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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. 

Current

$342,533

Endowment

11,140,396

Plant

587,939

Loan fund

831,018

Sunday School (agent)

96,778

Rogers Mem’l Fund

212,506

Sub-Total

$13,211,170

 

A.U.A. Publications Dept.

Cash

21,950

Accounts Receivable

55,551

Inventory a

43,419

Miscellaneous

250

Sub-Total

$121,170

 

A.U.A. HEADQUARTERS TOTAL

$13,332,340

 

 

Beacon Press

Accts. Receivable

108,623

Inventory a

184,354

Equipment

5,028

Miscellaneous

2,120

Sub-Total

$300,125

 

Unitarian Service Committee b

Cash

107,270

Other

60,336

Sub-Total

167,606

 

GRAND TOTAL UNITARIAN

$13,800,071

 

 

Universalist Assets 6/30/58

 

U.C.A.

Investment

$1,964,675

Working:

 

Cash

60,154

Other

1,857

Other

 

National Memorial Church

132,786

Other Mortgages

35,220

Other real estate

96,570

Miscellaneous

13,099

U.C.A. HEADQUARTERS TOTAL

$2,304,361

 

Universalist Publishing House c

General Fund:

 

 

Working

3,258

 

Other

14,240

17,498

Trust Fund

 

35,242

U.P.H. Total

 

$52,740

 

GRAND TOTAL UNIVERSALIST

$2,357,101

 

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

 

Unitarian

Universalist

A.U.A. & Publications

$13,332,340

U.C.A.

$2,304,361

Beacon Press

300,125

Publishing House

52,740

Service Committee

167,606

Conventions

3,479,110

Regions

260,562

 

 

Total

$14,060,633

Total

$5,836,212

 

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.

 

 

Convention

Usable*

Not Usable*

Total

Annual Expense**

Fiscal Year Ending

Alabama

$18,161

$2,001

$20,162

--

7/30/57

California

788

10,000

10,788

$500

8/15/58

Connecticut

65,337

164,326

299,663

5,599

4/30/58

Georgia

2,223

--

2,223

--

6/30/58

Illinois

73,000 c

27,000

100,000

15,000

4/30/58

Indiana

24,789

20,359

45,148

2,949

5/31/57

Iowa

2,548

4,782

7,330

962

5/31/58

Kentucky

--

--

--

--

--

Maine

83,106

120,116

203,222

10,057e

3/31/58

Massachusetts

355,725

760,014

1,115,739

36,874ef

3/31/58

Michigan

17,633

1,570

19,203

1,954

56-57

Minnesota

11,649

19,000

30,649

598

Oct. 56

New Hampshire

97,236

57,402

154,638

7,169

6/30/58

New York

790,800

164,879

955,679

44,904d

8/31/58

North Carolina

917

38,028

38,945

1,817

9/30/57

Ohio

134,215

20,238

154,451

14,241e

5/31/58

Pennsylvania a

b

b

175,088

2,727

4/30/55

Rhode Island

31,595

7,000

38,595

11,729

May/58

Vermont & Quebec

36,373

51,690

88,063

2,137

8/31/58

Wisconsin

19,524

--

19,524

1,110

6/30/58

Midwest

--

--

--

9,500

 

Total

$1,765,619

$1,468,405

$3,479,110

$169,821

 

 

 

 

*           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:

 

 

 

A.U.A.

U.C.A.

Categories of Assets

Amount

%

Amount

%

Total

$13,211,170

100

$2,304,361

100

Usable*

3,871,623**

29

1,461,923

63

Not Usable*

9,339,547

71

842,438

37

 

 

Regions

Conventions

Total

280,077

100

3,479,110

100

Usable*

260,562

93

1,765,617

51

Not Usable*

19,514

7

1,468,405

42

Not Classified

--

--

245,088

7

 

*           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:

 

Unitarian

Universalist

Income

$344,933

 $ 147,739

Expense

428,791

   137,734

 

 

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.

 

 

Type of Purpose of Fund

A.U.A. (4/30/58)

U.C.A. (6/30/58)

General

 

 

Free

$345,497

$468,160

Segregated

614,700

--

Restricted

1,282,313

120,247

Loans (Churches)

1,204,023

30,576

Book Publishing

225,000

--

Whitney

33,181

--

Sub-Total

$3,704,714

$618,983

 

 

 

Trust

 

 

As Board of Trustees Determine

--

60,547

Church extension

1,153,651

43,483

Internat’l Church Extension

49,867

65,964

Education:

 

 

General

151,987

--

Theological

249,641

39,394

Religious

74,517

473

Special Funds

761,601

635

Pensions-ministerial

1,100,982

351,647

Publications

93,717

--

Relief-ministerial

781,366

196,147

Annuities (trust)

--

34,955

Part or all of income added

--

114,175

Miscellaneous purposes

--

150,866

Held for designated churches

1,549,778

229,111

Held for designated organizations

--

123,043

Sub-Total

$5,967,107

$1,410,440

Total: General and Trust

$9,671,821*

$2,029,423

 

 

 

Custodian funds

--

72,737

Annuitant funds

--

51,856

Plant funds

587,939

--

 

 

 

Grand Total

$10,259,760

$2,154,016

 

*

Balance sheet total

$11,140,396

Less-Gain on securities

1,468,575

 

$9,671,821

 

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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