Resolution: A Special Three-Year Assessment
WHEREAS, a Special Session of the Diocese of Georgia’s 1958 Convention meeting at St. Paul’s Augusta approved a resolution for “a 100% increase of the 1959 Diocesan Assessment for each year for the next five years for the purpose of constructing a Camp Conference Center of the Diocese” (in order to build the chapel, dorms, and first lodge building at Honey Creek); and,
WHEREAS, the Episcopal Camp and Conference Center, known as Honey Creek, operates as a cost center within the Episcopal Diocese of Georgia, meaning that Honey Creek’s debt is the Diocese’s debt; and,
WHEREAS, the Diocese issued in 2011 $1.25 million in non-SEC-registered, non-secured bonds having a 10-year maturity and a per annum return of 5% for the primary purpose of financing the existing debt of the Diocese associated with the operation of Honey Creek; and,
WHEREAS, the current bond debt of the Diocese is $1 million; and,
WHEREAS, Honey Creek has operated in the black since 2011, not accruing further debt; and,
WHEREAS, the Diocese has begun and will continue to further reduce the bond debt through bondholder forgiveness, large gifts, and special offerings at diocesan events; and,
THEREFORE, BE IT RESOLVED this 197th Convention of the Episcopal Diocese of Georgia approves an additional assessment for each congregation beyond the tithe (Canon I.19) in the amount of 2% for a total assessment of 12% for the fiscal years of 2020, 2021, and 2022 to retire this Diocesan debt; and,
BE IT FURTHER RESOLVED the Diocesan Council will monitor progress toward this debt retirement and will have the authority at its September meeting each year to lower (but not to increase) the 12% assessment during the years 2021 and 2022 if the other efforts referenced above exceed projected expectations; and,
BE IT FURTHER RESOLVED in the year 2023, if not sooner, the Diocesan Assessment will return to the canonical tithe (10%).
