June 2013 Financial Update

Conference Budget – Schedules A & B
Please reference Schedule A and Schedule B for a summary of the conference budget for June 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 which continue to support this ministry. For 2013, the annual budget is the same as 2012, $3.4 million. Through six months a total of $1,548,264 has been received. This is $151,736 less than budget and $66,277 less than receipts from a year ago, at the same period.
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 June 2013, total expenses were $1,352,138 8.4% or $126,176 less than budget and $212,760 or 13.6% less than 2012 expenses at the same period.
Church Giving All Funds – Schedule C
Schedule C is a summary of all funds billed to the EPA local churches showing the amount billed, amount paid and balance remaining. This information is reported for the current year through June with comparative information for 2012 and full year information for the two previous years, 2012 and 2011. The level of giving has remained constant for the past three years. A full report listing all funds for all churches is provided each month to CCFA and the Cabinet.
Update Resolution 2012-21
Please reference Schedule D 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 D shows that since the resolution was passed there have been four church sales that generated net proceeds of $399,864. Fifty percent (50%) or $199,932 will go to the Pre-82 Pension Liability, twenty five percent (25%), or $99,966 to the EPA Board of Trustees and twenty five percent (25%) or $99,966 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.
A total from these two strategies totals $402,015 directed to the Pre-82 unfunded liability of $12 million. Fulfilling Our Covenant Stewardship Campaign is the third strategy included in Resolution 2012-21. The goal is to raise a minimum of $3 million. To date, the total of Committed and Verbal Gifts is over $900 thousand.