Mission Matter$

Q3 2023 | Finance & Administration

QUARTERLY THOUGHT

If you want to be financially free, you need to become a different person than you are today and let go of whatever has held you back in your past life.

~Robert Kiyosaki~

Wealth is largely the result of habit.

~ John Jacob Astor

ECCT 2023 @ a Glance

Parochial reports are essential to understanding valuable statistics which allow us to draw conclusions from a set of data. It can also help to inform on questions, predictions, and outcomes.

THE COMMONS COMPANION

The Commons Companion contains a wealth of information on best practices, finance and human resources, clergy compensation, administration, and much more. It is updated periodically to keep the information as up-to-date as possible.

Save an email! Save a phone call! Check The Commons Companion.

Q3 Updates

Congratulations to The Rev. Handi

The Finance & Operations team congratulate the Rev. Matt Handi Operations Manager, he has accepted a 1/2 time call to St. James, Glastonbury and as of July 1st 2023 the Rev. Handi will be moving to 1/4 time status with ECCT. His new offices hours at the Commons will be on Tuesdays & Wednesdays from 8:00 am to 12:00pm.

Direct Deposits/ACH Payables Account

ECCT has shifted all payment processing to ACH/Direct Deposits to ensure secure, swift, and timely payments. Please ensure that you have provided us with your parish’s current banking information (ACH and a W9 form) to confirm if we have the parishes current information contact the Accounts Manager, Candace Naude.

Sage Intacct Cloud-based Financial Solution

The Finance & Operations team has ardently strived to ensure that ECCT adheres to the Generally Accepted Accounting Principals "GAAP" and best practices. After assessing, vetting, and exploring various best in class platforms, we are elated to share that we will be moving our accounting system to Sage Intacct. This cloud-based finance & accounting management solution will serve to enhance and streamline our operations, centralize the management of multiple entities, and automate key processes. This would afford ECCT proficient finance team the time and opportunity needed to employ their skills in serving parishes and Episcopal communities.

Monthly invoices will now be delivered electronically via email only. Please contact Candace Naude with the most up-to-date parish email address to ensure accurate delivery.

Parish Revenue Opportunities

AON 5G

The Episcopal Church of Connecticut is collaborating with AON 5G LLC. We are inviting interested parishes to opt-in to see if they meet the 5G requirements.

This is a great revenue-generating opportunity. ECCT has entered into a marketing agreement with AON 5G, which would allow for them to market your rooftop to major telecommunication providers, if eligible and you choose to proceed with the partnership.

For more information, please visit the AON 5G Opt-in Form

Employee Retention Credit

ECCT is collaborating with the Law Firm of

Eric Allen Kauk, Esq., LL.M.

Direct: (813) 203-0208

www.CatholicBenefitsLaw.com

ECCT has covered the costs of research for qualification, so parishes will be charged a nominal fee to prepare, adjust if necessary, and file the the 941s documents with the IRS.

Stewardship Realty

Building Sustainable Ministry & Church Futures

Transform your church real estate from a liability to an asset;

From income-draining to income producing, to fulfill God’s Mission.

Reimagine the parish's real assets and preserve its legacy.

For more information contact Canon for Mission Finance

Earn up to 5% on Money in the Bank

Bank of America is offering 5% interest on certain checking accounts with balances greater than $100K. For more information please contact the Treasurer of ECCT, Gordon Ross.

Parish Good Standing

2022 Parochial Reports were due March 1, 2023. For any parish with no 2022 parochial report on file, CMS assessments for 2024 will be calculated as 10% of Line B of the most recent report on file.

Annual Parish Updates and Racial Healing, Justice and Reconciliation Surveys must be completed every 12 months.

Parish audits and financial reports are due on September 1. Parishes with total (operating and non-operating) revenues more than $750,000 in 2021 must submit a full audit, while those with revenues less than $750,000 must submit a Financial Report. Please submit the reports by emailing an electronic copy to Gigi Leackfeldt, Data Analyst Manager.

