Dear Clergy, Wardens, and Treasurers,
It is now the time of year when vestries and executive committees will determine their pledge to the Diocese for 2013; you will be receiving a letter with the pledge form shortly. By December 1st, each congregation is to advise the Diocese of its pledge percentage, its estimated 2013 income, and the estimated dollar amount of the 2013 pledge.
It is important for each congregation to properly compute its estimated income that will be used to determine the estimated dollar pledge. The definition of “Normal Operating Income,” which is the proper amount to be used, can cause some confusion – particularly in terms of the amount of rental income, or the amount from investment and endowment funds that is used to fund operating expenses, that is to be included in Normal Operating Income.
Here are the guidelines to be used in determining Normal Operating Income. If you earn rental income, or if you transfer or use principal or income from investment funds to pay for operating expenses, please carefully read the attached guidelines that will explain how such items are to be treated in determining your pledge dollars and percentage.
Our goal is that each congregation will properly compute Normal Operating Income and will use that number when determining its 2013 pledge. Since some congregations may have used a different way of determining income in the past, we may need to adjust previous years’ pledge percentages when we publish congregational pledges in January. If you have any questions about this, please do not hesitate to contact me.
Regards,
Paul R. Shackford
Chief Financial Officer
The Episcopal Diocese of Newark
973 430-9983
pshackford@dioceseofnewark.org
