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Transcript of From the deep roots of our story to “Something New” Finance.
From the deep roots of our story
to “Something New”
Finance
We, 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.
We 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
• Sr. Ann Monica Bubser• Sr. Jean Coughlin• Sr. Janet Jeffers• Sr. Theresa Jordan• Sr. Kathleen Lunsmann• Sr. Mary Helen Slavinskas• Debbie Worlinsky
RevenuesRevenues, gains & other support 2008 2009 2010 2011
Compensation for Sisters’ services 7,571,739 7,452,206 7,669,833 7,681,417
Health & Retirement benefits 1,596,098 1,624,911 1,758,848 1,815,874
Social security benefits 1,659,461 1,747,562 1,787,344 1,812,375
Gifts 1,136,824 1,503,635 1,393,422 3,358,486
Dividends and Interest 245,588 136,745 38,887 28,941
IHM donated services 864,187 877,699 872,231 855,715
Donated Property 10,395 21,160 23,710 16,382
Religious institute services 208,117 221,223 203,377 180,972
Other revenues 1,827,211 1,641,197 2,219,081 1,429,114
Gain on disposal of property/equipment
13,604 100,215 7,260 30,347
Unrealized gain (loss) on investments
(73,577) (220,134) 47,455 959
Unrealized gain (loss) on swap contract
- (794,457) (238,603) 87,183
Total revenues, gains & other support
15,059,647 14,311,962 15,782,845 17,297,765
ExpensesExpenses 2008 2009 2010 2011
General & administrative 1,772,770 1,847,330 2,387,319 1,636,843
Religious formation 139,656 110,356 104,946 158,943
Care of retired – Our Lady of Peace 6,216,855 6,533,679 6,121,355 5,921,425
Personnel development & education
62,169 64,255 50,919 39,295
Health insurance, hospitalization & related expenses
1,676,813 2,248,159 1,798,843 1,431,638
Social security tax 146,536 134,028 124,389 93,403
Other general support 756,226 582,358 518,966 489,732
Religious institute operations 2,074,821 2,062,197 1,988,094 2,165,854
Local communities 3,758,800 3,873,800 3,669,473 3,625,240
Other Sisters’ services 422,097 331,556 344,451 334,837
Total expenses 17,026,743 17,787,718 17,108,755 15,897,210
Revenue/Expense Statement2008 2009 2010 2011
Total Revenues, gains & other support
15,059,647 14.311.962 15,782,845 17,297,765
Total Expenses 17,026,743 17,787,718 17,108,755 15,897,210
Gain (loss) revenues over expenses
(1,967,096) (3.475.756) (1,325,910) 1,400,555
Contributions to IHM Charitable Trust
(23,100) (19,800) (19,800) (17,600)
Increase/decrease in net assets (1,990,196) (3,495,556) (1,345,710) 1,382,955
Net assets, beginning of year 28,402,050 26,411,854 22,916,298 21,570,588
Net assets, ending 26,411,85 22,916,298 21,570,588 23,159,705
DONATIONS FROM TRUST
Principal payments on OLP loan 500,000
Donations from Trust for Care of retired Sisters
206,162 1,307,720
IHM CHARITABLE TRUST BALANCE 80,514,468 74,197,454 81,198,780 87,687,242
Revenue vs. Expenses
02,000,0004,000,0006,000,0008,000,000
10,000,00012,000,00014,000,00016,000,00018,000,000
2008 2009 2010 2011
Revenue
Expenses
Net Compensation
2008 2009 2010 2011
Compensation & Benefits
9,167,837 9,077,117 9,428,681 9,497,291
Less: Living & Ministry Expenses
4,180,897 4,205,356 4,013,924 3,960,077
Net Compensation & Benefits
4,986,940 4,871,761 5,414,757 5,537,214
Dividends & Interest
0
50,000
100,000
150,000
200,000
250,000
2008 2009 2010 2011
Dividends &Interest
Religious Institute Services
0
50,000
100,000
150,000
200,000
250,000
2008 2009 2010 2011
ReligiousInstituteServices
