Transcript Slide 1
From the deep roots of our story to “Something New”
Finance
W e , Sisters, Servants of the Immaculate Heart of Mary, rooted in God and in the Gospel, stand together and courageously commit ourselves to enter into the joys, hopes, griefs, and anxieties of the people of this world.
W e choose to be transformed by these questions: How do the choices I make today/we make today affect persons who are in need in our time?
What choices must we make as we live out our commitment to God and God’s people?
Finance Committee
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Sr. Ann Monica Bubser Sr. Jean Coughlin Sr. Janet Jeffers Sr. Theresa Jordan Sr. Kathleen Lunsmann Sr. Mary Helen Slavinskas Debbie Worlinsky
Revenues, gains & other support Compensation for Sisters’ services Health & Retirement benefits Social security benefits Gifts Dividends and Interest IHM donated services Donated Property Religious institute services Other revenues Gain on disposal of property/equipment Unrealized gain (loss) on investments Unrealized gain (loss) on swap contract Total revenues, gains & other support 2008
Revenues
2009 7,571,739 7,452,206 1,596,098 1,624,911 1,659,461 1,136,824 245,588 864,187 10,395 208,117 1,827,211 13,604 1,747,562 1,503,635 136,745 877,699 21,160 221,223 1,641,197 100,215 (73,577) 15,059,647 (220,134) (794,457) 14,311,962 2010 7,669,833 1,758,848 1,787,344 1,393,422 38,887 872,231 23,710 203,377 2,219,081 7,260 47,455 (238,603) 15,782,845 2011 7,681,417 1,815,874 1,812,375 3,358,486 28,941 855,715 16,382 180,972 1,429,114 30,347 959 87,183 17,297,765
Expenses General & administrative Religious formation Care of retired – Our Lady of Peace Personnel development & education Health insurance, hospitalization & related expenses Social security tax Other general support Religious institute operations Local communities Other Sisters’ services
Expenses
2008 2009 1,772,770 139,656 6,216,855 62,169 1,847,330 110,356 6,533,679 64,255 1,676,813 146,536 756,226 2,074,821 3,758,800 422,097 2,248,159 134,028 582,358 2,062,197 3,873,800 331,556 2010 2,387,319 104,946 6,121,355 50,919 1,798,843 124,389 518,966 1,988,094 3,669,473 344,451 2011 1,636,843 158,943 5,921,425 39,295 1,431,638 93,403 489,732 2,165,854 3,625,240 334,837 Total expenses 17,026,743 17,787,718 17,108,755 15,897,210
Revenue/Expense Statement
Total Revenues, gains & other support Total Expenses 2008 15,059,647 17,026,743 2009 14.311.962
17,787,718 2010 15,782,845 17,108,755 2011 17,297,765 15,897,210 Gain (loss) revenues over expenses Contributions to IHM Charitable Trust Increase/decrease in net assets (1,967,096) (23,100) (1,990,196) (3.475.756) (19,800) (3,495,556) (1,325,910) (19,800) (1,345,710) 1,400,555 (17,600) 1,382,955 Net assets, beginning of year Net assets, ending 28,402,050 26,411,85 DONATIONS FROM TRUST Principal payments on OLP loan Donations from Trust for Care of retired Sisters IHM CHARITABLE TRUST BALANCE 500,000 80,514,468 26,411,854 22,916,298 22,916,298 21,570,588 21,570,588 23,159,705 206,162 1,307,720 74,197,454 81,198,780 87,687,242
Revenue vs. Expenses
18,000,000 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 0 2008 2009 2010 2011 Revenue Expenses
Net Compensation
Compensation & Benefits Less: Living & Ministry Expenses Net Compensation & Benefits 2008 9,167,837 4,180,897 4,986,940 2009 9,077,117 4,205,356 4,871,761 2010 9,428,681 2011 9,497,291 4,013,924 3,960,077 5,414,757 5,537,214
Dividends & Interest
250,000 200,000 150,000 100,000 50,000 0 2008 2009 2010 2011 Dividends & Interest
Religious Institute Services
250,000 200,000 150,000 100,000 Religious Institute Services 50,000 0 2008 2009 2010 2011 Bistro, beauty salon, ESL, group retreats, Heartworks, hermitages, IHM days, Photos by Jan, reflection guides, spiritual renewal center, workshops
Other Revenues
2,500,000 2,000,000 1,500,000 1,000,000 500,000 Other Revenues 0 2008 2009 2010 2011 Local community excess funds, food service-Geisinger, housekeeping-Geisinger, medical insurance claims, OLP resident support, property insurance claims, rent-Geisinger & MCH, rent rebates, legal settlements, vacation houses, TMCC
EXCESS FUNDS
2008 – 2010 DEC 2010 – Sweep $365,017.18
$131,957.36
DEC 2011 – Sweep $124,198.36
__________ TOTAL$621,172.90
CARE OF RETIRED SISTERS
Marian/OLP 2008 6,216,855 IHM Center Local Communities TOTAL 862,060 202,214 7,281,129 2009 6,533,679 828,064 180,160 2010 6,121,355 692,444 179,625 2011 5,921,425 695,966 196,313 7,541,903 6,993,424 6,813,704
Health Insurance, Hospitalization and Related Expenses
2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 2008 2009 2010 2011 Health Care Costs
Other General Support
800,000 700,000 600,000 500,000 400,000 Other Support 300,000 200,000 100,000 0 2008 2009 2010 2011 Burial, departure, family ministry, foreign sisters support, legal/professional fees, vacation house rental payments
Religious Institute Operations
2,200,000 2,150,000 2,100,000 2,050,000 2,000,000 1,950,000 1,900,000 1,850,000 Religious Inst.
