|
THE ECP CENTENNIAL ENDOWMENT FUND
The Centennial Endowment Fund [CEF] was set up in 2001 as a major capital funding mechanism for self-support. This Fund, conceptualized during the meeting of the Joint Committee on the Philippine Covenant [JCPC] in March 2001 in Santiago City, was envisioned to be a joint fund-raising effort of the Episcopal Church in the USA [formerly known as “ECUSA” and now “TEC” or The Episcopal Church] and ECP to raise a target of $1,500.00, between 2001, the ECP Centennial Year, and 2007, the planned time and celebration of full fiscal autonomy. It was designed to be held in trust as an endowment, with only its interest income to be used to augment the annual budget of the ECP.
The establishment of the CEF was approved by both ECUSA [now TEC] in Resolution No. B-012 of its 73rd General Convention and the ECP in Resolutions No. EC-4-01-90D and EC-4-01-90E of its Executive Council. In a subsequent action, the ECP Executive Council raised the total target from $1,500 to P200 million. This envisioned capital fund would enable the ECP to have a solid base of financial support and thus ensure long-term sustainability. It shall serve as a “perpetual legacy” and a “permanent, stable, predictable and adequate source of income that will allow the Church to accomplish its mission, innovate and grow”.
Following the action of its General Convention, ECUSA [now TEC] approved and released what it referred to as a “foundational grant” in the amount of $250,000 or P12,500,000.00. The United Society for the Propagation of the Gospel [USPG] added P3,000,000.00.
As of 31 December 2008, total CEF amounts to P148,593,469.35, sourced out from the following:
|
EPISCOPAL CHURCH IN THE PHILIPPINES
|
|
Centennial Endowment Fund
|
|
Sources of Funds
|
|
As of December 31, 2008
|
|
SOURCES
|
|
Dioceses
|
Sched. 1
|
24,457,912.69
|
|
Donation from Institutions & Organizations
|
Sched. 2
|
265,285.00
|
|
Donation from Individuals
|
Sched. 3
|
5,223,500.00
|
|
Other Sources
|
Sched. 4
|
106,147,596.66
|
|
The Episcopal Church
|
12,499,175.00
|
|
TOTAL
|
|
148,593,469.35
|
|
Schedule 1. Dioceses
|
|
Episcopal Diocese of Central Philippines
|
180,592.75
|
|
Episcopal Diocese of North Central Philippines
|
3,845,125.68
|
|
Episcopal Diocese of Southern Philippines
|
3,327,973.41
|
|
Episcopal Diocese of Northern Luzon
|
4,408,244.24
|
|
Episcopal Diocese of Santiago
|
2,889,636.17
|
|
Episcopal Diocese of Northern Philippines
|
9,806,340.44
|
|
Total
|
24,457,912.69
|
|
Schedule 2. Institutions/Organizations
|
|
St. Agnes Ladies Dormitory
|
100,000.00
|
|
St. Andrew's Theological Seminary
|
100,000.00
|
|
Cathedral of St. Mary & St. John
|
4,000.00
|
|
ECP Mission Center Employees Association
|
37,600.00
|
|
ECP Pension Fund
|
2,200.00
|
|
National Office
|
11,485.00
|
|
Horeb House Incorporated
|
10,000.00
|
|
Total
|
265,285.00
|
|
Schedule 3. Individuals
|
|
Mr. Celso De Los Angeles
|
5,000,000.00
|
|
Dr. Rafael Rodriguez
|
5,000.00
|
|
Ms. Leonor Sacuy-ap
|
2,500.00
|
|
Mr. Romeo W. Ma (EDSP)
|
5,000.00
|
|
Ms. Joa Ann Chapman
|
10,000.00
|
|
Atty. Floyd Lalwet
|
180,000.00
|
|
Mr. Marion Luckey
|
10,000.00
|
|
Atty. D. Cruz
|
10,000.00
|
|
Mr. Wayland Cabanban
|
1,000.00
|
|
Total
|
5,223,500.00
|
|
4. Other sources approved by Executive Council
|
|
25% of Investment Income
|
9,879,927.15
|
|
25% of National Income from Rentals
|
22,321,719.03
|
|
Subsidy from ECUSA from 2002 to 2005
|
49,027,333.26
|
|
Income from Trust Funds (General Purpose)
|
1,808,540.18
|
|
SLMC Parking
|
8,000,000.00
|
|
75% of Income not disbursed (excess)
|
3,327,071.31
|
|
Reclassified Endowment Funds
|
8,582,636.73
|
|
USPG
|
3,200,369.00
|
|
Total
|
106,147,596.66
|
The CEF is invested, as follows:
- Short-term Investments
|
|
Bank
|
Account No.
