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CHAPTER VIII
FINANCIAL RESOURCES
Denominational
finance is a subject of considerable interest and importance. It has much
to do with the strength, initiative and future directions of the
respective denominations. While the total assets continue to rise in both
headquarters, the reader is cautioned against any premature conclusions
that either denomination is affluent. Both could use considerably more
money for general advance and service to churches. Even though, as will be
shown, the Unitarians have about $14millions, while the Universalists have
nearly $6millions, not all of the income of these amounts are available
for budgetary purposes. A significant portion in each denomination
consists of trust funds over whose capital or income no control can be
exercised. The same is true for the one Unitarian Region (Western) and the
State Conventions which have assets.
While there are
some financial similarities between the two denominations, there are also
significant differences. Both have many different funds at headquarters,
some of which are held in trust for churches and other organizations. Each
of the national offices has pooled a very significant number of funds for
investment purposes with annual earnings from these pools being distributed
on a share basis. Both have investment committees which have done very well
with investment earnings that outstrip the results of many other
institutional portfolios.
There is a significant
difference in the amounts of assets at the respective headquarters. Actual
amounts appear on the next page. This difference is due in part to the
respective patterns of denominational organization, a condition of many
years’ standing. While both denominations have central headquarters and
major second level organizations, only one Region has any assets of its
own, whereas, there are at least 18 State Conventions holding funds of
their own plus funds held for churches and other organizations within their
several states (see page 60). This situation arises from the fact that a
number of the Conventions were formed before the U.C.A., and to which
bequests, grants and gifts were made for many years and continue to be
made. The amount of Region funds compared with A.U.A. headquarters holdings
is quite small, whereas, the State Conventions collectively have
significantly greater assets than does U.C.A. headquarters.
Comparative
Assets
The total
assets at Unitarian and Universalist headquarters together with those for
the Beacon Press, Unitarian Service Committee and the Universalist
Publishing House as of the most recent dates obtainable are shown in Tables
20 and 21.
TABLE 20 —
Assets at Respective Headquarters Plus Those of the Beacon Press,
Unitarian Service Committee and the Universalist Publishing House
Unitarian Assets 4/30/58
A.U.A.
A.U.A.
Publications Dept.
Beacon Press
Unitarian
Service Committee
b
Universalist
Assets 6/30/58
U.C.A.
Universalist
Publishing House
c
a At lower of
cost or market
b Year ended
December 31, 1957
c
Year ended March 31, 1958
TABLE 21 —
Summary of Respective Assets of the Two Headquarters and of the
Beacon Press Unitarian Service Committee, the Universalist Publishing
House, Regions and State Conventions
Assets Not at Headquarters
Each Regional,
and State Convention treasurer was contacted to secure the most recent
figures on assets and either annual expense or current budget. They were
also requested to furnish the amount of assets, the income of which could
be used for various operating and non—operating purposes. Table 22 shows
the data furnished.
TABLE 22 —
The Assets of Unitarian Regions and Universalist State Conventions
together with Annual Expenses.
*
Interest
therefrom
**
Actual expense
year end shown or current budget
a No response
from Treasurer — data obtained from previous reports
b Not
ascertained
c Accrued from
sale of church property; if any such societies wish to reactivate, their
money
must be
returned
d Includes
pensions
e Includes
ministerial relief
f Insurance
premiums
The data shown
in Table 21 indicate a total assets ratio of approximately 2.4 to 1 in
favor of the Unitarians. The total assets
(Table 21) per legal member (Table 10) comparison for Unitarians and
Universalists is $131 and $136, respectively.
A special fact
to be borne in mind is that total assets are very different from those
owned by either denominational headquarters. An institution can have a
large amount of total assets, but a significant portion may be in trust
funds belonging to others. Table 22 shows a partitioning of all assets for
Regions and Conventions. The same procedure was applied to A.U.A. and
U.C.A. headquarters total assets with the Department of Publications, the
Beacon Press, Unitarian Service Committee and Universalist Publishing House
omitted, with the following results:
*
Income therefrom
**
Based on 40 639% of General Investment Fund ($9,526,865) income
which passes through A.U.A. budget and portions of which must he used for
specified purposes.
Thus the
Unitarians and Universalists may use the income from 29 and 63 per cent of
their total headquarters assets, respectively, for budgetary purposes.
Moreover, portions of the income must be applied to specific purposes.
Table 22 shows
the most recent annual expense or current budget for the several Regions
and Conventions. There is a very significant difference in totals for
Regions and Conventions, with the Unitarians spending approximately
$158,000, whereas the Universalists spend about. $170,000. Many of the
amounts are spent in much the same geographical area. If there should be a
merger, this is one of the areas in which some economies might be expected
due to duplication.
Annual Income and Expense
Space does not
permit any volume of detail or lengthy analyses of income and expense.
Figures presented below show income and expense for both headquarters for
fiscal years just completed:
Funds at
Headquarters
As has been
mentioned, each headquarters has many funds for various purposes. A
comparison of funds classified into categories shows
the following:
TABLE 23 —
A Comparison of Funds Held at Unitarian and Universalist
Headquarters According to Nature and Purpose.
*
These data are
shown for those readers who are especially interested in the respective
fund situations. They are useful to show where the respective
denominations are strong or where they need further support. 
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