February 2013 Financial Update

Conference Budget:
Please reference Schedule A and Schedule B for a summary of the conference budget for February 2013.

As a result of the faithful giving of EPA local churches to the connectional ministries fund or CMF we ended 2012 surpassing the $3,400,000 budget. Total receipts were $3,401,619 and December 2012 was another outstanding month with receipts totaling $432,684. Thanks to all of the congregations who continue to support this ministry. For 2013, the annual budget is the same as 2012, $3.4 million. Through two months a total of $486,033 has been received. This is in line with receipts from a year ago, at the same period, when a total of $497,569 was received from local churches for CMF.

The conference expense budget was managed very effectively in 2012 by all committee, boards, agencies and others. Total expenses were $2,906,875, 5% or $143,261 less than the 2012 budget of $3,050,136, and 13% or $430,814 less than 2011 expenses. In summary, the 2012 conference budget produced a surplus of $494,744 that was directed to The Pre-82 Pension Liability and the Conference Reserves, according to Resolution 2012-21. For 2013, the conference expense budget of $2,850,136 is $200 thousand less than the 2012 budget. Through February, total expenses were $488,640, 9% or $48,848 less than the year-to-date budget.

Update Resolution 2012-21:
Please reference Schedule C for an update of proceeds generated from two of the strategies identified in Resolution 2012-21. Regarding the conference budget, the 2012 year-end figures show that a total surplus of $494,744 was produced. A total of $202,083 will go to the Pre-82 Pension and $292,661 to the Conference Reserves. Separate accounts, for the Pre-82 Pension and the Conference Reserves, are established at Fulton Bank, managed by the Mid Atlantic Foundation of the United Methodist Church. Beginning in 2013, any surplus (the 2013 budget surplus is $549,864) generated from the conference budget, will be directed only to the Pre-82 Pension Liability because the conference reserve requirement of $650,000 has been met.

As to the strategy in the resolution on church sales, Schedule C shows that since the resolution was passed there have been four church sales that generated net proceeds of $367,974. Fifty percent (50%) or $183,987 will go to the Pre-82 Pension Liability, twenty five percent (25%), or $91,994 to the EPA Board of Trustees and twenty five percent (25%) or $91,994 to New Church development and Re-Development of older churches. Separate accounts for each of the three funds are established at Fulton Bank and managed by the Mid Atlantic Foundation of the United Methodist Church.