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Posted Thursday, February 21, 2008
Unrestricted Net Assets Resolution
March 23 | 2006
Dear Brothers and Sisters in Christ:
At its meeting of March 23, 2006, the Standing Committee passed the following resolution after meeting and discussing the issue with Bishop Bennison: In light of known and unknown expenses, the Standing Committee declines to consent to any declaration of use of proceeds from real estate or other current undesignated assets to meet the needs for the 2006 Program Budget. We have taken this action for the following reasons:
Because these assets will be needed to reimburse certain funds improperly spent (St. Matthew’s Fund, Jerusalem Fund, St. Andrew’s Fund, Diocesan Reserve Fund, Zion Fund)
Funds, as available, are needed to be reserved for:
- The actual 2005 deficit
- The unknown legal expenses 2006
- The real costs of 3717-19 Chestnut Street for 2005 and 2006
- The real costs for Wapiti for 2005 and 2006
- Contribution to the cost of a special condition audit for the purpose of clarifying our financial position
- Emergencies
The Standing Commit