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Annual Report
2005 Annual Report
Dear Friends of SOAR!
Gratitude to benefactors is a well-recognized virtue, and to express it in some form or another is a duty to ourselves as well as to those who have helped us. F. Douglas (1817-1895)
On behalf of the SOAR! Board of Directors, staff, and recipients of grant awards, we extend our deepest gratitude to the many donors who make the grant, education, and networking programs possible. Your contributions totaling more than $1,379,188 million have helped religious communities to upgrade heating and cooling systems, purchase therapeutic equipment, and renovate and build space to ensure safety and wheelchair accessibility. The religious communities that receive grants express gratitude, delight, and pride in what they are able to accomplish with the grants.
In keeping with our financial stewardship responsibilities, midway through fiscal year 2003-2004, the board evaluated each of SOAR!’s programs, and the management and growth of the organization. Given the significant negative balances of the two previous years, a decision was made to modify the timing of grant awards to improve organizational liquidity and financial position.
Our accounting recognition reflects $374,070 in grant awards in 2005 and $702,400 in 2004. The good news is that there was a greater positive balance of total unrestricted net assets of $307,475 in 2005 in comparison to $8,344 in the previous year. The Board of Directors has committed $274,000 of the change in net assets for additional congregational grants. We are currently expecting to award grants at the previous levels with SOAR! maintaining a stronger financial position to assure payments.
As we look ahead to 2006, the 20th Anniversary of SOAR!, we are keenly aware of the needs of the religious institutions that remain unmet. The most recent data of the National Religious Retirement Office indicate that there remains a $7.4 billion shortfall in current and future retirement needs for elderly and infirm religious, assuming only currently designated assets are available for retirement needs. If all assets available for retirement were to be adjusted, the unfunded past service retirement liability would be reduced to $6.3 billion. The average annual social security benefit of religious is $4,125 compared to the $11,064 for lay recipients.
Although SOAR! is not organized to address the magnitude of the retirement problems of religious institutes, the Board and staff have developed a targeted marketing plan to focus its efforts to allay urgent capital needs. We must continue to rely on the generosity of individuals, corporations, and foundations to join us in achieving our overriding goal to fund all the grants that are requested.
Our passion to help men and women religious in their time of need stems from our gratitude for their many years of commitment to teaching, health care, and social services. In their active and prayer ministries they instilled in us an awareness of God’s love and challenged us to share this love with others.
We invite your ideas and comments as SOAR! moves forward as a voice for religious institutes in need.
With gratitude,
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