March 2013 Financial Update

Conference Budget:

Please reference Schedule A and Schedule B for a summary of the conference budget for March 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 three months a total of $764,483 has been received. This is in line with receipts from a year ago, at the same period, when a total of $781,149 was received from local churches for CMF. Review Schedule C to see the March 2013 Year-to-date church giving information.

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. This surplus was directed to The Pre-82 Pension Liability according to Resolution 2012-21. For 2013, the conference expense budget of $2,850,136 is $200 thousand less than the 2012 budget. Through March 2013, total expenses were $689,525, 7% or $55,764 less than the year-to-date budget and $81,241 or 10% less than 2012 expenses at the same period.

Update Resolution 2012-21:
Please reference Schedule D

As to the strategy in the resolution on church sales, Schedule D 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.