Dome and Spire Frequently Asked Questions July 2016

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1 Dome and Spire Frequently Asked Questions July Will there be summer organ recitals? Summer organ recitals started Monday, June 6, 2016, at 3:00 p.m. in the Temple Sanctuary and are scheduled daily until the end of July. Starting in August, Sundayafternoon recitals will be offered in the Temple at 2:30 p.m. except on holidays* when the buildings are closed. 2. Will commitments to the American Guild of Organists for future events featuring AGO-sponsored guest organists (November 14, 2016, and July 2 6, 2018) be honored? Yes. An event April 17, 2016, was supported with reduced tasks due to reduced staff. The other events are on the calendar, and support is being planned. 3. What is the understanding of details in the start-up of the Dome and Spire Organ Foundation (DSOF)? Conversations between the DSOF Board and the Community of Christ Acting Presiding Bishopric revealed there were various understandings of these details. The Acting Presiding Bishopric agreed to research the question and report to the Dome and Spire Organ Board of Directors at its May 2016 meeting. The director of Finance reviewed financial records to develop the report. The report documented that Community of Christ provided significant assets for start-up of the foundation. Major investments by Community of Christ included: Designated bequest of about $135,000 during fiscal year (FY) Undesignated bequest of about $610,000 donated to Community of Christ during FY Funds designated for organ maintenance totaling $650,000 as of December About $500,000 designated from earnings on the Temple Endowment held in Canada. These assets were held as part of the Temple Endowment and marked for use by the foundation. The assets were not transferred to a separate DSOF account in the Affiliate Investment Pool. Community of Christ needed to retain control to honor donor intent. Because the purpose for the funds was a subset of the Temple Endowment fund purpose, these funds were held as a special account under the Temple Endowment, and a separate endowment was not created. 1

2 As donor contributions grew, the intent was to establish a separate endowment fund with its own endowment document as an account in the Affiliate Investment Pool. This account was never created as the campaign was stopped before it raised significant funds. 4. Why is income not available from DSOF assets? Over the years, Temple Endowment funds have been invested in marketable securities and investment real estate. A spending rate was calculated on a five-year rolling average to determine how much was available to spend from endowments. The balance used to calculate income from the endowment for the Worldwide Mission Budget does not include DSOF funds. That balance is managed separately, and the spending rate was applied to that five-year rolling average to determine how much income the foundation had to spend from funds designated for Dome and Spire in the Temple Endowment. Because investment real estate has continued to be delayed in development, the entire spending rate had to be drawn each year from marketable securities. Over time, this led to marketable securities being drawn down, so the total endowment was in investment real estate. This means there is no cash to provide income to the budget. Additionally, because the spending rate has been higher than earnings for many years, spending from the endowment needed to stop until the principal is rebuilt. Similarly, the balance in the Temple Endowment designated for DSOF use also is available only in investment real estate. Therefore, no income is available to support cash needs of the DSOF budget. These funds are not gone. They simply are not available in cash at this time. These funds will continue to be managed as part of the Community of Christ overall investment portfolio. The Presiding Bishopric is selling investment real estate. This is a lengthy process to ensure the best value is achieved. 5. How was the board informed about the foundation s financial details, including how contributions were spent? The Acting Presiding Bishopric provided a detailed accounting about foundation finances at the May 23, 2016, board meeting. It was reported that the foundation had liquid assets of about $13, How were contributions made by donors to the foundation over the past several years used? Contributions were received in the following ways: Fund-raising campaign donations General donations 2