Additional information and templates can be found at https://www.episcopalct.org/parish-good-standing-criteria/audits-and-reviews//.

NEW: The Creation Care Parish Report as required by 2021 Convention Resolution is due March 1 each year. Parishes that have not yet done so should complete the survey at this link. This will become part of the Good Standing tracking requirements beginning March 1, 2024.

The Church Insurance Companies (CIC) as its property and casualty provider.

Effective December 31, 2022, ECCT has partnered with The Church Insurance Companies (CIC) as its property and casualty provider.

CIC has experience serving the wider Episcopal Church for more than 90 years and looks forward to serving ECCT. CIC’s staff of experienced client representatives are available to assist you Monday - Friday between 8:30AM and 4:30PM EST (excluding holidays).

Parishes can contact ECCT’s dedicated client service representative, Tracey Parent, at (800) 293-3525 or via email (tparent@cpg.org.)

For Billing questions please call (800) 819-2984.

Whenever there is knowledge of an actual claim or potential claim, don't delay! Contact The Church Insurance Company as soon as possible.

Claims may be reported 24/7 at (800) 223-5705. Claims can also be submitted at cpgclaims@cpg.org.

If you would like to review your coverage or schedule a safety walkthrough of your property, please contact our Regional Vice President, Lianne Limoli at Direct: 603.935.9265.

To report claims not related to property or casualty, please contact Michael McGowan at Brown and Brown at (646) 358-8521 or on his cell at (646) 285-2462 or via email: Michael.McGowan@bbrown.com.

If you have any questions regarding ECCT’s insurance program, please reach out to the Rev. Matt Handi or call him at 203-639-3501, x107.

Donations & Bequests for Church Purposes Inc.

Enhanced Reporting Portal Paper statements are no longer available.

Donations and Bequests are pleased to inform you that SEI will upgrade its online investor portal. With this upgrade, you will not be required to update your portal password every 30 days. Instead, you will need to reset your password every 90 days.

Starting Friday, June 23, 2023, when you log in to the investor portal, you will be prompted to re-register your account. Please follow the prompts on your screen to register your account.

If you have any questions regarding this communication, don't hesitate to get in touch with afoadmin@seic.com or Theresa Dupont, Director of Operations for Donations & Bequests.

If you have trouble accessing the portal, please contact afoadmin@seic.com.

D&B is dedicated to providing its participants exceptional investment management services and streamlining its portfolio management.

Recruiting Board of Trustees Candidates

D&B is governed by a Board of Trustees who are tasked with fiduciary oversight and with the direction of the fund’s financial objectives. Being a trustee is an opportunity for collegiality and in-depth analysis on current investment issues. To maintain a successful investment future, the Board seeks to recruit strong, fiscally competent members from across the Six Regions of the Episcopal Church in Connecticut.

D&B seeks diversity in members who are varied by: lay and clergy, parish size, gender, and geographical location.

Trustees are elected to serve a three-year term which would begin on January 1, for a total of up to two consecutive terms. The Board of Trustees has a minimum of four meetings each calendar year. An ideal candidate should have the ability to attend four quarterly meetings, participate in Leadership Gathering meetings, as well as be available occasionally for additional research.

An eligible Trustee

Must be at least 18 years of age and a communicant in good standing in a Parish or Worshipping Community of the Episcopal Church in Connecticut
Be willing to be an active member
Have a background in investment and endowment management
Have experience as a parish treasurer or have served on a parish or diocesan finance/investment committee

Should you have a recommendation that meets these qualifications, or may be interested in being considered for a Trustee please forward that prospective member’s name and resume to Theresa Dupont, Director of Operations for Donations & Bequests.

Coming Soon:

Annual Audit / Financial Reviews

Due September 1st, 2023. Please be sure to e-mail your audits to

Gigi Leackfeldt, Data Analyst Manager

Budget Presentations

2024 Annual Budget of the 239th Convention

Tuesday, October 3rd 9:00 am – 10:00 am

Wednesday, October 4th 6:00 pm – 7:00 pm

Thursday, October 5th 3:00 pm – 4:00 pm

239th Annual Convention

October 27th & 28th

Hartford Convention Center

More info & dates coming soon.

