Investment Report

Dear Friends,

On Tuesday of this week, several of us met with representatives from the “New Covenant Trust”—the investment arm of the Presbyterian Church. Our church has much of its money invested through them.

I thought it would be helpful to share some information with you about our investments and finances.

On April 1, 2019 (five years ago), FPC consolidated a number of CDs and savings accounts and opened an account with the New Covenant Trust. Our initial deposit was $295,243. Over the past five years, we have withdrawn $86,209 to cover operating expenses. But also in that time, our investment has earned $105,305. That gives us a current balance of $299,502—more than we started with. In other words, our money is working for us and growing. In 2023, our portfolio grew by 8.5% (after fees). Historically, our growth has averaged about 6%.

We do occasionally withdraw money to cover operating expenses. Our investments provide us with a comfortable financial buffer. In 2019, we withdrew $0. In 2020, we actually added $31,291 to the fund. In 2021 we withdrew $67,500—much of that to cover a significant HVAC upgrade. In 2022, we withdrew $50,000. And, last year, in 2023, we withdrew $0.

Here is a table with those numbers:

In conclusion, there is a pervasive belief in our congregation that we are hemorrhaging money and in immanent danger of bankruptcy. As you can see from the numbers in the investment report, this is simply not accurate.

If you would like to read the full report, a copy is available in the church office.