Summary of Actions

Trustees of the Episcopal Diocese of Michigan

During 2021 the Trustees met four times. As of December 31, 2021, the Trustees were organized as follows:

The Rt. Rev. Dr. Bonnie A. Perry President The Very Rev. S. Scott Hunter Vice-President The Rev. William Roberts Secretary Canon Mark Miliotto Treasurer Jim Treece Asst. Secretary Kay Bell Asst. Treasurer

Terms Expiring in 2023 Terms Expiring in 2022

Louis Clark Ralph A. Castelli, Jr. Thomas Forbes The Very Rev. S. Scott Hunter The Very Rev. Andrea Morrow Dale Scrace Stephanie Rose Jim Treece

Terms Expiring in 2025 Terms Expiring in 2024

Virgie Ammerman Kay Bell The Rev. William Roberts The Rev. Phil Dinwiddie Marc Robinson Kathleen Groschner Michael Stewart Jeffrey Irwin

Investment Committee

The Investment Committee met quarterly with the investment advisor to review the prior quarter’s performance, portfolio changes and economic outlook.

The annual dividend schedule was reviewed at each meeting. The dividend rate during 2021 was set at $0.2972 per share per quarter. The share value as of December 31, 2021 was $39.49, compared with $35.86 as of December 31, 2020. The net assets of the account as of December 31, 2021 were $52,372,777.

McElroy Fund

Comerica manages the McElroy Trust with income directed to assist persons in preparation for ordained ministry. Income from the Trust is transferred to the Bishop’s Fund and the Bishop disburses and reports according to the trust instrument. The McElroy Trustees continue to utilize the total rate of return concept with regard to distributions to the Diocese. This Fund assists candidates for the ordained ministry to meet their obligations. In 2021, a total of $278,733 was disbursed to the Trustees by Comerica and subsequently $ 209,050 was transferred to the Bishop’s Fund for disbursement to qualified individuals and $69,683 was disbursed to the Diocese of Eastern Michigan.

Retired Clergy Assistance Fund

The Retired Clergy Assistance Fund provides quarterly assistance to three retired clergy widows, plus a Christmas gift to a larger group of widows. A total of $20,500 was paid out during 2021. A few years ago, the Trustees adopted a policy that due to the excess amount of undistributed income in the Fund, retired clergy having a special need may apply to the Bishop for assistance.

Tretheway Downs General Fund

The Tretheway-Downs General Fund Committee is responsible for receiving applications and making recommendations for capital grants. During 2021 the following grants were approved: St. Clare of Assisi, Ann Arbor, $10,000 to assist with a HVAC system; Trinity, Belleville, $10,000 to assist with their roof replacement; Christ Church, Detroit, $10,000 to assist with their bell tower restoration; St. Peter’s, Detroit, $10,000 to assist

with window restoration project; Christ United, Dewitt, $10,000 for major parking lot repairs; St. James, Dexter, $7,500 to assist with a collapsed sewer line and furnace replacement; St. Paul’s, Jackson, $10,000 to assist with their HVAC replacement project; for total grants of $67,500.

Children’s Ministries Fund

Funds from these sources are designated for assistance to summer youth programs. In 2021, due to the pandemic, the number of applications was down considerably, but the Committee awarded $4,225 in grants to the few applicants. Hopefully, summer programs will be able to resume in 2022.

Social Responsibility in Investments

The Social Responsibility in Investments (SRI) Committee reviews investments of the Trustees utilizing negative screens in conformity with such screens of The Episcopal Church. Since the change of investment managers, the SRI Committee has been working in tandem with the Investment Committee and a savings has been realized in the selection of SRI investments.

Audit and Compliance Committee

The Audit and Compliance Committee meets with the Trustees’ auditors, reviews the audit report and the management letter, and makes recommendations to the Trustees. For 2020, the Trustees received a “clean” audit opinion from the auditors. The Committee recommended and the Trustees approved the continuation of Boisvenu & Co. as auditors for the Trustees. The audit was conducted later than usual due to the pandemic.

Senior Housing Committee

In 2015 a Task Force was created to work with the Board of St. Anne’s Mead (SAM) to assist in addressing their infrastructure needs and in 2016 the Senior Housing Committee was organized. Its principle function is to continue the relations with St. Anne’s Mead and make recommendations regarding the Sylvia Thomas Trust which is reserved for senior housing. In 2018, the Trustees authorized the disbursement of $68,342 from the Thomas Trust to match funds raised for infrastructure improvements and the development of a Memory Care Home at SAM for a total disbursement of $150,000 during the construction phase. The Memory Care Home held its opening in mid-June of 2018. Also, in 2018, the Trustees authorized a disbursement from the Thomas Trust of $10,000 for Canterbury-on-the-Lake to assist with their dementia program.

During 2021, there was a $50,000 disbursement from the Sylvia Thomas Trust for St. Anne’s Mead to assist with their roof project.

Planned Giving Committee

This Committee concentrated on education on the subject of planned giving. Bishop Perry has urged the Committee to join with others in assisting and informing individuals to remember the Church in their wills.

Education and Communication Committee

This Committee, previously known as Publicity and Promotion, continued to promote investment with the Growth and Income Fund by Congregations in the Diocese, especially those who do not presently have investments with the Trustees. The Grace and Gratitude Fund is available for those persons wishing to make a designated bequest to the Diocese. A presentation was made to the 185th Diocesan Convention (2018) and during 2019 and later articles continued to appear in the Record to better inform individuals regarding the work of the Trustees.

Other Business

In 2021, the Trustees Executive Committee authorized an emergency grant of $10,000 to the Cathedral Chapter to assist with the construction costs related to the flooding of the lower level of the Diocesan-Cathedral building.

Also, the Bricks and Mortar Task Force presented a Building Wellness Program for Congregations. The primary objective of the Wellness program is to offer “first aid” to building problems before they become catastrophic. The program components are technical assistance, mini-grants, and a pilot program. This program is being developed between the Trustees and the Diocesan Council.

The Rev. William Roberts, Secretary of Trustees