2020 Good Neighbors Impact Report

2020 Impact Report

GOOD NEIGHBORS

GOOD NEIGHBORS 2020 FUMF IMPACT REPORT

STAYING CONNECTED

HIGHLIGHTS

As we look back on 2020, we are struck by how easy it was to become isolated from each other. If we allowed it, we could have spent days or even weeks without seeing anyone beyond our own homes.

away from the people we serve and with whom we partner in ministry. That is because we care as much about you as we do your financial investments with us.

If anything, this year has shown us how important it is to be connected — to be neighbors.

You matter to us. You are our neighbors.

The parable of the good Samaritan found in Luke 10:25-37 was Jesus’ answer to the question, “Who is my neighbor?” This pandemic year has taught us we are all called to be each other’s neighbor.

Like at other organizations, the foundation staff was forced to work remotely, with very little time together as a team. It has been especially hard being

168

Loans to United Methodist churches and agencies

$120.7 million Value of loans

Last year was a very good year from a financial perspective, but the greater challenge we faced was being connected to each other and to you. Even though we are still dealing with the pandemic, let us all commit to staying connected and watching out for each other.

$8.8 million

Let us all be neighbors.

$46.2 million

Total given to churches and agencies through payments from planned gifts, stocks, grants and investment earnings, plus estimated savings on interest with foundation loans

Value of planned gifts managed by the foundation (trusts, donor-advised funds, charitable gift annuities)

IMPACT REPORT

2020

WELCOME RELIEF COMMUNITY SERVICE IN HIGH GEAR GROWING TOGETHER CREATING SPACE FOR CHANGE DREAMING BIG BEING THE CHURCH IN A NEW WAY HELPING CLERGY BE PREPARED OVERCOMING FINANCIAL FEARS FINANCIAL STATEMENT & TOTAL ASSETS BOARD OF DIRECTORS & OFFICERS

DANIEL S. HAGER Chairperson, Board of Directors

REV. MARK BECKER President Cover photo: First UMC, Clewiston, volunteers bag beans donated by U.S. Sugar for COVID-19 relief. (FUMC photo/Rev. Jeff Smith)

A volunteer loads food into a car at Korean UMC of South Florida’s COVID-19 drive-thru food pantry. (KUMCSF photo)

DEVELOPMENT FUND DEVELOPMENT FUND 2020 FUMF IMPACT REPORT

WELCOME RELIEF It didn’t take long for Beth Harrison, business administrator at Englewood United Methodist Church, to react to the news that financial help was available during the COVID-19 pandemic. Within minutes of getting a letter from the foundation offering an interest-only option on the church’s Development Fund loan, she jumped on it.

“Given all the uncertainty ahead of us, it was just what we needed,” she said. Anticipating a potential drop in tithes until in-person worship could be held again, the option gave the church thousands in extra cash to get through the difficult stretch. “We’ve got peace of mind,” Harrison said. “And that means a lot these days.” Englewood’s members weren’t the only ones breathing a sigh of relief. Sixty-five other churches also took advantage of the help. Foundation board members voted to provide the assistance for three months, but as the pandemic dragged on, it was extended to the end of the year.

For the foundation, it was all about being a good neighbor. “Congregations are hurting,” said Andy Craske, vice president of loans and investments. “And we’re here to help.”

66

Number of churches and agencies that took advantage of the COVID-19 interest-only option

$1.49 million

Amount of cash churches had on hand to cover lost revenue due to the pandemic after accepting the interestonly option

$2.45 million

Estimated interest churches and agencies saved with foundation loans versus commercial loans (with a market

Community of Hope UMC, Loxahatchee Groves, distributes food to neighbors; the church accepted the COVID-19 interest-only loan relief. (COHUMC photo)

average of 5 percent interest)

“We had a lot of uncertainty about how to pay the bills when the shutdown began.

Then came the email from the foundation offering one way to ease our minds. We were so grateful.”