|
Rate
|
Maturity
|
Amount
|
|
Security Bank & Trust Company
|
117046
|
4.25%
|
|
547,567.34
|
|
Security Bank & Trust Company
|
116981
|
5.11%
|
09/01/09
|
2,007,491.66
|
|
Security Bank & Trust Company
|
017770
|
5.00%
|
03/29/09
|
1,561,959.60
|
|
Security Bank & Trust Company
|
017773
|
03/29/09
|
2,012,340.59
|
|
Security Bank & Trust Company
|
017771
|
03/29/09
|
2,041,088.31
|
|
China Bank
|
123020006301
|
5.00%
|
|
699,722.27
|
|
Coop Bank of Mountain Province
|
for EDNL
|
9.00%
|
5/18/2009
|
2,000,000.00
|
|
TOTAL
|
|
10,870,169.77
|
- Dollar Treasury bonds with Agent Banks
Book rate of PhP50.00/dollar
|
|
|
|
Amount in
|
Amount in
|
|
Bank
|
Account No.
|
Rate
|
Maturity
|
Peso @ 50/dollar
|
Dollar
|
|
Bank of the Philippine Islands
|
12400132
|
8.30%
|
01/15/14
|
4,988,281.50
|
99,765.63
|
|
Bank of the Philippine Islands
|
12400132
|
8.30%
|
01/15/14
|
2,490,625.00
|
49,812.50
|
|
Bank of the Philippine Islands
|
12400180
|
8.40%
|
01/15/14
|
4,932,031.50
|
98,640.63
|
|
Rizal Commercial Bank Corp.
|
00029
|
8.25%
|
01/15/14
|
4,975,000.00
|
99,500.00
|
|
Rizal Commercial Bank Corp.
|
00307
|
8.25%
|
01/15/14
|
2,454,640.50
|
49,092.81
|
|
Metro Bank & Trust Company
|
1011545
|
8.25%
|
01/15/14
|
4,875,000.00
|
97,500.00
|
|
Metro Bank & Trust Company
|
1015713
|
8.00%
|
01/15/16
|
2,750,000.00
|
55,000.00
|
|
Metro Bank & Trust Company
|
1032777
|
6.375%
|
01/15/32
|
1,479,375.00
|
29,587.50
|
|
Banco De Oro
|
004953
|
8.60%
|
06/15/27
|
1,156,250.00
|
23,125.00
|
|
Banco De Oro
|
004393
|
8.60%
|
06/15/27
|
4,538,732.22
|
90,774.64
|
|
China Bank
|
0084712
|
8.75%
|
10/07/16
|
4,714,375.00
|
94,287.50
|
|
China Bank
|
0086385
|
7.00%
|
11/22/10
|
5,500,000.00
|
110,000.00
|
|
China Bank
|
0093003
|
5.90%
|
02/15/11
|
2,650,937.50
|
53,018.75
|
|
China Bank
|
0097557
|
6.375%
|
01/15/32
|
1,486,875.00
|
29,737.50
|
|
China Bank
|
0097541
|
6.375%
|
01/15/32
|
3,717,187.50
|
74,343.75
|
|
China Bank
|
0097941
|
6.375%
|
01/15/32
|
1,940,500.00
|
38,810.00
|
|
Security Bank & Trust Company
|
1001490
|
7.35%
|
02/15/11
|
2,538,374.00
|
50,767.48
|
|
Security Bank & Trust Company
|
006821
|
6.375%
|
01/15/32
|
1,876,250.00
|
37,525.00
|
|
Security Bank & Trust Company
|
006522
|
6.375%
|
01/15/32
|
2,447,375.00
|
48,947.50
|
|
Security Bank & Trust Company
|
000812
|
6.80%
|
02/15/13
|
3,910,765.00
|
78,215.30
|
|
Security Bank & Trust Company
|
004333
|
5.60%
|
03/16/10
|
3,020,090.00
|
60,401.80
|
|
TOTAL
|
|
68,442,664.72
|
$1,368,853.29
|
- Peso Treasury Bonds with Agent Banks
|
|
Bank
|
Account No.
|
Rate
|
Maturity
|
Amount
|
|
Bank of the Philippine Islands
|
1351607
|
7.125%
|
08/01/12
|
5,000,000.00
|
|
Rizal Commercial Bank Corp.
|
81373
|
11.75%
|
07/16/09
|
5,000,000.00
|
|
Rizal Commercial Bank Corp.
|
1097312
|
6.775%
|
08/01/12
|
2,132,502.46
|
|
Metro Bank & Trust Company
|
3593209
|
5.75%
|
02/21/12
|
640,819.72
|
|
Metro Bank & Trust Company
|
3598041
|
7.125%
|
08/01/12
|
7,330,000.00
|
|
Metro Bank & Trust Company
|
3602361
|
6.875%
|
08/01/10
|
1,900,000.00
|
|
Metro Bank & Trust Company
|
0991546
|
9.00%
|
07/31/13
|
19,500,000.00
|
|
China Bank
|
0098037
|
5.625%
|
02/21/12
|
1,429,806.34
|
|
China Bank
|
0079736
|
11.75%
|
07/19/09
|
1,760,000.00
|
|
China Bank
|
0079654
|
11.725%
|
08/12/09
|
4,937,000.00
|
|
Security Bank & Trust Company
|
010394
|
6.875%
|
08/01/10
|
1,000,000.00
|
|
Banco De Oro
|
391796
|
10.625%
|
09/09/10
|
2,500,000.00
|
|
TOTAL
|
53,130,128.52
|
|
4. Other Long-term Deposit
|
|
China Bank
|
51891230006
|
8.250%
|
08/08/13
|
1,250,000.00
|
|
5. IN TRUST FUND - TEC (US$155,442.00)
|
7,772,100.00
|
|
6. Receivable from RBP
|
5,000,000.00
|
|
7. Cash in Bank
|
2,128,406.34
|
On 9th September 2004, the Executive Council approved the division of the CEF among the dioceses in order to bring self-reliance down to the diocesan level. This division hopes to address the erstwhile reliance of the dioceses upon an external source of income since, over the years, while ECUSA subsidy has gradually decreased, there has been a considerable growth in the support of the dioceses from the national church. In effect, the dependence of the dioceses upon an external source has not actually substantially decreased but it was merely transferred from ECUSA to the ECP national church. By building their respective capital funds to cover their budgetary requirements, the dioceses are then expected to finally assume fiscal autonomy.