Operations 2008 2009 2010 2011 IHM Center, all property owned by Cong., except OLP, Justice & Peace, Associate Program, EEI, Heartworks, Bistro, Beauty Salon, LIFE, Photos by Jan, IHM on-line, Foreign Missions
House Budgets 2008 – 2011 Base Amount per Sister
2008 $470 – 500 2009 $500 – 550 2010 $500 – 550 2011 $525 – 575
# of Sisters Living in Household 1 2 3 4 5 6 7 9 11
Local Community Budgets 2011
# of Houses Total # of Sisters Total Cost Avg Cost/Sister 79 16 12 6 4 4 3 2 1 79 32 36 24 20 24 21 18 11 1,284,295.96
445,082.00
360,764.96
212,861.88
208,515.20
288,120.00
202,397.04
236,700.00
101,732.76
16,256.91
13,908.81
10,021.25
8,869.25
10,425.76
12,005.00
9,637.95
13,150.00
9,248.43
TOTAL 265 3,340,469.80
12,605.55
Total does not include sisters residing at the IHM Center, Our Lady of Peace Residence, in Peru, on Family Ministry or Sabbatical
Household Actual Members Living Expenses FY 2010-2011 $1,426,043.32
Personal Employee Salaries Religious/Charity Professional $921,097.07
$145,347.90
$66,806.84
$35,726.18
Car Other-Excess Funds, etc, Total $177,101.24
$262,743.54
$3,034,866.09
(does not include housing & auto insurance paid directly by Congregation)
Rent/Lodging Paid from Local Budgets FY 2011-2012 Average Rent by State
DC Delaware Florida Kentucky Massachusetts Maryland Michigan New Jersey New Mexico New York Pennsylvania $935 $513 $1500 $430 $1800 $635 $830 $507 $570 $591 $500
Rent/Lodging Paid from Local Budgets FY 2011-2012 (Continued) Average Rent Within PA
Scranton, Dunmore, Carbondale Wilkes Barre Area Pittsburgh, Altoona Williamsport, Danville, Steeleton Southeastern PA $465 $451 $523 $354 $696
Average Rent per Sister – All States $482.92
Total Loan Our Lady of Peace Loan Summary May 31, 2012 $15,000,000 $ 6,437,500 Loan Balance 5/31/12 Additional payments made on principal loan balance From Trust From Weinberg Grant From Building Fund Debt Summary: Total Principal Paid as of April 3, 2016 Total Principal Due on April 3, 2016 Total Estimated Interest Paid as of April 3, 2016 Total Principal and Interest paid as of April 3, 2016 1,500,000 1,000,000 1,500,000 $ 4,000,000 11,500,000.00
3,500,000.00
4,340,857.52
19,340,857.52
NOTE: On April 3, 2016 a final payment of $3.5M will be due to AIB. The Charitable Trust has invested $3.5M in Laddered Treasury Bonds for this purpose.
LIFE (Living Independently For Elderly) Program
LIFE PROGRAM
25 Sisters enrolled
5 other Sisters potentially eligible
Elimination of out of pocket expenses for: medical care, dental, hearing aids, ophthalmology, medical/surgical supplies, transportation & food supplements
Income
Rental fee for use of facility
Contribution toward capital expense
Dietary & other ancillary services
IHM Congregation Charitable Trust
2001 $53,792,839 2007 $85,635,720 2002 $53,884,686 2003 $58,398,252 2008 $80,514,468 2009 $74,197,454 2004 $64,547,537 2005 $72,171,042 2010 $81,198,780 2011 $87,687,242 2006 $77,951,774 2012 $90,309,086
IHM Congregation Charitable Trust Trustees
Sr. Ellen Carney Sr. Ann Monica Bubser Mr. John H. Graham Sr. Theresa Jordan Mr. Bob Gordon Sr. Michel Keenan Mrs. Debbie Worlinsky
National Religious Retirement Office (NRRO) Unfunded Past Service Liability Total Past Service Liability $138,979,923.39
- Less Currently
Designated Retirement Assets Unfunded Past Service Liability Percent of Retirement Fund Unfunded - 80,789,774.00
$58,190,149.39
41.87%
Basic
NRRO Grants 1988 - 2011
$4,681,019.00
Supplemental Special Assistance SING Total $0 $ 15,000.00
$ 1,843.00
___________ $4,697,862.00
Grants from Church-Sponsored Retirement Programs
National Retirement Fund for Religious (NRRO) Brooklyn & Rockville Center Archdiocese of New York Philadelphia-Harrisburg Allentown Syracuse
Totals FY 2010-2011
$224,684 $18,398 $4,490 $975 $35,681
$284,228 FY 2009-2010
$221,520 $21,038 $8,762 $1,066 $60,609
$312,995 NRRO deducts the amounts received from Diocesan Programs from their grants
Vehicle Information
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Congregation Fleet Vehicles = 204
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The Congregation adds/replaces an average of 14 vehicles each year
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We should replace 10% of the fleet (20 cars) per year
Vehicle Purchases/Donated
2007 2008 2009 2010 2011 2012 17 11 6 8 19 20 $224,957 $172,994 $ 80,948 $180,472 $334,510 $322,413
Vehicle Disposals
2007 8 2008 2009 2010 2011 2012 12 9 9 21 20
Driving Assessment Committee
Sr. Mary Kay Faliskie Sr. St. Monica Costello Sr. Susan Brown Debbie Worlinsky The purpose of the Driving Assessment Committee is to assist drivers by providing ongoing driver education, reviewing driving records, and making specific recommendations to the Leadership Team with regard to individual drivers.