— Rev. Dr. Mark Charles, Memorial United Methodist Church, Fernandina Beach

— By Michelle Bearden

Read the full story: www.fumf.org/loan-holders-get-relief/ and www.fumf.org/churches-get-helping-hand/

WWW.FUMF.ORG

Residents gather for a vigil at Memorial UMC, Fernandina Beach, a COVID-19 interest-only loan relief participant. (MUMC photo)

CrossRoad UMC, Jacksonville — one of 66 churches that accepted the COVID-19 interest-only loan relief. (CRUMC photo)

DEVELOPMENT FUND DEVELOPMENT FUND 2020 FUMF IMPACT REPORT

COMMUNITY SERVICE IN HIGH GEAR It was a long-held dream for members of Korean United Methodist Church of South Florida to open a food pantry once they moved to their new campus. Serving as a feeding site for low-income families was a way the church could give back to its community. And it was one of its stated missions when it received loans totaling $5 million from the foundation’s Development Fund. After settling into their new space, church volunteers began distributing boxes of food every Saturday to about 120 families.

Then COVID-19 changed everything. “It just exploded,” church deaconess and volunteer Kim Lee said. “One week we had 320 cars coming through, the next week it was 540.” Cars started lining up as early as 5 a.m. Any hesitation members had about taking out a loan to expand their space was gone. The food pantry was proof there were needs the church should meet. And having more space made it possible. “I’m very proud of this congregation,” said Chris Goo, education director and staff-parish relations chairperson. “It’s become very meaningful and teaching a good life lesson about community service.” — By Michelle Bearden

952

Individuals invested in the Development Fund

$64.7 million

Total invested by individuals

1.4 million

Interest individuals earned Volunteers at Korean UMC of South Florida prepare food for their COVID-19 drive-thru food pantry. (KUMCSF photo)

“They say God doesn’t give you what you can’t handle. I’m so grateful we can be servants at a time when people need help more than ever.”

— Kim Lee, Korean United Methodist Church of South Florida, Tamarac

Read the full story: www.fumf.org/high-gear-food-pantry/

WWW.FUMF.ORG Volunteers at Korean UMC of South Florida pack food for distribution at their COVID-19 drive-thru food pantry. (KUMCSF photo)

Volunteers get ready for families at Korean UMC of South Florida’s COVID-19 drive-thru food pantry. (KUMCSF photo)

DEVELOPMENT FUND DEVELOPMENT FUND 2020 FUMF IMPACT REPORT

GROWING TOGETHER When COVID-19 hit, God’s kingdom was alive and well in Parrish — formerly a tiny suburb of Bradenton, but now a rapidly growing community. Pre-pandemic, Parrish United Methodist Church was feeding 40 families every two weeks. That outreach quickly became a drive-through food pantry serving 500 vehicles every Saturday. It’s part of a broad vision to connect people to Christ, one that took root “in 1894 with circuit riders in the orange groves,” said Bill Hancock, church treasurer. “There is a need here, and we’re just the current transients who are staying with the vision.” That includes building a 22,000 square-foot worship center on 13 acres of property next to the church.

With the church full of local community groups every night before the pandemic and three worship services each week, expansion became a vision of necessity. A $4.6 million loan from the foundation’s Development Fund is making it possible. It’s a partnership that’s helping the church and community grow together. “We want this community to see us as a partner with them,” the Rev. Chris Schmidt said. “To be a blessing within the community.” — By Derek Maul

790

Number of Development Fund accounts held by churches, other entities

$81.4 million

Total invested by churches, other entities

$1.7 million

Interest churches earned

2.25%, 4.25%

Fourth quarter investor interest rate, loan interest rate

Cars line up for Parrish UMC’s COVID-19 drive-thru food pantry. (PUMC photo/Rev. Chris Schmidt)

“We are going to use these resources to make a difference and to live the Gospel. We’re going to work hard to reflect faithfulness.”

— Rev. Chris Schmidt, Parrish United Methodist Church

Read the full story: www.fumf.org/growing-together/

WWW.FUMF.ORG Construction of Parrish UMC’s new worship center begins with funding from a foundation loan. (PUMC photo/Rev. Chris Schmidt)

Members at Parrish UMC break ground for a new worship center, made possible with funding from a foundation loan. (PUMC photo/Victoria Schultz)

GRANTS & SCHOLARSHIPS GRANTS & SCHOLARSHIPS 2020 FUMF IMPACT REPORT

CREATING SPACE FOR CHANGE A pandemic is a strange time to start an in-person event, but that’s exactly what Clearview United Methodist Church in St. Petersburg did. And they did it safely — a weekly, socially distanced outdoor movie night and cookout for families begun in the fall. It’s been an important outreach designed to welcome the community to the church.