The division of the CEF among the dioceses provided a fresh impetus in the over-all sustainability thrust as each diocese actually exercised ownership and control over their respective shares in the CEF and has a direct interest and stake in its growth. Recording the CEF in the diocesan books has unleashed the potential of giving to such fund as it eliminated the hesitance if not indifference of the general membership in contributing to a fund whose benefit is not directly perceived to be felt, seen or enjoyed by them.
The division of the CEF does not mean actual disbursement of shares to the dioceses. While the dioceses have ownership over their respective shares in the CEF, the investment and administration of the whole fund remains centralized under the policy oversight and control of the Executive Council in order to ensure that the fund will not be dissipated and to maximize income from a larger principal base. The dioceses however can suggest how their shares may be invested but this needs the approval of the Council.
The initial division of the CEF in 2004 was made in accordance with the following formula: The amount of P49 million CEF raised as of August 31, 2004 was allocated as follows: a] an equal share of P1 million to each of the 6 dioceses; b] the remaining 43 million was divided according to Need (70% or P30.1 M) and CEF Contribution in 2004 (30% or P12.9 M). Thus, the actual division was, as shown below:
|
Equally
|
According to Need
|
Diocesan CEF
|
Total
|
|
EDNP
|
1,000,000.00
|
6,327,685.37
|
1,640,046.58
|
8,967,731.95
|
|
EDCP
|
1,000,000.00
|
2,084,881.80
|
750,301.01
|
3,835,182.81
|
|
EDNCP
|
1,000,000.00
|
2,139,224.17
|
4,379,228.57
|
7,518,452.74
|
|
EDSP
|
1,000,000.00
|
6,072,725.06
|
1,310,348.52
|
8,383,073.58
|
|
EDS
|
1,000,000.00
|
7,165,143.23
|
1,123,453.91
|
9,288,597.14
|
|
EDNL
|
1,000,000.00
|
6,715,778.98
|
3,870,380.80
|
11,586,159.78
|
|
Total
|
6,000,000.00
|
30,505,438.60
|
13,073,759.40
|
49,579,198.00
|
For 2005 and onwards, the division was: a] according to need = 30%; b] matching challenge = 35%; and, c] reserved for other criteria = 35%. “Need” was defined as the sum of the following: 2004 ECUSA grant share; 2004 National Allocation; and, 2003 Deficit based on last Audited Financial Statement.
Started in 2005, the matching program was a scheme whereby CEF matched on a ratio of 1:1 the funds raised by the dioceses for the CEF which are actually remitted to the National Office. For every one peso raised by a diocese for the CEF, a similar amount from the existing CE is alloted to that diocese to form part of its total share in the CEF.
The division of the CEF among the dioceses, as of 31st December 2008, is as shown below.
|
|
2004 Initial
Fund
|
2005 to 2008
Collection
|
2005 to 2008
Matching
|
25% of
income
|
Total
|
|
EDNP
|
9,467,731.95
|
9,749,896.29
|
9,749,896.29
|
1,427,607.36
|
3,0395,131.89
|
|
EDS
|
9,788,597.14
|
2,850,971.17
|
2,850,971.17
|
939,293.63
|
16,429,833.11
|
|
EDNL
|
12,086,159.78
|
4,275,040.49
|
4,275,040.49
|
1,244,108.56
|
21,880,349.32
|
|
EDSP
|
8,883,073.58
|
3,282,876.21
|
3,282,876.21
|
755,873.66
|
16,204,699.66
|
|
EDCP
|
4,335,182.81
|
154,770.25
|
154,770.25
|
346,148.42
|
4,990,871.73
|
|
EDNCP
|
8,018,452.74
|
3,694,409.33
|
3,694,409.33
|
901,331.40
|
16,308,602.8
|
|
National Office
|
0.00
|
150,030.00
|
150,030.00
|
13,510.53
|
313,570.53
|
|
Sub-total
|
|
|
|
|
106,523,059.04
|
|
SKEP
|
PhP3M allocated by Executive Council per EC No.06-151-2006 (11/15/2006 meeting)
|
105,900.00
|
3,105,900.00
|
|
General Fund
|
|
38,964,510.31
|
|
GRAND T0TAL
|
|
148,593,469.35
|
|