tag:blogger.com,1999:blog-759178030677978044.post6201842875911275231..comments2024-02-19T07:24:42.397-08:00Comments on Anglican Curmudgeon: Episcopal Church "Rescue" AnnouncedA. S. Haleyhttp://www.blogger.com/profile/05108498446058643166noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-759178030677978044.post-23982694254589034272009-04-02T21:35:00.000-07:002009-04-02T21:35:00.000-07:00Oh my, you had me going at the very beginning, but...Oh my, you had me going at the very beginning, but perhaps it's because truth is stranger than fiction, and with the Obamacon, it's not hard to imagine him doing just such a thing.Mhttps://www.blogger.com/profile/00472259138110074965noreply@blogger.comtag:blogger.com,1999:blog-759178030677978044.post-66510129283354807942009-04-01T22:11:00.000-07:002009-04-01T22:11:00.000-07:00Dear Mr. Haley,Thank you for the explanation. Neve...Dear Mr. Haley,<BR/><BR/>Thank you for the explanation. Nevertheless, as one who was taught by my experience as a Naval Officer, as well as in college, to communicate unambiguously, the bullet point in question is not worded as clearly as one would wish. <BR/><BR/>If this was intended to be used solely as a visual aid in a live presentation, I would certainly withdraw my criticism. But if it is meant to serve as a stand alone document, I think it could have been clearer.<BR/><BR/>Nevertheless, I am grateful for your clarification and presume that you are quite correct.<BR/><BR/>Blessings and regards,<BR/>Keith ToepferMartial Artisthttps://www.blogger.com/profile/12059467870069787735noreply@blogger.comtag:blogger.com,1999:blog-759178030677978044.post-88099084026819351512009-04-01T18:39:00.000-07:002009-04-01T18:39:00.000-07:00Martial Artist, you have often been helpful here i...Martial Artist, you have often been helpful here in correcting inaccuracies that escaped my notice; maybe I can return the favor.<BR/><BR/>The bullet to which you refer reads:<BR/><BR/>"Requires increasing the draw on endowment income – approximately 20% of revenue – from 5 percent to 5.5 percent"<BR/><BR/>I read this as saying two separate things: (1) that the Church's income from endowment sources has historically been 20% of all of its revenues; and (2) that to maintain that level of contribution to the budget (because of the drop in the value of endowment principal, presumably), they will have to draw out 5.5% of their endowment, whereas previously it had required a draw of only 5%.<BR/><BR/>To take a numerical example: Say endowment was (prior to the market drop) $100M, and generated income of $5M, which made up 20% of ECUSA's budget of $25M (these are arbitrary numbers, obviously). As a result of the market drop, the value of the endowment falls to $90M, and 5% of it now equals just $4.5M. But they need (and budgeted on) a full $5M from endowment, so they draw out an extra $.45M, or $450,000, from endowment principal to make up the bulk of the shortfall. So the draw on the endowment has now increased from 5% to 5.5%, since $4.95M is 5.5% of $90M. Their budget drops only slightly, to $24.5M, and the contribution from the endowment still remains at around 20% (actually slightly more, in my example, because 20% of $24.5M would be $4.9M). <BR/><BR/>You could fine tune the numbers to be more precise, but that's my reading of what they are saying. In terms any Midwesterner could understand: "Just like the Government is now doing, they are <A HREF="http://martynemko.blogspot.com/2009/01/obamas-plan-would-have-us-eat-our-seed.html" REL="nofollow">eating their seed corn</A>."A. S. Haleyhttps://www.blogger.com/profile/05108498446058643166noreply@blogger.comtag:blogger.com,1999:blog-759178030677978044.post-26499508649893024352009-04-01T14:30:00.000-07:002009-04-01T14:30:00.000-07:00With regard to the linked presentation of the &quo...With regard to the linked presentation of the "worst drop in revenues since the Great Depression" it is apparent that their mastery of arithmetic and mathematics is roughly as good as their mastery of the language (not to mention their theological education).<BR/><BR/>The fourth bullet on the fifth slide of the "Presentation" states that the draw on the endowment income will be increased by "approximately 20%" and quotes the change as "from 5 percent to 5.5 percent."<BR/><BR/>When I learned mathematics, albeit quite a few decades ago the following facts were well known:<BR/><BR/> • The change in an amount is equal to the new value minus the old value, with a positive remainder signaling an increase and a negative remainder signaling a decrease. Therefore the change (5.5 minus 5 = 0.5) is +0.5%, the plus sign indicating an increase.<BR/><BR/> • The percentage change is equal to the difference divided by the old amount, multiplied by 100. Therefore it would be (0.5 divided by 5) multiplied by 100 = 0.1 and 0.1 times 100 = 10%.<BR/><BR/>Therefore, it is immediately apparent that they are in error by one binary order of magnitude (i.e., by a doubling).<BR/><BR/>Of course, the possibility exists that the 20% figure quoted in that bullet refers to the percentage of the endowment income rather than the percentage change. But that would imply that whoever prepared the slide, not to forget whoever reviewed it, is illiterate rather than innumerate (possibly both?).<BR/><BR/>Which, I suppose, brings me back to my original questioning of their effective level of education in core subjects.<BR/><BR/>Blessings and regards,<BR/>Keith ToepferMartial Artisthttps://www.blogger.com/profile/12059467870069787735noreply@blogger.comtag:blogger.com,1999:blog-759178030677978044.post-14309741675623005802009-04-01T12:50:00.000-07:002009-04-01T12:50:00.000-07:00You are a bad, bad man. :)Humor like this should b...You are a bad, bad man. :)<BR/><BR/>Humor like this should be... well... ILLEGAL!TLF+https://www.blogger.com/profile/01650010433581488888noreply@blogger.comtag:blogger.com,1999:blog-759178030677978044.post-52466805252464447042009-04-01T06:48:00.000-07:002009-04-01T06:48:00.000-07:00Too funny, and painfully too true as well.Thanks!Too funny, and painfully too true as well.<BR/><BR/>Thanks!Alice C. Linsleyhttps://www.blogger.com/profile/13069827354696169270noreply@blogger.com