FUMC Finance
Friday, April 18, 2008
March 16 Minutes
Finance Committee Meeting Minutes of March 16, 2008, noon
Present: Dan Cary (part time), Dana Goble, Phil Godwin, Carolyn Harden, Dwight Jackson, Debbie Liakos, Phil Struble, John Tacha (part time), Tony Martin
1. Dana opened the meeting with prayer.
2. The minutes of the February 17, 2008 meeting were approved (proposed Phil, seconded Dwight).
3. Dan Cary presented his half yearly report on the church investment portfolio.
a. Overall the church investments have performed well against the generally difficult market conditions
b. Based on the agreed formula, no changes in the investment portfolio were recommended.
c. Carolyn will bring copies of the investment policy to the April meeting for the benefit of new members of the committee.
4. Refinancing the Celebration Center Loan
a. John Tacha presented a summary of the contributions and expenditures associated with the last 2 Capital Campaigns. As of the end of December 2007, expenditures exceeded income by $3,292,374. This is currently covered by the construction loan.
b. John and his team will investigate the best option for longer term financing of this debt.
c. The committee was reminded that the debt will be increased when expenditures are made to install the West Campus turn lane as the Admin Board had voted that this be financed via the next Capital Campaign.
d. A summary of the deferred maintenance fund was also presented. It is currently planned to take $233,500 from the 2008 Capital Campaign to top up this fund.
e. John suggested that regular meetings should be held between Finance, Stewardship and the Trustees to ensure good coordination. It was pointed out that, as chairman of the Stewardship team he was a member of Finance and that the trustees were also represented, so Finance meetings provided the necessary linkage.
5. January & February 2008 Financial Reports
a. The revised financial report for January was approved. The changes were in format rather than substance. (Proposed by Dwight and seconded by Tony)
b. The February Financial report was discussed and approved (Proposed by Phil G and seconded by Phil S)
c. Giving was very poor in February, but this was offset YTD by pre-paid pledges. The dishwashers used by Jubilee Café and installed in the West Kitchen were discussed. These are owned by KU who have told us they are unable to transfer ownership to Jubilee Café. This will be investigated further.
6. Fund Raising Request
a. THE KU Jubilee Café team have asked permission for a fundraiser billed as “Breakfast as Dinner” during the week of April 16th. This was approved (Proposed Phil S, Seconded Tony)
b. Funds from “adopt a family and the “community Xmas dinner wil also be transferred to Jubilee Café.
7. 2008 Budget
a. THE final 2008 budget was presented to the committee as approved by the Admin Board.
8. There was no other business
9. Next Meeting
a. The next meeting was set for April 20th, 2008.
Tony Martin
Present: Dan Cary (part time), Dana Goble, Phil Godwin, Carolyn Harden, Dwight Jackson, Debbie Liakos, Phil Struble, John Tacha (part time), Tony Martin
1. Dana opened the meeting with prayer.
2. The minutes of the February 17, 2008 meeting were approved (proposed Phil, seconded Dwight).
3. Dan Cary presented his half yearly report on the church investment portfolio.
a. Overall the church investments have performed well against the generally difficult market conditions
b. Based on the agreed formula, no changes in the investment portfolio were recommended.
c. Carolyn will bring copies of the investment policy to the April meeting for the benefit of new members of the committee.
4. Refinancing the Celebration Center Loan
a. John Tacha presented a summary of the contributions and expenditures associated with the last 2 Capital Campaigns. As of the end of December 2007, expenditures exceeded income by $3,292,374. This is currently covered by the construction loan.
b. John and his team will investigate the best option for longer term financing of this debt.
c. The committee was reminded that the debt will be increased when expenditures are made to install the West Campus turn lane as the Admin Board had voted that this be financed via the next Capital Campaign.
d. A summary of the deferred maintenance fund was also presented. It is currently planned to take $233,500 from the 2008 Capital Campaign to top up this fund.
e. John suggested that regular meetings should be held between Finance, Stewardship and the Trustees to ensure good coordination. It was pointed out that, as chairman of the Stewardship team he was a member of Finance and that the trustees were also represented, so Finance meetings provided the necessary linkage.
5. January & February 2008 Financial Reports
a. The revised financial report for January was approved. The changes were in format rather than substance. (Proposed by Dwight and seconded by Tony)
b. The February Financial report was discussed and approved (Proposed by Phil G and seconded by Phil S)
c. Giving was very poor in February, but this was offset YTD by pre-paid pledges. The dishwashers used by Jubilee Café and installed in the West Kitchen were discussed. These are owned by KU who have told us they are unable to transfer ownership to Jubilee Café. This will be investigated further.
6. Fund Raising Request
a. THE KU Jubilee Café team have asked permission for a fundraiser billed as “Breakfast as Dinner” during the week of April 16th. This was approved (Proposed Phil S, Seconded Tony)
b. Funds from “adopt a family and the “community Xmas dinner wil also be transferred to Jubilee Café.
7. 2008 Budget
a. THE final 2008 budget was presented to the committee as approved by the Admin Board.
8. There was no other business
9. Next Meeting
a. The next meeting was set for April 20th, 2008.
Tony Martin
posted by jn # 2:07 PM 
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