3 Checks donated at Super Bowl Organ Recitals in 2015 and 2016 Checks donated at other concerts in 2015 John Obetz memorial donations Peace Colloquy/Hymnal Launch donations to the foundation in 2013 About $31,000 were pledged during the fund-raising campaign, and about $18,000 were received. Other contributions totaled just under $9,000. Of donations received, about $13,500 were used to support foundation expenses along with funds provided by Community of Christ. The remaining balance of $13,500 is being held to support future events, such as the American Guild of Organists Convention in Will the Auditorium and its organ be sold? No. There are no discussions by the Community of Christ Presiding Bishopric or First Presidency about selling the Auditorium or its organ. 8. What will happen to Piano Club? Piano Club will continue for calendar-year It will be supported by volunteers and a position in Nauvoo, Illinois, funded by the Community of Christ Worldwide Mission Budget. At the end of the year, the viability of continuing Piano Club in this manner will be evaluated. 9. What happened to foundation employees? The part-time executive director position, intended by the board to be funded with assets now known to be non-liquid, was not retained in the Community of Christ fiscal year 2017 budget, which began July 1, This post, unfortunately, was downsized in April with other Community of Christ positions, including the foundation s part-time event communications assistant. The principal organist position is included in the FY 2017 Worldwide Mission Budget. It is funded through income from the Canadian Temple Endowment. This endowment is invested in marketable securities and can provide income to the Worldwide Mission Budget based on a spending rate of 4 percent in FY This income and associated expenses for a principal organist and standard organ maintenance are included in the Worldwide Mission Budget, funded by Canada and approved by the Canadian Corporation Board. Any additional organ maintenance required will be funded by the Worldwide Mission Budget, approved by the Community of Christ World Church Finance Board. The principal organist position and organ maintenance is subject to the same annual prioritization and budget decisions as other positions funded by the Worldwide Mission Budget. 3

4 10. Is maintenance focused on both the Temple and Auditorium organs? Yes, the commitment of the Community of Christ Presiding Bishopric and First Presidency is to maintain both organs. 11. Will the Dome and Spire Organ Foundation continue or be dissolved? The board decided May 23, 2016, to dissolve, because no employees reported to the foundation anymore and there were no assets to manage. Steps in the foundation s bylaws for dissolution are being implemented. The board directed the Presiding Bishopric to use remaining liquid assets to feature the Temple and Auditorium organs during the American Guild of Organists 2018 national convention. Board members felt this use was in keeping with donors original intent to support organ programming at the Auditorium and Temple. These funds will be held in an account set aside for this purpose. 12. With the foundation dissolving, what will happen to the fine-arts series? The foundation has not been in a position to fully fund the Dome and Spire Fine Arts Series, so the Worldwide Mission Budget has provided funding. The FY 2017 budget includes some funding (reduced from 2016) for concert series programming. However, the impact of staff layoffs at International Headquarters on future programming is still being discussed. 13. How are potential donors being notified about what is happening? Community of Christ is mailing a letter and this FAQ to the people who received the campaign letter, plus anyone the foundation recorded as a contributor over the last three fiscal years. 14. With the foundation dissolved, will the principal organist position and upkeep of the organs continue? Are the two organs at the Community of Christ International Headquarters complex at risk? For FY 2017, the principal organist position and standard maintenance of the organs were part of the proposed Worldwide Mission Budget presented to the Community of Christ World Church Finance Board for approval in June These expenses require annual prioritization and budget approval along with the other ministries and services funded through the Worldwide Mission Budget. 15.How can people help support the purpose of Dome and Spire, specifically to use fine arts to support Community of Christ mission? 4

5 People can volunteer to staff events such as the daily prayer for peace and organ recitals. Contact Joe Wilkinson if you are interested in volunteering. People can donate to the Temple Endowment for the specific purpose of Dome and Spire. These funds will be added to the balance of the Dome and Spire funds held within the Temple Endowment. Make checks payable to Community of Christ and write Dome and Spire in the memo section. Over many years, as Community of Christ real estate investments are sold and the Temple and General Operating Endowments are rebuilt, Dome and Spire assets again will begin to provide income to the Worldwide Mission Budget to support activities aligned with the Dome and Spire purpose. *Holidays when Community of Christ International Headquarters (Temple and Auditorium) are closed: New Year s Day, Martin Luther King Jr. Day (USA), President s Day (USA), Good Friday, Easter, Memorial Day (USA), Independence Day (USA), Labor Day (USA), Thursday through Sunday at Thanksgiving (USA), Christmas Eve through New Year s Eve 5