The Leadership Team and the Driving Assessment Committee have revised our Driving Policy. The main change from the original policy is that at age 75 and every 3 years thereafter, each sister driver with a valid drivers license will be required to take a “behind the wheel” driver test with a qualified state licensed driving instructor and submit the certificate to the Temporal Resources Office.
The policy will be sent out in August and will be effective as of January 1, 2013.
Vehicle Incident Report
Incidents with Congregation’s driver at fault Incidents with other party at fault Incidents with unknown party at fault Vehicles that were vandalized
Total Vehicle Incidents
Sisters in multiple incidents Incidents involving non-IHM Sisters Cars totaled 5-12-10 to 4-27-11 13.5
15.5
5.0
1.0
35
3 2 4 4-20-11 to 4-29-12 20.7
14.3
0 2.0
37
3 0 4
Vehicle Incident Report (continued)
Total cost of repairs
Payments from Congregation insurance for repairs Payments from other insurance companies 5-12-10 to 4-27-11 $36,903.87
$25,462.88
$5,724.11
4-20-11 to 4-29-12 $42,280.40
$4,417.53
$39,144.86
Total Payments Received Total Payments by Congregation $31,186.99
$5,716.88
$46,697.93
($7,553.07)
Theresa’s Treasure
Committee Members Sr. Ellen Carney Sr. Mary Ellen Higgins Sr. Eleanor Mary Marconi Sr. Elizabeth Pearson Sr. Grace Elizabeth Surdovel Purpose: To lend financial support to women’s causes by encouraging individual sisters, local communities and others to contribute to Congregational funds that will either provide seed money for women’s projects, or help to proclaim God’s unconditional love for all as we channel our energies to foster respect for diversity.
(Chapter 1994 and 2002)
Since fiscal year 2000-2001 the Development Office has received donations of $29,884 for Theresa’s Treasure. The committee has approved requests totaling $36,681. Congregation funds supplement the difference.
Business Manager Office Manager Accountant Accountant Accounting Asst.
Accounting Asst.
Accounting Asst.
Clerk Receptionist Secretary
Business Office
Debbie Worlinsky Jackie Roche Laura Bondy Jeanne Hill Sr. Theresa Fitzgerald Paula Thompson Mary Lou Vandorick Sr. Geraldine Dranginis Sr. Judy Ziegler Sara Thomas
Our Financial Strengths
Trust in Divine Providence
Focus on Mission
Responsible stewardship
Development efforts which allow others to participate in and sustain our ministries
Continued efforts to reduce expenses
Sisters’ efforts to “negotiate” compensation packages
The Charitable Trust
Financial Challenges
Decreasing Revenue
Sisters Compensation
Decline in number of sisters who are able to be compensated for their ministries
Stipend & salary freezes or minimal increases
Financial problems of parishes, schools and other employers
Employers changing ministries from full time stipend to part-time stipend
Difficulty in obtaining part time ministries
Effect of economic conditions on ability of donors to give
Bequests to Congregation are unpredictable
Financial Challenges (continued)
Increasing Expenses
Local living expenses
Employee salaries & benefits
Health insurance, medical & hospitalization bills
Insurance, utilities, fuel, gasoline
Cars
Buildings & properties
To What Are We Being Called?
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To evaluate how each decision affects persons who are in need. To evaluate each decision in light of the common good.
To commit ourselves to common good and responsible use of our human and temporal resources.
To understand and own our financial reality – what is each of us willing to do so we are able to continue to minister to God’s people, care for our retired and active members and provide for future needs.
Since we are in and will continue to be in a time of diminishing financial resources (decreasing revenue and increasing expenses), what can we do to decrease expenses?
Questions to Ponder
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How does this information impact my life/our lives?
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