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Treasurer’s Report
A COMPLETE AUDIT REPORT FOR 2013 IS ON FILE AT THE DIOCESAN OFFICE
FOR YOUR REVIEW.
Summarized Balance Sheet (as of 9/30/2014)
ASSETS: General Checking Account 88,296
Money Market Savings 251,654
Receivables 166,413
Prepaid Expenses 23,484
Investments -‐ PNC 13,538,906
14,068,753
Summarized Balance Sheet (as of 9/30/2014)
LIABILITIES, FUND PRINCIPAL, RES. FUNDS Payables $8,264 Accruals (3,729) Unrestricted Funds 11,691,434 Temporarily Restricted Funds 569,177 Permanently Restricted Funds 1,803,607 Total Liabili]es & Fund Principal $14,068,753
Property Valua]on as of 10-‐01-‐2013, based on Replacement Cost from Church Insurance
Building $884,100 Personal Property $151,200
Change in Endowment Summary
Market Value as of 09/30/2013 $12,783,972
Addi]ons $ 93,383
Investment Income 329,356
Realized Gains (Losses) 990,241
Withdrawals (552,999)
Management Fees (46,351)
Unrealized Gains (Losses) (58,696)
$13,538,906 Market Value as of 09/30/2014
The Episcopal Church Diocese of NWPA Asset Allocation Overview as of 10/21/2014
Domestic Equity
Large-Cap 31.2%
Mid-Cap 10.1%
Small-cap 5.2%
International Equity
Large-Cap 7.2%
Small-Cap 1.0%
Emerging Mkt. 2.0%
Global Equity 4.0%
Real Estate Equity
Domestic REIT 2.0%
Total Equity 62.7%
Domestic Bond
Core Diversified 17.5%
Variable Rate 5.1%
U.S. Corporate 3.7%
U.S. Agency 2.6%
High Yield 2.4%
Absolute Return 2.0%
Total Domestic Bond 33.3%
Global 3.5%
Total Bond 36.8%
Cash 0.4%
Note: The target asset allocation for The Diocese accounts is 60% stocks, 40% bonds. Each Church is permitted to set a target asset allocation strategy, and as a result, the overall asset allocation of the investment account has a slightly higher allocation to equities and lower allocation to bonds. Cash may be held by certain Church accounts which are expecting to make significant distributions.
The Episcopal Church Diocese of NWPA Pooled Investment Account – Investment Returns as of 9/30/14
6.94%
6.19%
0.00%
2.00%
4.00%
6.00%
8.00%
10 Years
Episcopal DiocesePolicy Index
Notes: The Policy Index consists of the following: 48% S&P 500 Index, 12% MSCI EAFE, Net Index, 37% Barclay Intermediate Gov’t./Credit Index, 3% Lipper Money Market Index. Returns are annualized.
8.50%8.11%
6.32%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
10 Years
Episcopal DioceseS&P 500 IndexMSCI EAFE Int'l. Index
4.98%
4.05%
0.00%
2.00%
4.00%
6.00%
10 Years
Episcopal Diocese
Barclays Int.Gov't./Credit Index
Total Portfolio Return Net of Fees
Total Equity Return
Total Fixed Return
The Episcopal Church Diocese of NWPA Investment Managers as of 10/21/2014
Value Core Growth Large-Cap T. Rowe Price Value
MFS Value
Vanguard Value ETF
PNC Advantage Portfolio
S&P 500 ETF
Vanguard Large Cap ETF
Fidelity Spartan Total Market
T. Rowe Price Growth Stock
Touchstone Sands Capital Select Growth
Mid-Cap Goldman Sachs Mid Value IShares Russell Midcap ETF Goldman Sachs Growth Opps.
Small-Cap Earnest Partners IShares Russell 2000 ETF T. Rowe Price New Horizons
Energy Alerian MLP ETF
Global Mainstay Epoch Global Yield
Int’l. Large-Cap Dodge & Cox International
American Beacon
IShares MSCI EAFE ETF Harding Loevner International
Artisan International
Int’l. Small-Cap Columbia Acorn International
Emerging Mkts. Vanguard Emerging Mkts. ETF
Real Estate T. Rowe Price Real Estate, Vanguard REIT ETF
Bond Core Bond: PIMCO Total Return, Dodge & Cox Income, Vanguard Intermediate Term Investment Grade, individual corporate/agency bonds Global Bond: Templeton Global Floating Rate Bond: Eaton Vance Floating Rate Absolute Return: PIMCO Unconstrained Bond High Yield Bond: T. Rowe Price High Yield
Note: Managers highlighted in red represent current tactical investment allocations.
Endowment Summary 9/30/2013 9/30/2014 Market Value Market Value
A -‐ Budget Opera]ons $ 5,710,454 $ 5,880,937 B -‐ New Development 1,198,753 1,299,294 C -‐ Strategic Development 3,268,913 3,519,443 D -‐ Tradi]onal Outreach 1,313,450 1,439,329 E -‐ Leadership Development 1,044,952 1,126,257 F -‐ Miscellaneous Funds 247,450 273,646
Total Diocesan Endowments $12,783,972 $13,538,906 Church Endowments in the Co-‐Mingled Trust 16,731,102 19,451,557
Total Co-‐Mingled Trust $29,514,991 $32,990,463
The World Bank expects most commodity prices to continue falling into 2015 as increasing supplies coincide with weaker economic growth.
America is enjoying record grain (Corn& Wheat) and soybean harvests.
The Economist’s commodity-price index has fallen by 7.6% and food prices 7.4% in the past year and are now a third below their peak in 2011.
A Great Day in the Kingdom Why ?
THANK YOU FOR YOUR ATTENTION
E-‐Mail: [email protected]