without it!) and a quick visit to CityData.com to look up the median HH income of the city or town where your parish is located. In the “Letters from Louis” section of ECCT’s website you will find a
lengthier version of this report
that will answer most of the questions that might arise as you go through this abridged, edited-for-space-considerations version.
To start, let’s consider the total contributions per average Sunday attendee for 2018. The amount of a parish’s total contributions is reported on line 3 on page of page 3 of the Parochial Report and the number of parishioners on an average Sunday is reported on line 7 of page 2 of the parochial report. The chart below shows total contributions per Average Sunday Attendance (“ASA”) for ECCT parishes in 2018 versus the Median HH income of the city or town where the parish is located. The dashed red line is the best fit line for these points.
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Where is your parish’s blue dot on this chart? Is it above or below the dashed red line?
Analysis of data reported on ECCT parishes’ Parochial Reports indicates that factors that parishes
can influence directly
have a bigger impact on per parishioner contributions than does the income level of the towns in which parishes are located.
The three measures – pledge participation, higher/lower-than-anticipated average pledge amounts and pledge fulfillment/regular support – are all derived from Parochial Report data.
The first of these dimensions -- “pledge participation” – is defined as the number of pledge cards received divided by average Sunday Attendance in 2018. Parishes with higher pledge participation enjoy higher contributions/ASA than those with low pledge participation.
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Which of these dots represents your parish? How is it doing on the pledge participation front?
As second dimension is whether the average pledge amount is higher or lower that the amount that should be expected given the income of the communities in which the parish is located. The dashed orange line is the expected average pledge amount for ECCT parishes based on the data they submitted for 2018 and the income of the communities they serve. If your parish is substantially above the dashed orange line, life was good in 2018. If it was at or below the line, an “opportunity for improvement” is in your future.
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The third and last dimension worth mentioning is absolutely a creature of the categories listed on the Parochial Report. It is derived by dividing total contributions (again, including pledge fulfillments, loose plate collections and contributions from non-pledging individuals and families, which is referred to in the Parochial Report as “Regular Support”) by the total amount pledged (line 3 of page 3 divided by line 2 of page3. I refer to this ratio as of “Pledge Fulfillment/Regular Support.” This is clearly a cumbersome title but it is arguably illuminating, depending on what the ratio comes out to be for a parish.
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If the ratio turns out to be less than 1.0, the
total of contributions
is less than the amount pledged, which points to a noteworthy pledge fulfillment issue.
·
If, on the other hand, the ratio of total contributions/total amount pledged is over 1.3, it is an indication that the parish does a remarkably good job in generating financial support from parishioners who do not formally pledge their financial support.
Thus a high number indicates that contributions/ASA will be higher than pledge participation and average pledge amounts would suggest and a low number will suggest just the opposite, that pledge participation and average pledge amounts will overestimate actual receipts, because pledge fulfillment is lower than average. The results for 2018 are shown in the chart below. The dashed green line shows the average of total contributions/total amount pledged for all ECCT parishes in 2018 (which was 1.14). Note the arrows at the top of the chart, pointing to the ratio of total contributions/total amounts pledged for three parishes that were (literally) off the chart on 2018. Which of these dots represents your parish?
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If one creates a best fit relationship for the influence of community income levels, and the three factors listed above, one can predict quite accurately what the total contributions per average Sunday Attendee was in 2018 as shown in the exhibit below. The four factors outlined above explain 96% of the variation in contributions/average Sunday attendance.
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Parochial Report data provides much richer information about the sources of variation in contributions than they provide for operating expense comparisons. The one source for benchmarking your parish’s operating expense is shown below.
For the last bit of fun with Parochial Reports, which of the blue dots in the chart below represents your parish? Are you happy with where on this scatter plot your parish is located?
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Is the chart above too crowded to find your parish? If so, here’s another for parishes with ASA less than 150.
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Here’s hoping that this information for peer ECCT parishes will give you a sense of how your parish compares to others on a number of measures that affect financial performance. This information might give you a sense of what your parish’s financial management priorities for the remainder of 2019 and 2020 might be. It might also give us some payback for the time and energy we put into reporting and analyzing this information, and added incentive to make our parochial reports as accurate as possible!
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2018 - 2019 ECCT Cycle of Prayer Available
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Parish admins invited to join a listserve
Want to chat with colleagues about ACS vs PowerChurch? Offer tips on more successful mail merges? Get suggestions on names for a new campaign?
Alison Hollo
, Senior Administrator for the Office of the Episcopate, invites parish administrators to forward her their names and email addresses to be added to an ECCT listserve for parish admins.
As a member of Bishops' Executive Secretaries Together (B+E+S+T), Alison has participated in their listserve and wants to make the same opportunity available for parish admins in ECCT.
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2019 Treasurers' Newsletter can be found
here
.
Included: Clergy Compensation, Insurance, Lay Pension, Church Records, Supply Clergy, Tax and other IRS information, and other management operations.
2018 Treasurers' Newsletter can be found
here
.
2019 Spring Safe Church Training Schedule
here.
(Choose "Option 1" or "Option 2" links for Basic Safe Church Training info and dates)
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The next issue of the Parish Admin & Finance eNewsletter will be published mid-April.
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