Foundation convenes annual meeting at Annual Conference Session

June 14, 2014

The annual meeting of the Iowa United Methodist Foundation was convened by President John Cook at the 2014 Annual Conference Session.

“In keeping with this Annul Conference meeting’s goal of using as little paper as possible, there is no printed Annual Report this year,” said Cook. “The report is available at our website.”

Cook proceeded to offer the Foundation report.

The total Managed Assets as of December 31, 2013 was $42,020,515. This represented a total net growth of 12.9% in 2013.

Cook displayed a pie chart showing major investment funds and the proportion of the total that is invested in each.

“The real story behind these assets is the actions of ministry and mission that these funds enabled,” Cook said.

In 2013 in the Iowa Annual Conference there was $2,776,749 of income to churches, agencies and the Iowa Annual Conference; $93,069, of gifts given through the Foundation distributed to 21 ministries and missions; $352,237 of income to individuals; $6,845,189 in loans issued to churches; and 103 scholarships totaling $144,785 awarded to United Methodist students and seminarians.

What these numbers say is that close to $10 million dollars was being actively used by ministries and mission in 2013, said Cook, endowments and long-term stewardship funds are not rainy day funds, but are providing increasing financial resources year after year.

“The IUMF Board of Directors, seeing this growing source of financial resources and through its goal-setting is working toward steadily increasing those resources for available funding,” he said.

“By investing together through the Social Principles, the members and churches and agencies and organizations are creating new resources to ensure the services and ministries of the churches of the Annual Conference continue to be strong in the face of changing economic realities,” said Cook.     

“Our mission is a financial one to support the Iowa Annual Conference in Making Disciples of Jesus Christ for the Transformation of the World,” Cook said.

Treasurer Dean Schlitter reported as well.

“Our Bylaws call for the presentation of the current year’s balanced operating budget at this, our Annual Membership meeting,” Schlitter said.

Budgeted Revenues total $402,684 with seven percent coming from capital campaign fees, one percent from contributions to the Foundation, nine percent from investment income and 83 percent from service fees from investment management, said Schlitter.

The budgeted total of $402,684 with approximately 70% of the total budgeted for employee salaries, benefits and payroll taxes, is fairly typical for a non-profit that is the size and type of the Iowa Annual Conference, he said. 

He reported that the 2013 audit was complete and the Conference had received a good and clean report. The report is available for review at the Foundation office in the Conference Center.

Nominations approved for the Foundation Class of 2018 included Rev. Kiboko Kiboko, of Norwalk, Carl Loweth, of Bettendorf, John Schroeder, of Bloomfield, Janet Griffith, of Mount Vernon and Steven Hebert, of Hopkins Grove.

John Cook presented the Foundation’s concluding business.

“Though separately incorporated from the Iowa Annual Conference, the Foundation’s purpose is to serve the churches, individuals, boards and related agencies of this Conference in the area of long-term stewardship,” said Cook. “We look forward to serving you in the year ahead.

An amendment was proposed to Article IV Articles of Incorporation and the addition of a second paragraph to Article V was proposed.

These were made to keep current with IRS regulations and ensure individuals and churches are protected within those regulations, said Cook.

After approval of the amendments staff members Alyssa Bergman, Teri Miller and Kevin Gowdy were recognized on behalf of the Board.

Cook concluded by thanking the churches, Conference boards and committees, related institutions and agencies, and individuals for entrusting their funds to the Foundation’s care.