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Treasurer’s  Report                      

A  COMPLETE  AUDIT  REPORT  FOR  2013  IS  ON  FILE  AT  THE  DIOCESAN  OFFICE    

FOR  YOUR  REVIEW.                        

Summarized  Balance  Sheet  (as  of  9/30/2014)  

ASSETS:    General  Checking  Account    88,296    

Money  Market  Savings   251,654    

Receivables   166,413    

Prepaid  Expenses   23,484    

Investments  -­‐  PNC   13,538,906    

14,068,753    

Summarized  Balance  Sheet  (as  of  9/30/2014)  

LIABILITIES,  FUND  PRINCIPAL,  RES.  FUNDS  Payables     $8,264    Accruals   (3,729)    Unrestricted  Funds   11,691,434    Temporarily  Restricted  Funds   569,177    Permanently  Restricted  Funds   1,803,607    Total  Liabili]es  &  Fund  Principal   $14,068,753    

Property  Valua]on  as  of  10-­‐01-­‐2013,  based  on  Replacement  Cost  from  Church  Insurance  

Building    $884,100    Personal  Property    $151,200    

Change  in  Endowment  Summary            

Market  Value  as  of  09/30/2013   $12,783,972    

         Addi]ons   $          93,383      

         Investment  Income   329,356  

         Realized  Gains  (Losses)   990,241    

         Withdrawals   (552,999)  

         Management  Fees   (46,351)          

         Unrealized  Gains  (Losses)   (58,696)                  

$13,538,906    Market  Value  as  of  09/30/2014                  

The Episcopal Church Diocese of NWPA Asset Allocation Overview as of 10/21/2014

Domestic Equity

Large-Cap 31.2%

Mid-Cap 10.1%

Small-cap 5.2%

International Equity

Large-Cap 7.2%

Small-Cap 1.0%

Emerging Mkt. 2.0%

Global Equity 4.0%

Real Estate Equity

Domestic REIT 2.0%

Total Equity 62.7%

Domestic Bond

Core Diversified 17.5%

Variable Rate 5.1%

U.S. Corporate 3.7%

U.S. Agency 2.6%

High Yield 2.4%

Absolute Return 2.0%

Total Domestic Bond 33.3%

Global 3.5%

Total Bond 36.8%

Cash 0.4%

Note: The target asset allocation for The Diocese accounts is 60% stocks, 40% bonds. Each Church is permitted to set a target asset allocation strategy, and as a result, the overall asset allocation of the investment account has a slightly higher allocation to equities and lower allocation to bonds. Cash may be held by certain Church accounts which are expecting to make significant distributions.

The Episcopal Church Diocese of NWPA Pooled Investment Account – Investment Returns as of 9/30/14

6.94%

6.19%

0.00%

2.00%

4.00%

6.00%

8.00%

10 Years

Episcopal DiocesePolicy Index

Notes: The Policy Index consists of the following: 48% S&P 500 Index, 12% MSCI EAFE, Net Index, 37% Barclay Intermediate Gov’t./Credit Index, 3% Lipper Money Market Index. Returns are annualized.

8.50%8.11%

6.32%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

10 Years

Episcopal DioceseS&P 500 IndexMSCI EAFE Int'l. Index

4.98%

4.05%

0.00%

2.00%

4.00%

6.00%

10 Years

Episcopal Diocese

Barclays Int.Gov't./Credit Index

Total Portfolio Return Net of Fees

Total Equity Return

Total Fixed Return

The Episcopal Church Diocese of NWPA Investment Managers as of 10/21/2014

Value Core Growth Large-Cap T. Rowe Price Value

MFS Value

Vanguard Value ETF

PNC Advantage Portfolio

S&P 500 ETF

Vanguard Large Cap ETF

Fidelity Spartan Total Market

T. Rowe Price Growth Stock

Touchstone Sands Capital Select Growth

Mid-Cap Goldman Sachs Mid Value IShares Russell Midcap ETF Goldman Sachs Growth Opps.

Small-Cap Earnest Partners IShares Russell 2000 ETF T. Rowe Price New Horizons

Energy Alerian MLP ETF

Global Mainstay Epoch Global Yield

Int’l. Large-Cap Dodge & Cox International

American Beacon

IShares MSCI EAFE ETF Harding Loevner International

Artisan International

Int’l. Small-Cap Columbia Acorn International

Emerging Mkts. Vanguard Emerging Mkts. ETF

Real Estate T. Rowe Price Real Estate, Vanguard REIT ETF

Bond Core Bond: PIMCO Total Return, Dodge & Cox Income, Vanguard Intermediate Term Investment Grade, individual corporate/agency bonds Global Bond: Templeton Global Floating Rate Bond: Eaton Vance Floating Rate Absolute Return: PIMCO Unconstrained Bond High Yield Bond: T. Rowe Price High Yield

Note: Managers highlighted in red represent current tactical investment allocations.

Endowment  Summary                        9/30/2013                                9/30/2014                  Market  Value                      Market  Value  

A  -­‐  Budget  Opera]ons   $    5,710,454     $    5,880,937    B  -­‐  New  Development   1,198,753     1,299,294    C  -­‐  Strategic  Development   3,268,913     3,519,443    D  -­‐  Tradi]onal  Outreach   1,313,450     1,439,329  E  -­‐  Leadership  Development     1,044,952     1,126,257    F  -­‐  Miscellaneous  Funds   247,450     273,646    

Total  Diocesan  Endowments                    $12,783,972     $13,538,906    Church  Endowments  in  the              Co-­‐Mingled  Trust   16,731,102   19,451,557  

Total  Co-­‐Mingled  Trust   $29,514,991   $32,990,463  

The World Bank expects most commodity prices to continue falling into 2015 as increasing supplies coincide with weaker economic growth.

America is enjoying record grain (Corn& Wheat) and soybean harvests.

The Economist’s commodity-price index has fallen by 7.6% and food prices 7.4% in the past year and are now a third below their peak in 2011.

A Great Day in the Kingdom Why ?

THANK  YOU  FOR  YOUR  ATTENTION  

E-­‐Mail:      REA677@Comcast.net