Resolution FIN 059

Resolved, that upon a written request from the Rt. Rev. Julio E. Murray of the Iglesia Episcopal de Panama, the Executive Council authorizes the Treasurer to withdraw $161,000.00 from Trust Fund 873 (Class 10) to be distributed to Iglesia Episcopal de Panama, which needs to bridge significant gaps in its budget owing to impact of the pandemic and a significant decrease in offerings and pledges.

 

In his letter dated January 3, 2024, the Rt. Rev. Julio E. Murray presented the financial picture of his diocese as follows:  

Since the COVID Pandemic the income for our budget has been reduced, due to various factors that affected our congregations. Many of the members lost their jobs, while others are still unemployed. Consequently, the level of pledging and offerings have significantly diminished. Some congregations are in survival mode, trying to raise funds with different ventures and economic activities.
... We closed the year's operation with a high level of late payments on monthly fees in the amount of $200.000.00. We have already identified ways to collect these late payments, but it is coming in very slow.

After consultation with the Treasurer and approval by the Board and Directors of the Diocese of Panama, Bishop Murray submitted a special draw of $161,000 from TF 873 to help the Diocese close the financial gap.  

Trust Fund 873 of Class 10 was established in June 1983 as an endowment for the Episcopal Diocese of Panama.  As of November 30, 2023, TF 873 has $163,113.46 of accumulated appreciation.

Trust Fund 873, Panama, Diocese of, Endowment Fund for the Episcopate (1983)
This trust is being established in accordance with the action taken by Executive Council for the release of undesignated Venture In Mission funds for Project #015, toward self-support of the Diocese of Panama. 

Bishop Murray understands the negative impact on future quarterly distributions.