THE ANNALS OF ALL SOULS: THE BUDGET MEETING
—by Lois Chazen

Finance Committee Chair Eric Lamm presented the 2008 proposed budget to the congregation at the Annual Budget Meeting on January 27 in the Sanctuary. Eric’s detailed explanation of nearly all line entries limited questions principally to concerns about whether or not there were sufficient funds earmarked for contingencies such as the emergency repair of utilities and the rebuilding of structural failures. Other questions revolved around a graduated plan for capital improvements.

Eric reported that there were a number of repairs made during the summer including an upgrade of steam pipes and a boiler which had burst, sidewalk and other repairs, all adequately financed in the 2007 budget. He commended Annie Gorycki for her resourcefulness and the timely, cost-effective manner in which these projects were completed.

The church budget for 2008 approaches $3,000,000. To be precise, it is $2,914,012—approximately ten percent higher than actual expenditures in 2007, which were $2,630,618. Since line items such as heat and light are expected to rise twelve percent over 2007 costs, staff salaries eight percent mainly due to wages for a Development Director, and consequently, the cost of Medical, Unemployment, Disability and Workers Compensation Insurance will also rise eight percent, a ten percent increase in expenditures in 2008 over 2007 amounts seems entirely appropriate.

Eric noted at the outset that the congregation has had a significant and rapid growth in recent years and that in proportionate comparisons with other churches, All Souls Annual Giving should be somewhat greater. He also pointed out that there is no longer an allowance for a parsonage for the Senior Minister and therefore, a compensatory increase in salary was allocated. With respect to the $50,000 cost of the twice-monthly Sunday morning broadcasts on radio station WQXR, Eric explained that this had formerly been funded by a bequest. In the interest of transparency, this expenditure will now appear in the budget. Under the heading of “Miscellaneous” expenses, an increase of $22,000 is the fee for the Alban Institute, the future planning consultants specializing in religious organizations. Church programs have increased in addition to church membership and minor allocations have been made to them. The well-attended Adult Education Program headed by the Rev. David Robb, All Souls Scholar-in-Residence, and Lifelines, a program that brings eminent speakers to All Souls together received a $16,500 combined increase in funding. On the income side in the 2007 budget, receipts exceeded budget by $25,000 mainly in the Other Rental category that accounted for $16,000 of the increase.

The Investment Committee reported that the All Souls Endowment Fund was $6,089,107, a decline of $164,145 from the end of 2006. The Church Board approved a withdrawal of $300,000 to renovate the Church offices and the regular drawdown of $316,000 for the operating budget. The Investment Committee Chair, Al Jackson, reported that the portfolio is invested in index funds, approximately 40% in bonds, 60% in common stock; 23% of the equity portion is invested in international securities and the remainder in domestic stocks. He summarized, “All parts of the portfolio, when you include dividends, experienced gains for 2007.”
 

The Angie Henry Utt
Lecture