2012 Budget Information - Benefits & Apportionment

2012 Budget Information - Benefits & Apportionment

By Bobbi Yeo, Canon for Administration & Finance

 

Apportionment:

In 2012 we will continue using the new apportionment formula approved by the 2009 Diocesan Convention. The calculation applies a tiered rate system to assessable income as follows:

Up to $60,000 of assessable income is assessed at 10%
$60,001 - $120,000 of assessable income at 16%
$120,001 and up of assessable income at 22%

note that there has been no change in how apportionment is assessed since 2010

Exclusions from assessable income are the same as they have always been: outreach and fundraising expenditures, capital lease expenditures, current revenues diverted to subsidiary investment funds, etc. Please click here for our webpage which contains the 2012 TMR Form with instructions.

Also on our webpage, is a spreadsheet containing the monthly medical and dental insurance premiums for 2012. Every diocesan employer must pay at least 80 percent of the lowest cost premiums for health and dental insurance for the employee. Employers may offer a richer benefit than this and many do. Other group insurance premiums are as follows:

 

Life Insurance:

Benefit:                                                                                                            Annual Premium
Life Insurance - Clergy receive $20,000 of coverage through              $ 96
the diocesan plan (clergy have an additional $100,000 of life
insurance through CPG)

Life insurance - Lay receive $50,000 of coverage through the             $ 240
diocesan plan

 

Disability Insurance:

Benefit                                                                                                        Rates
Short-term Disability Insurance - Lay only                      $0.68/$100 payroll

Long-term Disability Insurance - Lay only                       $0.94/$100 payroll

note that clergy receive both short and long-term disability insurance through CPG

 

Worker's Compensation:

Class                                                                                                                      Manual Rates
Churches - clergy, professional, clerical, organists, choir         $0.91/$100 payroll

Building Operations                                                                                   $10.49/$100 payroll

Camps                                                                                                              $7.83/$100 payroll

Day Care Centers                                                                                         $5.15/$100 payroll

The manual premium is modified by various factors, such as our experience modification and discounts we receive as a group and the class of the workers you employ. To estimate your actual standard premium, use the following calculation:
(Gross salary/$100) x (Manual Rate) x 73.1%

Your annual premium is adjusted by .731 for claims experience and for a discount received from Church Insurance Agency. If your annual gross salaries for your priest and an office assistant are $100,000, your annual premium for workers’ compensation would be calculated as follows:

$100,000/$100 X $0.91 X .731 = $665.21

Please don’t hesitate to call or send me an e-mail if you have any questions about this.

 

Resources:

Canon Bobbi Yeo - 916-442-6918 ext. 211 or bobbi@norcalepiscopal.org
-  Insurance page of the Diocesan webpage - www.norcalepiscopal.org/insurance1
-  Church Accounting page of the Diocesan webpage - www.norcalepiscopal.org/churchaccounting
-  2012 Treasurer's Monthly Report Form - Click here to download
-  2012 Remittance Form (should be mailed with all checks sent to the Office of the Bishop) - Click here to download
-  2012 Insurance Rate Sheet - Click here to download


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