Bistro, beauty salon, ESL, group retreats, Heartworks, hermitages, IHM days, Photos by Jan, reflection guides, spiritual renewal center, workshops
Other Revenues
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
2008 2009 2010 2011
OtherRevenues
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 $365,017.18
DEC 2010 – Sweep $131,957.36
DEC 2011 – Sweep $124,198.36__________
TOTAL $621,172.90
CARE OF RETIRED SISTERS
2008 2009 2010 2011
Marian/OLP 6,216,855 6,533,679 6,121,355 5,921,425
IHM Center 862,060 828,064 692,444 695,966
Local Communities
202,214 180,160 179,625 196,313
TOTAL 7,281,129 7,541,903 6,993,424 6,813,704
Health Insurance, Hospitalization and Related Expenses
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
2008 2009 2010 2011
Health CareCosts
Other General Support
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
2008 2009 2010 2011
Other Support
Burial, departure, family ministry, foreign sisters support, legal/professional fees, vacation house rental payments
Religious Institute Operations
1,850,000
1,900,000
1,950,000
2,000,000
2,050,000
2,100,000
2,150,000
2,200,000
2008 2009 2010 2011
Religious Inst.Operations
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 – 2011Base Amount per Sister
2008 $470 – 500
2009 $500 – 550
2010 $500 – 550
2011 $525 – 575
Local Community Budgets 2011# of Sisters
Living in Household
# of Houses
Total # of Sisters
Total Cost Avg Cost/Sister
1 79 79 1,284,295.96 16,256.91
2 16 32 445,082.00 13,908.81
3 12 36 360,764.96 10,021.25
4 6 24 212,861.88 8,869.25
5 4 20 208,515.20 10,425.76
6 4 24 288,120.00 12,005.00
7 3 21 202,397.04 9,637.95
9 2 18 236,700.00 13,150.00
11 1 11 101,732.76 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
Actual Members Living ExpensesFY 2010-2011
Household $1,426,043.32Personal $921,097.07Employee Salaries $145,347.90Religious/Charity $66,806.84Professional $35,726.18Car $177,101.24Other-Excess Funds, etc, $262,743.54
Total $3,034,866.09(does not include housing & auto insurance paid
directly by Congregation)
Rent/Lodging Paid from Local BudgetsFY 2011-2012
Average Rent by StateDC $935
Delaware $513Florida $1500
Kentucky $430Massachusetts $1800
Maryland $635Michigan $830
New Jersey $507New Mexico $570
New York $591Pennsylvania $500
Rent/Lodging Paid from Local BudgetsFY 2011-2012 (Continued)
Average Rent Within PAScranton, Dunmore, Carbondale $465
Wilkes Barre Area $451Pittsburgh, Altoona $523
Williamsport, Danville, Steeleton $354Southeastern PA $696
Average Rent per Sister – All States $482.92
Our Lady of Peace Loan Summary May 31, 2012
Total Loan $15,000,000
Loan Balance 5/31/12 $ 6,437,500
Additional payments made on principalloan balance $ 4,000,000From Trust 1,500,000From Weinberg Grant 1,000,000From Building Fund 1,500,000
Debt Summary:Total Principal Paid as of April 3, 2016 11,500,000.00Total Principal Due on April 3, 2016 3,500,000.00Total Estimated Interest Paid as of April 3, 2016 4,340,857.52Total Principal and Interest paid as of April 3, 2016 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 PROGRAM25 Sisters enrolled5 other Sisters potentially eligibleElimination of out of pocket expenses for: medical care, dental,
hearing aids, ophthalmology, medical/surgical supplies, transportation & food supplements
IncomeRental fee for use of facilityContribution toward capital expenseDietary & other ancillary services