And now, with the support of a $12,050 grant from the foundation’s Future Generations Fund, the church plans to welcome more new faces with a youth ministry serving a nearby community. That ministry and five others — all designed to nurture young people under age 30 in their faith journey — received $66,200 in grants during the 2020 cycle. Clearview’s ministry will focus on the spiritual growth of youth living in an area that lacks faith-based programming for teens.

“They deserve excellence in knowing who God is and how God meets them in their day-today lives,” said the Rev. Keri LaBrant, pastor of the church when the vision for the ministry was born. “Not for the sake of Clearview … but for the sake of God’s Kingdom and for the sake of the neighborhood.”

$66,200

Total Future Generations Fund grants awarded

$42,000

Tuition paid on behalf of 18 Sinclair Scholarship recipients

$50,000

Donation to REHACE, the social services and disaster recovery arm of The Methodist Church of Puerto Rico, to develop a mental health ministry for people affected by the 2020 earthquakes

Children’s ministry at Tamiami UMC, a Future Generations Fund grant recipient. (TUMC photo)

DONATE TO THE FUTURE GENERATIONS FUND: www.fumf.org/give-now/

“The vision would be we are able to develop a safe, honest, faith-based, faith-filled space where teens … can grow in relationship with God and each other.”

— Rev. Keri LaBrant

— By Connor Murphy

Read the full story: www.fumf.org/investing-next-generations/

WWW.FUMF.ORG

Shiree Fetterly works with children and youth at Seminole Heights UMC, Tampa, a Future Generations Fund grant recipient. (Morgan Sophia Photography photo)

Future Generations Fund grant recipient Sanford UMC partners with The Picnic Project and its food distribution program. (FUMCS photo)

GRANTS & SCHOLARSHIPS GRANTS & SCHOLARSHIPS 2020 FUMF IMPACT REPORT

DREAMING BIG The Rev. Dr. Latricia Scriven says her path to ministry was a journey, rather than a destination. While teaching math at Florida A&M University and directing the school’s United Methodist campus ministry, she decided to go to seminary. She wanted to study tough theological questions so she’d be better equipped to work with her students — not become a pastor. But God had other plans. Now, she’s an ordained elder appointed to the campus ministry and New Life United Methodist Church in Tallahassee. A $5,000 check from the foundation has helped her have less student debt while fulfilling her calling. Scriven was one of 13 newly ordained clergy to receive the assistance. It’s welcome relief for those who graduate with debt, need to rebuild savings or, in Scriven’s case, pursue other avenues of ministry. Scriven says the gift helped her realize her dream to write a children’s book, “When Jesus Laughs.” “I think of John Wesley … ‘earn all you can, save all you can, give all you can,’” Scriven said. “One of the things the debt reduction piece allowed me to do was dream about new ways and new ideas that would help transform the world.”

$65,000

Total awarded to 13 newly ordained clergy to defray educational costs

$20,000

Total clergy of color and culture scholarship funds awarded to four seminary students

$40,000

Total awarded to four active clergy to defray renewal leave costs

The Rev. Dr. Latricia Scriven (right) and her daughter, Faith, participate in a half marathon. (Darryl Scriven)

All funds provided through the foundation’s $1 million contribution to the Passing the Torch Fund.

“For me, stewardship begins with the acknowledgement that everything here belongs to God. Through God’s grace, we have the opportunity to be stewards of what God has entrusted to us.”

— Rev. Dr. Nelson Cowan, First United Methodist Church, High Springs

— By Connor Murphy Read the full story: www.fumf.org/grants-help-clergy-dream-big/

WWW.FUMF.ORG

The Rev. Pam McMillan, visiting with children on a mission trip to Nicaragua, will use her debt-relief check to bolster her financial future. (Pam McMillan)

The Rev. Dr. Nelson Cowan, visiting the Western Wall in Jerusalem, used his debt-relief check to cover expenses after the birth of his first child. (Photo courtesy of Nelson Cowan)

INVESTMENTS INVESTMENTS 2020 FUMF IMPACT REPORT

BEING THE CHURCH IN A NEW WAY There was no “business as usual” when the Rev. Chris Haden was appointed to Aloma United Methodist Church in Winter Park.

