The decade-long run of bull markets came to an abrupt end in 2022. A moderating pandemic ushered in a surge of pent-up demand for goods and services. Coupled with labor shortages and a spike in world oil prices brought on by the Russian invasion of Ukraine, the resulting economic inflation stoked fears of a global recession that caused the major investors to move money out of the stock market to investments with a greater return potential (eg bonds, gold, oil). This led to losses in the three major indices. The tech-heavy NASDAQ index was down 33%, the Dow industrials down 10%, and the Standard & Poors index down 25%. As went the world market so went individual portfolios. The church was not immune to the end of the bull market. However, due to its well-balanced position within the market, the losses the church incurred were not as severe as the major indices. As of December 31, the church’s portfolio was down a respectable 14%. Bearing in mind the recent consecutive years of double-digit gains, the church remains well-positioned to carry out its mission and basic needs. The Trustees continue to develop our relationship with John Sherman’s successor at Edward Jones, Bruce Wallbridge, and feel we are being well-advised by him. Highlighting the outcomes of expenditures supported by its investments was the completion of three more stained glass windows which brings the total restoration to four windows.
As past year’s gains have been distributed across the church’s funds so now must its losses. Expenditures and losses for 2022 totaled $221,101.71. The Trustees propose to distribute that total in the following manner (figures in parenthesis indicate a negative value):
| Fund | Prior Balance | Designated Income | Expenses | Allocation of Gains | New Balance with Gains |
| Endowment | $ 749,782.17 | $ – | $ – | $ ( 109,296.44) | $ 640,485.73 |
| Housing | $ 254,256.05 | $ – | $ – | $ (37,063.14) | $ 217,192.91 |
| Firm Foundation | $ 285,906.12 | $ 1,300.00 | $ – | $ (41,866.30) | $ 245,339.82 |
| Enrichment | $ 88,360.33 | $ – | $ – | $ (12,880.37) | $ 75,479.97 |
| Gage Fund | $ 181,620.45 | $ 200.00 | $ (44,650.00) | $ (19,995.46) | $ 117,174.99 |
| Total | $ 1,559,925.12 | $ 1,500.00 | $ (44,650.00) | $ (221,101.71) | $ 1,295,673.41 |
Respectfully,
Dean King, Chair, John Buck, Vice Chair, Carla Lawrence, David Cutler, Lew Petit