IHM Congregation Charitable Trust
20012001 $53,792,839 2007 $85,635,720
2002 $53,884,686 2008 $80,514,468
2003 $58,398,252 2009 $74,197,454
2004 $64,547,537 2010 $81,198,780
2005 $72,171,042 2011 $87,687,242
2006 $77,951,774 2012 $90,309,086
IHM Congregation Charitable Trust Trustees
Sr. Ellen Carney Mr. Bob Gordon
Sr. Ann Monica Bubser Sr. Michel Keenan
Mr. John H. Graham Mrs. Debbie Worlinsky
Sr. Theresa Jordan
National Religious Retirement Office (NRRO) Unfunded Past Service Liability
Total Past Service Liability $138,979,923.39
- Less Currently Designated Retirement Assets - 80,789,774.00
Unfunded Past Service Liability $58,190,149.39
Percent of Retirement Fund Unfunded 41.87%
NRRO Grants 1988 - 2011
Basic $4,681,019.00
Supplemental $0
Special Assistance $ 15,000.00
SING $ 1,843.00___________
Total $4,697,862.00
Grants from Church-Sponsored Retirement Programs
FY 2010-2011 FY 2009-2010
National Retirement Fund for Religious (NRRO)
$224,684 $221,520
Brooklyn & Rockville Center $18,398 $21,038Archdiocese of New York $4,490 $8,762
Philadelphia-Harrisburg-Allentown
$975 $1,066
Syracuse $35,681 $60,609Totals $284,228 $312,995
NRRO deducts the amounts received from Diocesan Programs from their grants
Vehicle Information
• Congregation Fleet Vehicles = 204
• The Congregation adds/replaces an average of 14 vehicles each year
• We should replace 10% of the fleet (20 cars) per year
Vehicle Purchases/Donated
2007 17 $224,957
2008 11 $172,994
2009 6 $ 80,948
2010 8 $180,472
2011 19 $334,510
2012 20 $322,413
Vehicle Disposals2007 8
2008 12
2009 9
2010 9
2011 21
2012 20
Driving Assessment CommitteeSr. Mary Kay Faliskie Sr. Susan BrownSr. St. Monica Costello 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
5-12-10 to 4-27-11 4-20-11 to 4-29-12
Incidents with Congregation’s driver at fault 13.5 20.7
Incidents with other party at fault 15.5 14.3
Incidents with unknown party at fault 5.0 0
Vehicles that were vandalized 1.0 2.0
Total Vehicle Incidents 35 37
Sisters in multiple incidents 3 3
Incidents involving non-IHM Sisters 2 0
Cars totaled 4 4
Vehicle Incident Report (continued)
5-12-10 to 4-27-11 4-20-11 to 4-29-12
Total cost of repairs $36,903.87 $39,144.86
Payments from Congregation insurance for repairs $25,462.88 $42,280.40
Payments from other insurance companies $5,724.11 $4,417.53
Total Payments Received $31,186.99 $46,697.93
Total Payments by Congregation $5,716.88 ($7,553.07)
Theresa’s TreasureCommittee Members
Sr. Ellen Carney Sr. Elizabeth PearsonSr. Mary Ellen Higgins Sr. Grace Elizabeth SurdovelSr. Eleanor Mary Marconi
Purpose: To lend financial support to women’s causes by encouraging individual sisters, local communities andothers to contribute to Congregational funds that willeither 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 OfficeBusiness Manager Debbie WorlinskyOffice Manager Jackie RocheAccountant Laura BondyAccountant Jeanne HillAccounting Asst. Sr. Theresa FitzgeraldAccounting Asst. Paula ThompsonAccounting Asst. Mary Lou VandorickClerk Sr. Geraldine DranginisReceptionist Sr. Judy ZieglerSecretary 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 ChallengesDecreasing 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?• 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
• How does this information impact my life/our lives?
• What more can I/we do to ensure a financially secure future for our ministries and our Sisters?