The church had been closed and the property sold. The plan was to create a new Christian ministry with Methodist principles that would appeal to younger generations. Even without COVID-19, Haden knew it was an uphill battle. The vision was streaming podcasts, small group discipleship sessions, Sunday worship in rented spaces. While more cost-effective than maintaining a facility, the concept still required funding.

The foundation offered a solution — deposit $3.8 million into the Development Fund and then move $3 million into the foundation’s managed investment funds. The church would then take $175,000 annually from interest earned to pay staff and cover ministry expenses. Now, as Kindred United Methodist Church, the congregation is “moving forward in baby steps,” Haden said.

Courtney Young, director of community engagement, has no doubt it’s the church of the future for disconnected youth and people who’ve had disappointing or even painful church experiences. “We want to … help them heal,” she said. “And let them know Jesus is there for them.” — By Michelle Bearden

$62.2 million

Balance of assets in the foundation’s investment funds

$2.35 million

Total churches, agencies and the Florida Conference earned from investments in the funds

277

Number of accounts

Leaders and members of Kindred UMC, Winter Park, visit St. Augustine.

(KUMC photo)

Recertified

Recertified with the Investment Steward Certification, a seal of approval from the Centre for Fiduciary Excellence

“This has been a transformative experience for my faith. … Now that I’ve found healing and freedom in my own story, I’m using this experience to empower others.”

— Courtney Young, Kindred United Methodist Church

Read the full story: www.fumf.org/new-way-for-church/

WWW.FUMF.ORG

Courtney Young is director of community engagement at Kindred UMC, Winter Park. (KUMC photo)

The Rev. Chris Haden (left) and team produce the virtual worship experience for Kindred UMC, Winter Park. (KUMC photo/Francisca Hassler)

STEWARDSHIP SERVICES STEWARDSHIP SERVICES 2020 FUMF IMPACT REPORT

HELPING CLERGY BE PREPARED After 26 years as a pastor, the Rev. Victoria Guthrie is thinking about retiring. She said she can evaluate a church budget and balance her checkbook but to understand her path to retirement, she looked to the foundation’s R-10 and Counting for help. The annual seminar for clergy within 10 years of retiring offers information on taxes, Social Security, pensions and more. It’s normally held in person, but because of the pandemic, the 2020 session was virtual, with materials available on demand and a Zoom session to answer questions. “I had no idea it was this complicated,” Guthrie said. “I just assumed I would retire, and money would come.”

While still not an expert, she said she now has information she needs to make sense of her future. For the Rev. Aixa Maldonado Marti, the corresponding Presente & Futuro seminar for Hispanic clergy was an eye-opener. She said it and the pandemic reinforced the need for pastors to plan. “I hope that this has opened our eyes … that it’s not always sunny outside,” she said. “There’s always thunder and hurricanes.” For the foundation, it’s all about helping pastors be prepared.

367

Number of calls, meetings and emails with church members and district leaders offering assistance with stewardship initiatives

15

Number of workshops and presentations provided to churches on a variety of topics — clergy taxes and finances, family budgeting, end-of-life issues, foundation services

The Rev. John Peterson (left) and Lakeland-area real estate and mortgage experts record an R-10 and Counting module. (FUMF photo/Tita Parham)

“And now with this … information, I think I am going to be on the right track, making the right decisions, and looking forward to plan ahead everything I need for my retirement.”

— Rev. Luz Maldonado, Nuevo Pacto United Methodist Church, Sebring

— By Connor Murphy Read the full story: www.fumf.org/helping-clergy-be-prepared/ and www.fumf.org/hispanic-clergy-get-answers

WWW.FUMF.ORG

The Rev. Victoria Guthrie participates in the R-10 and Counting Zoom question and answer session. (FUMF photo/Tita Parham)

The Rev. Dr. Luz Maldonado is pastor at Nuevo Pacto UMC, Sebring. (Dr. Michelle Maldonado)

STEWARDSHIP SERVICES STEWARDSHIP SERVICES 2020 FUMF IMPACT REPORT

OVERCOMING FINANCIAL FEARS The Rev. Pamela Green is finally becoming an ordained pastor — a second-career journey that has taken years. She credits her seminary professors and mentors for getting her there.

