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
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
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