2025-08-12T15:55:38-05:00 2024-12-31 010494526 Baker Newman & Noyes PO Box 507 Portland ME 04112 990 2024-01-01 046037997 Preachers' Aid Society of New England PREA 2074673246 51 Charles Wesley Court Wells ME 04090 Wesley Palmer Executive Director 2074673246 2025-08-12 1 0 Connor Smart P02285543 2078792100 2025-08-12 2024 2025-03-06 01:10:19Z Wesley Palmer 51 Charles Wesley Court Wells ME 04090 8781332 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 13 15 0 0 137153 160099 536844 582628 2082149 1996576 0 0 2756146 2739303 264631 631504 0 0 517246 553974 0 0 156611 1418012 1520182 2199889 2705660 556257 33643 50793022 53183149 90632 70335 50702390 53112814 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 2132588 631504 582628 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. In addition to its direct program services, during this tax year the Society also paid over $390,000 in grants to other organizations as well as over $240,000 across 80 awards directly to individuals, each gift furthering the Society's charitable mission. 2132588 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 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 27 0 1 13 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 George Dow Sr Director 2.00 X 0 0 0 Rich Hughen Director (start 5/2024) 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 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 (end 5/2024) 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 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 Janice Schuster Secretary 2.00 X X 0 0 0 Dr Wesley E Palmer Executive Director 40.00 X 115135 0 63825 115135 0 63825 1 0 1 0 CIBC Atlantic Trust 300 Madison Avenue 7th Floor New York NY 10017 Investment management 139120 1 160099 160099 Rental income 531110 582628 582628 582628 688860 688860 7349745 6042029 1307716 1307716 1307716 2739303 582628 0 1996576 390850 390850 240654 240654 178960 101467 33222 44271 269897 131800 57933 80164 19517 10502 3423 5592 65143 49910 7764 7469 20457 8985 5423 6049 1344 1344 44917 44917 177691 177691 4115 4115 91122 40533 43976 6613 8595 8595 408724 408724 52335 40365 10407 1563 20391 12546 7070 775 91119 91119 556950 556950 51024 36328 14696 Special initiatives 4908 4908 Discounts on loans 4614 4614 Provision for bad debts 2333 2333 2705660 2132588 416461 156611 125382 164056 3443417 1976796 16029 15614 196287 204293 16740 19404 17444751 4300573 13600384 13144178 19305292 22390791 12406621 13776807 1682870 1491210 50793022 53183149 52562 32268 38070 38067 90632 70335 X 39548220 40785185 11154170 12327629 50702390 53112814 50793022 53183149 33643 2376781 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 31711913 342710 4195666 82692 36167597 28314953 4419240 1022280 31711913 38681001 -6396133 3969915 28314953 35573992 4730027 1623018 38681001 30984619 5129783 540410 35573992 0.65920 0.33750 0.00330 0 0 1907460 1907460 15223814 4234380 10989434 103403 66193 37210 210074 210074 13144178 Gift Annuity 61139 F Private equity, Boston Common Fund 2926594 F Fixed income securities 10789074 F 13776807 Tenant security deposits 38067 38067 X 4938393 2376781 2376781 2561612 177691 177691 2739303 2527969 0 2527969 177691 177691 2705660 Part V, Line 4: The Society's endowment consists of 8 individual funds established for a variety of purposes, including the following: - Gifts and supports for pastors and their families. - Assistance for medical, housing, and fuel needs. - Travel, school, and study. The Society's 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. During the period covered by this Form 990, the Society's Board designated $342,710 of the Organization's net assets into its Endowment Funds to be used in furtherance of the Society's charitable mission. Such has been reported on this Form 990, Schedule D, Part V, Line 1b in accordance with IRS Instructions. 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, 2024 and 2023. The Society files information returns in federal and state jurisdictions. Currently, there are no income tax audits in process. 1 New England Conference of the United Methodist Church 411 Merrimack Street Methuen MA 01844 042234128 501(c)(3) 350000 0 Community benefit grant. United Methodist Foundation of New England PO Box 134 Salem NH 03079 016015788 501(c)(3) 30000 0 Community benefit grant. 2 0 Fuel Grants 17 25816 Transition Grants 7 6000 Clergy Family Fund Grants 3 3000 Taylor Fellowship Award 4 40000 General Grants 50 140638 Emergncy Grants 8 25200 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 110135 0 5000 0 0 0 16034 0 47791 0 178960 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 2024 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 2024 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 2024 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 (5) 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