FUMC Finance
Friday, June 27, 2008
April 20, 2008 Minutes
Minutes of the April 20, 2008 meeting of the Finance Committee
Present: Dana Goble, Donna Geisler, Carolyn Harden, Dwight Jackson, Debbie Liakos, Phil Struble, Laura Stevenson, John Tacha, Tony Martin
1. Dana opened the meeting with prayer.
2. Refinancing of Celebration Center Loan
a. A representative from Intrust Bank attended part time to discuss the existing loan and some options for long term financing
b. The existing loan was discussed along with the “sweep” arrangement whereby all First Church fund totals are currently set against the loan reducing the interest payment requirements. The fact that this arrangement currently credits these other funds with the interest which would otherwise be paid to the bank was clarified.
c. A paper was presented suggesting 2 possible methods of longer term financing.
d. After some discussion, it was agreed that this will be considered further at the next meeting when results of the Capital Campaign will be available.
3. The minutes of the March 16, 2008 meeting were approved with the correction in item 4d that the proposed 2008 Capital Fund allocation for the Deferred Maintenance Fund is $150 K, not $233.5K (proposed Donna, seconded Dwight).
4. March Financial Report
a. Income was 23.59% of budget at the end of March. This is better than 2007 but below the 5 year average.
b. Scout spending is 66% of budget but this is due to continued heating costs in the Eke building. The scouts expect to be out of this space by the winter.
c. Postage was high but some of this is due to the Capital campaign and will be charged back to campaign expenses
d. The report was approved (proposed Dwight & seconded by Laura)
5. Fund Raiser Request – Honduras
a. The mission group to Honduras this summer are required to take $2,500 worth of supplies
b. They have asked for a special offering on June 22
c. This was approved (proposed Laura & seconded by John)
6. Review of Investment Policy
a. A copy of the current investment policy was provided for committee members
b. Carolyn was asked to request that Dan Cary review and comment on this policy
c. Dan will be asked to add a statement of compliance with the policy to his regular reports
d. Dan will also be asked to review any proposals for refinancing the Celebration Center loan
7. There was no other business
8. Next Meeting
a. The next meeting was set for June 1st, 2008.
Tony Martin
Present: Dana Goble, Donna Geisler, Carolyn Harden, Dwight Jackson, Debbie Liakos, Phil Struble, Laura Stevenson, John Tacha, Tony Martin
1. Dana opened the meeting with prayer.
2. Refinancing of Celebration Center Loan
a. A representative from Intrust Bank attended part time to discuss the existing loan and some options for long term financing
b. The existing loan was discussed along with the “sweep” arrangement whereby all First Church fund totals are currently set against the loan reducing the interest payment requirements. The fact that this arrangement currently credits these other funds with the interest which would otherwise be paid to the bank was clarified.
c. A paper was presented suggesting 2 possible methods of longer term financing.
d. After some discussion, it was agreed that this will be considered further at the next meeting when results of the Capital Campaign will be available.
3. The minutes of the March 16, 2008 meeting were approved with the correction in item 4d that the proposed 2008 Capital Fund allocation for the Deferred Maintenance Fund is $150 K, not $233.5K (proposed Donna, seconded Dwight).
4. March Financial Report
a. Income was 23.59% of budget at the end of March. This is better than 2007 but below the 5 year average.
b. Scout spending is 66% of budget but this is due to continued heating costs in the Eke building. The scouts expect to be out of this space by the winter.
c. Postage was high but some of this is due to the Capital campaign and will be charged back to campaign expenses
d. The report was approved (proposed Dwight & seconded by Laura)
5. Fund Raiser Request – Honduras
a. The mission group to Honduras this summer are required to take $2,500 worth of supplies
b. They have asked for a special offering on June 22
c. This was approved (proposed Laura & seconded by John)
6. Review of Investment Policy
a. A copy of the current investment policy was provided for committee members
b. Carolyn was asked to request that Dan Cary review and comment on this policy
c. Dan will be asked to add a statement of compliance with the policy to his regular reports
d. Dan will also be asked to review any proposals for refinancing the Celebration Center loan
7. There was no other business
8. Next Meeting
a. The next meeting was set for June 1st, 2008.
Tony Martin
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