2024-11-05T15:38:14-06:00 2023-12-31 010494526 Baker Newman & Noyes PO Box 507 Portland ME 04112 990 2023-01-01 046037997 Preachers' Aid Society of New England PREA 2074673246 51 Charles Wesley Court Wells ME 04090 Wesley Palmer Executive Director 2074673246 2024-10-28 1 0 Connor Smart P02285543 2078792100 2024-10-28 2023 2024-10-15 13:58:12Z Wesley Palmer 51 Charles Wesley Court Wells ME 04090 13959620 0 2573 X www.preachersaid.org X 1858 MA Provide support and nurture for the purpose of enriching the quality of life for ministers. 15 15 10 23 0 0 188719 137153 469441 536844 1291131 2082149 0 0 1949291 2756146 156158 264631 0 0 511422 517246 0 0 151056 1254091 1418012 1921671 2199889 27620 556257 48592141 50793022 913025 90632 47679116 50702390 X Preachers' Aid Society of New England endeavors to remain faithful to our core commitment to improve the quality of life among our United Methodist clergy, especially those who have retired from ministry and their surviving spouses. Through our strong financial support for retiree health care, training in personal financial management, spiritual life retreats and direct services to clergy families in need, we utilize the endowment of our Society to help generations of families enjoy a rich and full life in Christian ministry. 0 0 1701422 264631 536844 Preachers' Aid Society of New England maintains a vigorous program of service to clergy families, demonstrating a major commitment to retirees and their welfare.Programs and services for retirees include in-home visitation, educational program support, emergency assistance, tending the fire, retiree housing, higher education loan program, retiree green loan program, baby grants, retiree health care, occasional clergy gatherings, retiree methodent program, and the Taylor Fellowship award. 1701422 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 26 0 1 10 1 0 0 0 0 0 0 0 0 0 0 0 0 X 15 15 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 0 0 MA X Dr Wesley E Palmer 2074673246 51 Charles Wesley Court Wells ME 04090 James Avrett Director (end 11/2023) 2.00 X 0 0 0 Crystal Collier Director (end 5/2023) 2.00 X 0 0 0 George Dow Sr Director 2.00 X 0 0 0 Ellen Jackson Director 2.00 X 0 0 0 Cynthia Johnson Director 2.00 X 0 0 0 April Morgan Director 2.00 X 0 0 0 Donald O'Keefe Director 2.00 X 0 0 0 Jeffrey Savage Director (end 5/2023) 2.00 X 0 0 0 Gwen Savych Director 2.00 X 0 0 0 Douglas Stevenson Director 2.00 X 0 0 0 Jinsook Song Director 2.00 X 0 0 0 R Paul Weston Director 2.00 X 0 0 0 Douglas Verge Director 2.00 X 0 0 0 Elizabeth Dallas President 2.00 X X 0 0 0 Paul Parks Jr President (end 5/2023) 2.00 X X 0 0 0 Lynn Matson 1st Vice President 2.00 X X 0 0 0 Tracy Tarver 2nd Vice President 2.00 X X 0 0 0 Charles Emery Treasurer 2.00 X X 0 0 0 Charles Stewart III PhD Treasurer (end 5/2023) 2.00 X X 0 0 0 Janice Schuster Secretary 2.00 X X 0 0 0 Nancy Vaccaro Secretary (end 5/2023) 2.00 X X 0 0 0 Dr Wesley E Palmer Executive Director 40.00 X 107793 0 62077 107793 0 62077 1 0 1 0 CIBC Atlantic Trust 300 Madison Avenue 7th Floor New York NY 10017 Investment management 129927 1 137153 137153 Rental income 531110 536844 536844 536844 634759 634759 12650864 11203474 1447390 1447390 1447390 2756146 536844 0 2082149 8750 8750 255881 255881 169870 95194 31497 43179 242599 113310 53384 75905 20174 11194 3369 5611 66372 51670 7389 7313 18231 7337 5051 5843 4618 4618 33508 33508 129927 129927 1830 1830 3388 3388 87196 39946 40763 6487 6860 6860 435726 435726 51054 41992 7242 1820 23098 14908 6680 1510 78530 78530 513674 513674 42291 25168 17123 Discounts on loans 5063 5063 Special initiatives 1170 1170 Provision for bad debts 79 79 2199889 1701422 347411 151056 806426 125382 5212661 3443417 13161 16029 223630 196287 19220 16740 17347707 3747323 12372478 13600384 18413573 19305292 9947157 12406621 1583835 1682870 48592141 50793022 880453 52562 32572 38070 913025 90632 X 37746530 39548220 9932586 11154170 47679116 50702390 48592141 50793022 556257 2467017 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 28314953 4419240 1022280 31711913 38681001 -6396133 3969915 28314953 35573992 4730027 1623018 38681001 30984619 5129783 540410 35573992 27692952 6697194 3405527 30984619 0.64830 0.34840 0.00330 0 0 1907460 1907460 15207569 3688766 11518803 102867 58557 44310 129811 129811 13600384 Gift Annuity 58002 F Private equity, Boston Common Fund 3537113 F Fixed income securities 8811506 F 12406621 Tenant security deposits 38070 38070 X 5093236 2467017 2467017 2626219 129927 129927 2756146 2069962 0 2069962 129927 129927 2199889 Part V, Line 4: The Society's endowment consists of 8 individual funds established for a variety of purposes. Its endowment includes both donor-restricted endowment funds and funds designated by the Board of Directors to function as endowments. The Society has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of the endowment assets. Endowment assets include those assets of donor-restricted funds that the Society must hold in perpetuity, for a donor-specified period, as well as board-designated funds. The Society has a policy of appropriating for distribution each year not more than 4.5% of the unrestricted portion of its board-designated endowment fund's average fair value on the last day of December for the five calendar years preceding the fiscal year prior to the year in which the distribution is planned. In establishing this policy, the Society considered the long-term expected return on its endowment. Accordingly, over the long term, the Society expects the current spending policy to allow its endowment to grow at