St. Paul’s Episcopal Church Treasurer’s report October 2021

BALANCE SHEET

Total endowments are listed at a total of $2,649,969, with the operating endowment showing $707,393. This is an increase of $98,717, including $97,997 in unrealized gain, $3,560 in interest and dividends earned, and $1,100 paid to beneficiary.

INCOME STATEMENT

Pledge payments and gifts were $16,141 against budget of $32,358. Current month operating total (after endowment transfers, before investment activity) shows a current loss of $49,196 against budgeted loss of $3,689. Year to date net gain is $82,762 against budgeted loss of $36,891. Current period loss is primarily due to pledge payments and PPP grant distribution being under budget, being straight lined in the budget. Year to date income and expense have changed from prior period due to audit related adjustments pertaining to changes to our accounting procedures related to recording of prepaid income and expense.

Note at the bottom of the income statement we now show “transfer from endowments” and “investment activity”. Previously transfers from endowments would have been shown at the top of the statement as income, and the investment activity would have appeared only in the balance sheet and endowment summary sheet.

Elizabeth Wayne Preschool is showing a year-to-date gain of $68,359 against budget of -0-. YTD gain is due to audit related adjustments pertaining to changes to our accounting procedures related to recording of prepaid income and expense. The bulk of this is due to preschool payments received in 2021 that is applicable to 2022, that must be recorded in 2021.

Under one Roof has an ending balance of $37,883 with an additional $13,668 in gift cards balance. See financial summary for details.

Respectfully Submitted:
Mark Christophono, Treasurer
11/13/21