ENDOWMENT and FINANCE COMMITTEES

 

The Endowment Fund was created to receive and manage property of monies from bequests, trusts, memorials and other special gifts to be used for the benefit of St, Mark Presbyterian Church or any of its missions. The Capital is invested conservatively and 4% of the year-end balance on hand is used each year to fund non-operating budget items. Decisions regarding the use of the monies are made by a committee consisting of four elected members and one Session-appointed elder plus two ex-officio members, the church pastor and the church treasurer. All decisions of the Endowment Committee are reviewed and approved by Session.

 In 2023, Endowment Fund monies were spent for a security system, renovations to the children’s ministry office and for new equipment for the playground. 

FINANCE COMMITTEE 

The Finance Committee, acting on behalf of the Session, administers St. Mark’s financial activities, including: (1) developing the annual church budget for Session approval, (2) coordinating the annual Fall Stewardship Campaign and other Financial campaigns, (3) planning and overseeing all offerings (including the special offerings), (4) performing financial review and overseeing reports, (5) managing St. Mark’s insurance, (6) providing general oversight of the Church Treasurer and (7) coordinating miscellaneous other corporate matters. 

St. Mark ended 2023 with a budget surplus primarily due to the generous support of our members. St. Mark also benefited from a one-time payroll tax credit in June. The Employee Retention Credit was provided to organizations, such as St. Mark, that were mandated to close during the pandemic and still retained their employees. 

For 2024, Session has approved a deficit budget. We have seen a trend in recent years that a lower percentage of households make formal pledges. This makes budget planning a challenge. As 2024 progresses, we will continue to carefully monitor our revenue and expenses. We will work with St. Mark Committee leadership and staff to ensure the church continues to move forward in a fiscally responsible manner with our programs and staffing. Staff received wage increases based on competitive salary reviews by the Personnel Committee and length of service. Percentage rates based on salary for staff pensions, life insurance and medical insurance for non-ordained staff remained the same. St. Mark will continue to cover 90% of the health insurance premium cost for employees and 50% for dependents.

The Finance Committee appreciates the faithful work of all our St. Mark staff. Special recognition and appreciation are extended to Mark Caplinger, who is continuing to serve as Church Treasurer, and to Tom Dolson, who provided the annual St. Mark financial review and report. We welcome Bob Lienemann as the 2024 Chair.