Tuesday, October 4, 2011

$$$$ Crunch time for Sydney Anglicans $$$$... again$$$$

Raj Gupta is quoted as saying...With synod 2011 now just a few days away, this synod is shaping up to be one of lasting significance. The underlying issues have been brewing for some time and yes, involve money. Our diocese has two sources of funding. The first is called the ‘Diocesan Endowment’ (DE). With reduced funds after the GFC, we are still searching for a more sustainable funding model and scale of operations after annual funds available must be further reduced by 30% this coming year.

The second source of funding is called the ‘Endowment of the See’ (EOS). In simple terms, it is asset rich, but cashflow poor to the point where income is insufficient to cover the costs of the Archbishop and his office. The longer we wait before taking some kind of radical action, the worse the situation will be.

So Bert if we have to vote, I say we keep Bishopscourt and get rid of the archbishop...it's got to be more cost effective!

Say Ernie, did you know that Muriel Porter discussed Sydney Anglican's Endowment of See funds on page 144? It also suffered a loss in the GFC but nobody knows how much because this fund is not answerable to Synod. This fund is overseen by the Archbishop and 3 persons appointed by him and 3 persons appointed by the standing committee. It funds the stipend's allowances, superannuation, long service leave and housing costs of the Dean, an arrangement currently under review.

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