• The FCCR year-end Endowment value increased by 13.7% in the calendar year 2023.
  • The Unrestricted balance is $1,132,129*; the Restricted balance is $217,836.
  • In addition to the normal 7% draw*, $79,141 was withdrawn to meet other obligations as authorized by the congregation, and $4,500 was withdrawn from the Restricted Funds in accordance with the terms of the trust for these funds.

For the calendar year 2023, the total endowment, unrestricted and restricted, increased by 13.7%. The markets in 2023 performed very well. The S&P 500 Index increased by 24.2% during the 2023 calendar year, which is a significant reversal from the index decrease of 19.4% in 2022. At the end of 2023, the total endowment balance was $1,349,965*, which was $162,812* more than the balance of $1,187,154 at the end of 2022.  

At the end of 2023, the unrestricted endowment balance was $1,132,129*, which was $142.171* more than the balance of $989,958 at the end of 2022.  

The restricted portion of the endowment at the end of 2023 was $217,836, which was 16.1% of the total endowment. Portions of the restricted endowment are available to be spent on purposes in accordance with the documented endowment restrictions. This year, $2,000 from the restricted funds was provided to help a family in the church, and $2,500 was made available for some of the expenses associated with the interim choir director.

In accordance with the endowment policy and with congregational approval, funds from the unrestricted portion of the Endowment Funds may be withdrawn to pay operating expenses. In 2023, an investment gain of $287,726 (24.2%) was decreased by withdrawals of $124,915*. The withdrawals included $41,274 for the usual 7% draw*, which was voted by the congregation at the May 2022 and May 2023 annual meetings. The remaining $83,641 withdrawal includes the authorization voted by the congregation at the May 2023 annual meeting to cover the Church operating deficit of $79,141 for the fiscal year 2022-2023, and the $4,500 that was withdrawn from the restricted endowment in accordance with the terms of the trust.

In summary, 2023 was a very good year for investments resulting in an endowment investment gain of 24.2%. After these significant withdrawals, better market performance has resulted in an increase of the endowment funds of $162,812* (a 13.7% increase). However, the market gain of 24.2% is significantly above the historical average yearly market gains by a factor of two to three. The 2023 market performance should not be assumed to be attainable in any given future year(s).

*During the third and fourth quarters of 2023, the normal 7% quarterly endowment withdrawals of $19,942 were deferred, not cancelled. As a result, the year-end unrestricted endowment balances for 2023 are approximately $40,000 larger, and the withdrawals are approximately $40,000 smaller, than they would have been if these two quarterly withdrawals had been made.   


Daniel Swallom, Chris Kerr, Jim Maitland, Jane McCord, Jeannie Peirce

FCCR Finance Team