She also appreciates the practical experience she has gained serving local churches. But she said she’s most excited about a program that isn’t part of the standard curriculum for pastors — free financial counseling and education from the foundation. The Rev. John Peterson meets one-on-one with clergy to help them develop strategies to be as financially healthy as possible. As vice president of stewardship and education and a certified financial planner, chartered financial consultant and chartered advisor for senior living, he’s uniquely qualified to work with clergy at any stage of life. With his help, Green developed a financial plan to meet her needs, learned she was eligible for spousal benefits from Social Security following her husband’s death and worked on a plan to pay down debt. “I had a fear of dealing with finances,” she said, “but John kept saying, ‘You can do this.’’’ His guidance, she said, turned her financial life around.

66

Number of free financial planning consultations for candidates for ministry and active clergy

66

Number of clergy and spouses participating in the R-10 and Counting annual seminar for clergy retiring within 10 years and Presente & Futuro, an annual financial planning seminar for Hispanic clergy

The Rev. Dr. Pamela Green attends an event at Killearn UMC, Tallahassee.

(Photo courtesy of Pamela Green)

“Having freedom from financial burdens allows me to be a better pastor.

It has been a completely transformative experience.”

— Rev. Dr. Pamela Green, New Hope and Trinity United Methodist churches, Lake City

— By Suzanne McGovern

Read the full story: www.fumf.org/overcome-financial-fears/

WWW.FUMF.ORG The Rev. Dr. Pamela Green (center) and members of her Lake City congregation. (Photo courtesy of Pamela Green)

The Rev. Dr. Pamela Green is ordained a probationary elder in 2019. (FLUMC photo/Lance Rothwell)

FINANCIAL STATEMENT & TOTAL ASSETS FINANCIAL STATEMENT & TOTAL ASSETS 2020 FUMF IMPACT REPORT ASSETS Cash, cash investments Notes, mortgage receivable Fair market value of investments Other assets TOTAL LIABILITIES, NET ASSETS LIABILITIES Accounts payable, accrued expenses, pledges payable Deposits, interest bearing (Development Fund) Custodial payable TOTAL NET ASSETS TOTAL LIABILITIES, NET ASSETS STATEMENT OF ACTIVITIES, CHANGE IN NET ASSETS REVENUE Interest, dividends received Management income, contributions Net investment return Other income, fees TOTAL REVENUE EXPENSES Program services Management, general Fundraising TOTAL EXPENSES INCREASE (DECREASE) IN NET ASSETS BEGINNING BALANCE NET ASSETS ENDING BALANCE NET ASSETS

Dec. 31, 2020 $ 34,715,403 121,049,566 100,941,331 8,692,032 $265,398,332*

Dec. 31, 2019 $ 12,238,782 125,138,772 211,991,714 12,392,534 $ 361,761,802

$375,000,000 $350,000,000 $325,000,000

INVESTMENT FUNDS BALANCES

$300,000,000

Ending Balance Dec. 31, 2020

$275,000,000

$

445,998 149,316,303 100,941,331 250,703,632

14,694,700 $ 265,398,332

$

428,785 135,388,040 211,991,714 347,808,539

13,953,263 $ 361,761,802

$250,000,000

$2,312,597

$225,000,000

Cautious

$200,000,000

$84,191,334

$175,000,000

Balanced Growth

$150,000,000

$

$

5,513,344 446,424 465,444 326,537 6,751,749

$

5,683,247 327,065 6,010,312

$

741,437 13,953,263 $ 14,694,700

$

$

5,753,870 492,392 935,887 31,514 7,213,663

5,540,047 305,201 5,845,248

1,368,415 12,584,848 $ 13,953,263

www.studiowesley.org online campus ministry ramped up outreach to students during COVID-19. (CTCWF photo/Sara Taylor)

$15,529,419

$125,000,000

Aggressive Growth

$100,000,000

$4,563,702

$75,000,000

Charitable Gift Annuity

$50,000,000

$106,597,052

$25,000,000

Development Fund Accounts Investments Held in Trust Total Assets

TOTAL 2012 $129,197,412 $122,341,216 $264,565,103

2014 $132,647,385 $138,657,631 $284,105,367

2016 $147,560,300 $165,401,659 $325,932,227

2018 $134,933,141 $185,144,087 $333,036,056

2020 $149,316,303 $100,941,331 $265,398,335*

This constitutes neither an offer to sell nor a solicitation to buy securities described. Offers are made only through the offering circulars, which provide the foundation’s financial position, investment policies and management practices, investment options, and past performance. To request copies of the offering circulars, visit www.fumf.org and complete the form on the “Contact Us” page or contact the foundation at 866-363-9673 (toll-free). * The difference in assets is due to the expiration of a memorandum of understanding between the foundation and Florida Conference of The United Methodist Church in which the foundation acted as an administrative agent of conference funds, rather than an investment advisor or manager. As a result, those assets were transferred to the conference and their value no longer reflected in the foundation’s financial statement.

