Financial Committee Minutes 1-29-08

Financial Committee Minutes

January 29, 2008

HIGHLIGHTS:

• Decision was made to move the $6182 surplus into Retained Surplus account until we can determine where it needs to go.
• The F.C., after input from Pastor Newhouse, has decided not to have a congregation wide Parsonage Debt Retirement campaign.
• The committee has agreed that we need to undertake a capital campaign. We need to determine our goals, and will work on this by completing a Ministry Guide Sheet as the focus of our Feb. 12 meeting.

In attendance: Donald B, Joe B, Dick B, Carole and Paul B, Pastor David N and Susan C.

Approval of Minutes: Paul moved and Carole seconded that we approve the minutes of the last meeting.

Treasurer’s Report: We ended the year with a positive balance of $6,182. . Much discussion occurred about where to put or use this surplus. Don suggested that we move it to the Retained Surplus until we determine where it needs to be used. All agreed. No motion necessary. Paul took time to go over in some detail both the Balance Sheet and Budget for those of us new to the committee.

2008 Budget: The budget for 2008 was approved at the Church Council Meeting on December 30. We are committed beyond our anticipated income. Pastor David reminded us that our responsibility as the Finance Committee is to meet the budget. We have budgeted for growth. This discussion led to a discussion of our need to have a Capital Campaign.

Capital Campaign: Epworth has not had a Capital Campaign since 1998. Pastor David reminded us that “Good economic practice is to get people in an organization to participate…” in the funding of the organization. We currently have $250 - $300K. We need to raise $500K. We have a $600K mortgage on the church building, and a $125Kmortgage on the new parsonage. The building committee has determined additional needs for, and modifications to, the building. In addition, we have added a number of new ministries this year. We seem to be always trying to stay one step ahead of our needs.

To prepare for a Capital Campaign the F.C. has some tasks to undertake.

• We need to research firms that can do this for us professionally. Professionals should be able to help us raise 2-3 times our annual budget. Pastor David has a couple of company names and websites he will forward to Susan.
• We need to complete a Ministry Guide Sheet so we can establish our goals. We have agreed to devote the meeting of Feb. 12 to this task.
• We should include Greg C, Chair of the Building Committee.

F.C. 1/29/08, page 2

Parsonage Mortgage Fundraise: Pastor David believes that we will not receive a strong response if we undertake a Parsonage Debt Retirement campaign involving the whole congregation. Thus far, twelve persons have been approached; five have responded. Pastor David cautioned that we tread carefully, and perhaps invite individuals to a couple of special events during the year. He suggested that we use the spring tree planting as our next opportunity. The trees could be memorials or we could revisit the idea of creating a Memorial Garden. Other ideas were that publicity be limited to a localized time for the specific event, and that the events be held at the Parsonage. Pastor suggested approaching Pete Floyd for help. Pete has run several quite successful fundraising campaigns in the past year.

3^rd Annual Garage Sale: We do want to continue this. Susan will approach Janis D about chairing this event. Janis had said last year that she was interested in continuing. Susan will also verify that Janis is still willing to act as our Fundraiser Committee Chair.

Coffee Hour Sign-up: We still need several persons to commit to making coffee in March. The list will be at the February 12 meeting. During Lent, as a trial run, coffee hour is being hosted after both first and second service so we need volunteers to cover both services.

Missions and Ministries Income: Members of the congregation have expressed a desire to know how much money was raised and where it went for the various missions and ministries Epworth supports. The committee agreed this was worthwhile. Susan will talk to the Missions Committee about this and forward the couple of ideas floated at this meeting.

Meeting Schedule: The committee agreed to schedule monthly meetings with the proviso that Susan will cancel them one week ahead if we have no pressing business to discuss. This is a change from the previous schedule of quarterly meetings. These meetings were tentatively set for the 2^nd Tuesday of each month at 7:00 P.M. Further discussion can take place at the next meeting if this presents too many conflicts. Our next meeting is Tuesday, Feb. 12, 7 P.M.

No Secretary was nominated. Too few members were in attendance.

Respectfully submitted,

Susan C, Chair