Good Standing Criteria

ECCT recognizes and celebrates those parishes that are fulfilling the administrative, financial, and canonical expectations fundamental to our common life.

Good Standing Details & Links

Tax Exemption

Please visit ECCT's new Tax Exemption page to learn about parish requirements and status.

Tax Exemption Info

Annual Audits Due September 1

Annual Audits or Financial Reviews are due September 1 of each year. Additional resources, forms, policies, and sample letters to engage an accountant are available on the ECCT website at the link below.

Audit & Financial Review Resources

Save the Dates

2023 D&B, Inc.

Board of Trustees Meeting

July 18

October 17

Participants are invited to hear the Bank of America Portfolio Investment Review

from 3:00-3:45 pm

Email Theresa Dupont for the Zoom link.

Grants

Property Improvement Grants

Application Process Now Open Through December 31st 2023

Visit ECCT Grants & Scholarships page

Opportunities include:

Fire Safety
Ministry Network
Sustainability Development
Mission Development
Mission Travel
New Christian Communities
Care for Creation
Scholarships

AND MORE...

AON 5G

The Episcopal Church of Connecticut is collaborating with AON 5G LLC. We are inviting interested parishes to opt-in to see if they meet the 5G requirements.

For more information, please visit the AON 5G Opt-in Form

Tenant Matter$

Evicting a tenant is a costly and time-consuming process that most landlords would rather avoid. That's why it is important to screen your prospective tenants carefully and ensure a clear and concise lease agreement before handing over the keys.

Often, properties, where the owner/parish acts as landlord, are targeted by bad tenants since their financial history is less likely to be investigated than if they approached a rental managed by a property manager. An experienced property management company will notice red flags which might escape the notice of the owner and will conduct the research necessary to minimize the risk that you'll receive a bad tenant. Most parishes do not have the resources to investigate the proposed tenant. As is often the case the need for additional funds supersedes the need for a full background check.

While there are a number of stand-alone tenant screening services as well as bad tenant databases to check against, the reality is that it takes experience to detect the cues that accompany tenants who may look good initially but turn out to be trouble in the long run.

Be careful and deliberate in the short term. The parish and the tenant will both benefit.

For further information, and assistance regarding building management and maintenance, contact ECCT Property Manager, Jon Heflin.

Human Resource$ Corner

Reminder: Connecticut Minimum Wage Increases June 1, 2023

Parishes should be aware that Connecticut’s minimum wage increases from the current $14.00 per hour to $15.00 per hour, effective June 1, 2023.

Hourly employees who work more than 40 hours in a workweek are entitled to overtime at 1-1/2 times their regular rate of pay for the time worked beyond 40 hours. Time for which they may be compensated but do not actually work (such as paid holidays or paid sick time, if your parish offers such benefits) need not be counted as “hours worked” for purposes of calculating the 40 hours.

Following the increase on June 1st, subsequent changes to Connecticut’s minimum wage will be based on the employment cost index calculated by the U.S. Department of Labor. On October 15, 2023, the state Labor Commissioner will announce an adjustment in the state minimum fair wage; the change will go into effect on January 1, 2024. Thereafter, each year on October 15th, the Labor Commission will announce the next adjustment, if any, to the state minimum wage, which will become effective on the January 1st that follows.

This also might be a good time to check your required posting regarding state wage and hour regulations. The most recent version was last revised in February 2020 (it is noted in the upper left corner of the poster) and includes information regarding the minimum wage increases through 2023. It is available as a .pdf on the Connecticut Department of Labor’s website at https://www.ctdol.state.ct.us/wgwkstnd/DOL-75.pdf.

Note that it is a fairly large poster with very small print, so rather than downloading it you may want to contact the state Department of Labor at (860) 263-6790 or fill out a help form at https://ctdol.jotform.com/CT1/DOLHelp and request a free copy.

By Jean Tomasco, ECCT’s Human Resources Manager (May 2023)