BOARD OF DIRECTORS & OFFICERS BOARD OF DIRECTORS & OFFICERS 2020 FUMF IMPACT REPORT BOARD MEMBERS (2020-2021) Board members serve three-year terms for a maximum of nine years.

REV. LAWRENCE BARRINER Simpson Memorial UMC, Jacksonville STEPHEN R. BELL MS SECRETARY Assistant Director of Annual Giving and Alumni Relations Florida Southern College Heritage UMC, Clearwater REV. ROBERT BLEDSOE Cypress Lake UMC, Fort Myers C. RONALD COLEMAN JR. President/CEO Baronco Management Consultants Inc. Calvary UMC, Orange Park MARKITA COOPER VICE CHAIRPERSON Professor, Interim Associate Dean of Academic Affairs Florida A&M University College of Law Peace UMC, Orlando BRUCE FORD Vice President WHA Design Cornerstone UMC, Cutler Bay WILLIAM FRYE JR. President Florida Sheriffs Youth Ranches Inc. Youth Ranch Chapel, Boys Ranch, Live Oak DANIEL S. HAGER CHAIRPERSON Chairman and CEO First Southern Bank Trinity UMC, Bradenton

LARRY HANNAH President, Demeter Energy LLC Chairman, OMNI AI LLC Boca Grande Lighthouse UMC JERRY HARALSON President The Haralson Group First UMC, Orlando

JANE ZODY Accounting Information Systems Manager Florida State Board of Administration Bethel UMC, Tallahassee

NONVOTING, EX-OFFICIO DIRECTORS FLORIDA CONFERENCE

EMMA HARMON Music Educator, Orange County Public Schools Director of Student Ministries Peace UMC, Orlando

BISHOP KENNETH H. CARTER JR.

JOSEPH HURT Visiting Professor of Law Florida A&M University College of Law First UMC, Winter Park

CRAIG SMELSER Treasurer

PHYLLIS KLOCK Retired President/Chief Operating Officer Comp Benefits Corporation Asbury UMC, Maitland REV. RICHARD NUSSEL Ruskin UMC FELIX RIVERA Senior Buyer/Planner Captiva Spine Inc. First UMC, Port St. Lucie BEN SIMMONS Retired CPA and Partner Deloitte & Touche Cypress Lake UMC, Fort Myers REV. CESAR VILLAFAÑA Wesley Hispanic UMC, Coral Gables REV. DR. DENNIS VLASSIS Retired Executive Director Community Christian Counseling Center of Palm Beach Gardens Trinity UMC, Palm Beach Gardens

REV. DR. SHARON AUSTIN Director, Connectional and Justice Ministries

STAFF OFFICERS GINNY GARSKE ASSISTANT SECRETARY MARGARET COX TREASURER REV. MARK BECKER PRESIDENT ANDY CRASKE PAM HICKS TITA PARHAM REV. JOHN PETERSON J. THOMAS WILKINSON VICE PRESIDENTS

FOUNDATION@FUMF.ORG | 866-363-9673 WWW.FUMF.ORG

@FloridaUMF

CONTRIBUTORS: Michelle Bearden, Derek Maul and Suzanne McGovern, freelance writers based in Tampa, Florida; Wake Forest, North Carolina; and Fern Park, Florida, respectively, and Connor Murphy, FUMF communications specialist EDITOR/PROJECT MANAGER: Tita Parham, FUMF vice president of marketing/communications GRAPHIC DESIGN: Pitts • LaVigne Associates

Tamiami UMC and school volunteers prepare food for COVID-19 distribution. (TUMC)

Florida United Methodist Foundation Inc. 450 Martin L King Jr Avenue Lakeland, FL 33815

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DEVELOPMENT FUND RATES

second quarter 2021

2.00% Investor Rate 4.00% Loan Rate Rates are subject to change on a quarterly basis.