a rate that preserves the purchasing power of the original investment. This is consistent with the Society's objective to maintain the purchasing power of the endowment assets held in perpetuity or for a specified term as well as to provide the additional real growth through new gifts and investment return. Part X, Line 2: The Society is exempt from income taxes under Internal Revenue Code (IRC) Section 501(c)(3). The Society is not classified as a private foundation. Contributions made to the Society are deductible by donors as provided in the IRC Section 170. U.S. GAAP prescribes the threshold a tax position is required to meet before being recognized in the financial statements. The tax-exempt status of an entity is considered a tax position. An additional liability for uncertain tax positions (UTPs) is recognized and recorded as a component of current income tax expense for differences between financial and income tax reporting positions, which do not meet this threshold. The Society has not taken any tax positions, including any tax positions that would jeopardize its tax exempt status, which would have a material effect, individually or in the aggregate, on its financial statements and thus has not recorded a liability at December 31, 2023 and 2022. The Society files information returns in federal and state jurisdictions. Currently, there are no income tax audits in process. 1 Fuel Grants 14 16067 Transition Grants 17 17000 Clergy Family Fund Grants 2 2000 Taylor Fellowship Award 4 38000 General Grants 58 138308 Emergncy Grants 12 44506 Part I, Line 2: Grants are awarded by Preachers' Aid Society staff following guidelines established by the Board of Directors. X 1 1 X X X X 0 0 0 0 0 0 0 1 0 Dr Wesley E Palmer Executive Director 102793 0 5000 0 0 0 15559 0 46518 0 169870 0 0 0 Part I, Line 1a The Executive Director of the Society, Wesley Palmer, receives a non-taxable minister's housing benefit as part of his position with the Organization. The Society provided Wesley Palmer with a $30,000 housing stipend in the 2023 tax year. Section 107 of the Internal Revenue Service Code (1986) permits an ordained minister of the gospel to exclude from gross income the rental value of a home furnished as part of compensation or the rental allowance paid as part of compensation, to the extent used to rent or provide a home. Reverend Wesley E. Palmer, the Executive Director of the Society, is compensated by the Preachers Aid Society of New England exclusively for services as a minister of the gospel. The Preachers Aid Society of New England does not own a parsonage to provide a home for him. Therefore, the Board of Directors resolved in the Society's 2023 tax year that of the total compensation paid to Reverend Palmer, $30,000.00 was to be designated as the housing/furnishing allowance pursuant to Section 107 of the Internal Revenue Service Code. Part I, Line 7 If approved by the Organization's Board of Directors, the Society may compensate and award its staff, officers, and/or key employees performance or holiday bonuses from time to time and as is appropriate given the relevant circumstances. In its 2023 tax year, the Society paid $5,000 to its executive director for bonus and incentive compensation. Form 990, Part VI, Section B, line 11b The Form 990 is prepared by an independent public accounting firm with assistance from organization staff. The Form 990 is then provided to the full Board of Directors for review before it is filed with the IRS. Form 990, Part VI, Section B, line 12c Each Director is required to provide an initial, and thereafter, annual statement that attests that s/he has read and is familiar with the conflict of interest policy and discloses any actual or potential conflicts. If, at any time there is reason to believe that an existing or contemplated activity may contravene the conflict of interest policy, the person must submit a full written description of the activity to both the Executive Director and the President of the Board of Directors in order to seek a determination of whether or not a conflict of interest exists. If the activity in question involved either the Executive Director or the Board President, disclosure is made to the Chair of the Finance Committee, who may consult with the Executive Committee to render a determination. Failure to comply with the policy or its administration is grounds for removal or termination. Form 990, Part VI, Section B, line 15a The review of the Executive Director's compensation is performed by the Personnel Committee. The salary is voted upon by the full Board of Directors after review and comparison of other salaries of Executive Directors of the 52 other United Methodist related foundations in the United States. Form 990, Part VI, Section C, line 19 The Organization makes its financial statements, conflict of interest policy, and governing documents available to the public upon request. Form 990, Part XII, Line 2c: The audit selection and oversight process has not changed from the prior year. Charitable Remainder Trusts (6) Charitable Distributions MA N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Form 990, Schedule R, Part VI, Split-Interest Trusts: The Society is the recipient of the income from several individual trusts, which are administered by others outside the Society, who may or may not invest in socially responsible organizations. The Society is also the beneficiary of certain charitable gift annuities. The Society does not act as trustee and has recorded an asset at the present value of the estimated funds to be received from the trusts.