|
The Extended Ministries Fund (EMF) is a substantial reservoir of financial gifts to the diocese. The corpus, which can only be used by explicit direction of Diocesan Convention, stands at about $9 million. The Appreciated Value of the EMF, which is the growth of the fund through the rise of the financial markets, has been leaned upon over the past seven years to support the operating budget of the diocese and the shortfall in congregational support.
A task force was called for by Diocesan Convention last October to create “a just, specific, and sustainable program for the utilization of the Extended Ministries Fund.” The task force has been exploring the best use of the EMF with the goal of bringing back to convention a proposal for its future use. The report calls for a commitment of $325,000 from the EMF funds for phase one of the program. Council also approved a resolution to ask the Diocesan Convention to release up to one million dollars to cover phase one and the anticipated shortfall in the regular operating budget of the diocese in the likely event that the recent downfall in the financial markets depletes the Appreciated Value.
“This is a fabulous report and a good process,” said Linda Northcraft, rector at St. John’s, Royal Oak. “This is good news.”
“The report is easy to read,” agreed Council Member Diane Morgan. “We have to bite the bullet and do something different. We may have to go into the corpus, but if we do, at the other end, we will come out ahead.”
“We cannot fund diocesan ministry the same way because the resources will not be there,” said Kristine Miller, director of stewardship for the diocese. “Our diocese and the way we fund ministry will have to be significantly differentsoon.
“The investment of the $325,000, it is our hope and prayer, will be an investment that will created some different ways of doing things that will generate additional kinds of income for additional kinds ministry,” said Miller. “What this task force is proposing is unprecedented anywhere.”
“If we are really going to do this,” said Lisa Gray, canon to the ordinary, “make no mistakeevery stone will be turned over; every rock will be looked underneath; every parish will be called into accountability and celebration and support. Every community, every committee structure, how we do governance: this is unprecedented.”
Without opposition, Diocesan Council received the EMF task force report and approved the request to commit funds from the corpus of the EMF.
SEE the EMF Task Force report HERE.
|