Report of the Treasurer

Synod Treasurer’s Report
May 20, 2023

In addition to this document, a simplified Income & Expense Summary and a Report of Current Assets are provided. These include totals from the last two fiscal years as well as numbers current as of the end of the first quarter of this fiscal year (April 30, 2023). There are no amounts shown for the savings and investment accounts for the first quarter of FY23, as those quarterly reports were not available to me as the time of preparation.

Fiscal Year 2022 was another very stable year for synod finances. While there were downturns in investments, these were limited to approximately 15% of principal and did not impact the distributions received.

The Income & Expenses Summary shows surpluses at the end of each of the last two fiscal years and a surplus so far this year. FY21 was impacted by the COVID pandemic, of course, with some expenses reduced while income actually increased. Income during FY22 was closer to expected levels and for FY23 is running approximately 24% ahead of budget.

The Report of Current Assets shows that checking, savings and investments at the end of FY 22 were, overall, down by about 8% compared to the end of FY21. Checking and savings have been very stable, with the bulk of the decrease coming from investments. Amounts for line 1415 – Donated Stock are in italics, as they are uncertain. The stock that was donated, Adams Express, has since changed and is now Adams Diversified Equity Fund. The number of shares currently held is uncertain and statements and dividend checks have not been received since 2014. A current statement and the reissue of any outstanding dividend checks has been requested. At the bottom of the report there is a listing for the ELCA Foundation Roy C. Sanford fund. This account is not controlled by the synod, but provides a small (approximately $150) unrestricted quarterly distribution. The fund was established with a $1,000 initial investment made by Ruth K. Moyer in the LCA Foundation in 1974.

While it is difficult to project income and expenses so far in advance, you will see that the proposed budget for FY2024 is conservative, with a small surplus projected.

Brian Crawford, Treasrer