2019 Treasurer’s Report – Andrew Edelston
2019 was another successful year for St. Elizabeth’s, though there are some important differences from 2018 to note. On the positive side, expenses came in less than expected and donations exceeded what was pledged by 3.25%.
It’s also positive that we collected a much greater percentage of pledges throughout the year, opposed to the eleventh hour. This allows for easier financial management and budgeting… and a lot less stress! Thank you.
We did end 2019 in a deficit, unlike the last two years were we enjoyed a surplus. That’s understandable considering we are collecting for Stone, Sash, and Sound, but it’s important that everyone recognize that the cost of running our church increases each year.
The silver lining of this deficit is that we only needed to pull about $6,000 from the Operating Reserve to balance our budged instead of the $18,000 we had planned on. This was due to savings on clergy salary, increased revenue from the school, and your additional contributions above what was pledged.
Operating Fund
We ended 2019 with expenses in excess of income by -$6,383.
Pledges and Other Income
The vast majority of our income comes from personal contributions and is comprised of pledges from members as well as contributions from non-pledging members and visitors, including loose plate cash from Sunday services. We had a total pledged and plate income of $223,077 down from $233,981 in 2018.
Unbudgeted Income
The Boy Scouts donated $500 in 2019 as they did in 2018.
Baehr Legacy Fund Contribution
We withdrew what was budgeted for in 2019 from the Baehr Legacy Fund: $19,700. The 2019 withdrawal amount is the same as the amount we withdrew in 2018. In 2020 we plan on increasing our request to from the trustees up to $22,500 as we feel the account balance has grown and supports a larger amount. If you would like more information on how to support the fund, or be part of the Legacy Club, please let a vestry member know.
Nursery School
The Montessori school paid $22,300 in rent in 2019. That is $900 more than budgeted due to their expansion.
Total Expenses: We were under budget by $3,582 this year.
Unfavorable variances:
- Church Building Expenses by -$11,739,070
- Janitorial services, gas, electric, insurance, and the grounds maintenance
Favorable variances:
- Clergy Expenses by $12,114
- Rectory Expenses by $1,939
- Music Expenses by $1,578
Soup Kitchen Fund
The soup kitchen once again served hundreds of individuals in need. We ended 2019 with a positive balance of $5,366, and thanks to a very generous 2019 Soup Kitchen specific donation, it looks like we will be positive for some time.
Self-Liquidating Fund (SLF)
SLF is used to temporarily park money for parish activities with a known and near-term use, so that this account is zeroed out periodically.
Warmth and Safety Fund (WAS)
The Warmth and Safety fund was started in 2013 to raise funds for essential buildings and grounds upgrades. No funds from this account were used in 2019.
Operating Reserve Fund
This is a rainy day fund where we try to keep between 20-25% of the annual budget in reserve for future emergencies. The current balance is $67,251 which falls in our target range.
Church of St. Elisabeth 2019 Year End Financials
Church of St. Elisabeth 2020 Operating Budget
Baehr Legacy Fund / St. Elisabeth’s Legacy Society – Glenna Foley
Description
In 1981 upon his death William Baehr, a longtime member of St. Elisabeth’s Church (Church), bequeathed monetary gifts totaling $384,425 to the parish. The leadership of the church at that time established a separate endowment fund, The Baehr Legacy Fund (Fund). Mr. Baehr directed the money to be used to support the continued life of the parish. The Fund is independent of the Church’s finances.
Fund Investment
Currently the Fund’s assets are held with the Diocesan Foundation’s (Foundation) endowment and invested by that entity’s Board of Directors. Our shares in the Foundation’s investments are allocated among various publicly traded mutual funds. The Fund receives quarterly statements of the investment value. The accompanying financial report includes annual year-end positions. The 2019 year end market valuation is $460,940.
Contributions and Disbursements
The original gift and subsequent contributions to the Fund total $549,750. Disbursements from the Fund total $1,346,530 which has been used for special projects and support of the Church’s operations. In recent years the Vestry and budget committee’s goal has been to limit the annual request to 5 – 6% of the Fund’s value. There have been no requests of the Fund for capital improvements since 2012. The request from the church for 2020 is $22,500.
The St. Elisabeth’s Legacy Society
In 2012 the trustees of the Fund decided to promote giving to the Fund by creating The St. Elisabeth’s Legacy Society. The goal is to seek commitments made to the Church or the Fund through wills, estate documents or through use of other investment vehicles. Each year members, who presented a commitment, are honored at a dinner. In 2019, the dinner was held at Skokie Country Club with 16 members in attendance. Currently there are 24 members with Nancy Wittleder becoming a new member in 2019.
Members as of December 31, 2019:
– Nancy and Sam Badger
– Polly and Jim Bauer
– Richard Briggs
– Jean Britt
– Daphne and Jason Cody
– Mary and Tom Flocco
– Glenna and Bud Foley
– Sally Graver
– Pam and Bill Gunlicks
– Vicki and Larry Handwerk
– Anne and Hall Healy
– Polly and Phil Kasey
– Helen Lauck
– Robin Lake and Rich Lespersance
– Nancy and Phil Miller
– Susan and Jim Newcomb
– Joyce Newcomb
– Kay and Peter Rossiter
– Linda Staubitz
– Susan Tillett
– Anne and John Tuohy
– Nancy Wittleder
– Barbara Hermansen and Bob Wilcox
– Susan and Larry Whipple
– Glenna Foley, chair
Trustees
– Phil Miller
– Kay Rossiter
– Joyce Newcomb
– Glenna Foley
– The Rev. Kevin M. Goodman
– Rich Lesperance, Sr. Warden
– Anne Tuohy, Jr. Warden
– Andrew Edelston, Treasurer