Finance Committee Meeting June 10, 2008

Financial Committee Minutes

June 10, 2008

HIGHLIGHTS:

• Address negative balances in a couple accounts
• Discuss the budget and the need to increase giving; how to address this

In attendance: Bill B, Joe B, Dick B, Carole B, Pastor David N, Ron S and Susan C.

Approval of Minutes: Carole moved that we approve the minutes of the last meeting. Bill seconded. Motion passed.

Treasurer’s Report: The Building/Remodel Construction Fund (597F) has a shortfall of $2,931.06. After some discussion, Ron moved that we transfer funds from the Grace Parsonage Gift Fund (596T) to cover this shortage. Bill seconded. Motion passed.

The Missions account (700C) has carried a shortage of $753.89 since the mission trip to Montana last summer. Do we ask those who went on the mission to cover the expense?

Do we know how to contact everyone? Since this is a year old, we agreed to ask the Missions Committee for help to find a way to cover some of the shortage or to offer suggestions for ways to cover it. Susan will speak with Alyson.

The question was asked if we still have money left to spend on the parsonage. Last year, the amount approved for the parsonage was $400,000. Of that, $375,000 was spent to purchase the parsonage. The balance of $25,000 is the “hard limit” available to be spent on the parsonage over the first 3 years we own it.

Susan will ask Paul if we have paid for the convection ovens.

New Business

July and August Meetings: The July meeting will be postponed a week due to Vacation Bible School. However, it will be on Wed. July 16 rather that Tues. Discussion of the August meeting was postponed until July.

Budget: Pastor David reminded us that the purpose of the Finance Committee is to find ways to fund projects. We need to help the congregation discover the importance of being part of the financial base, to honor their commitment. We need to help them discover the joy of giving – that church should be at the top of their list not the bottom.

Giving is a spiritual issue not financial. If the congregation won’t support the budget, our outreach effort begins to paint a not-so-pretty picture. What are our priorities?

We will dedicate the July meeting to finding ways to increase giving. The health/life of our church depends on this. At their May meeting, the Church Council discussed ways to increase giving. We will use those to jump start our discussion at our July meeting.

Old Business

“Other Pockets”: We have made approximately $11,000 to date. After the $4350 in fees, we can spend $6650. Ron moved that we allocate $3000 to replace the lights in the community Room and $4000 to refurbish the washrooms off the SonRise Room. Dick seconded. Motion passed.

Annual Rummage Sale: The proceeds were $4700.

Taste of Epworth: We have the drinks booth.

Capital Campaign 2009: A place marker for now

Adjourned at 8:35 P.M. Next meeting is Wednesday July 16, 2008 at 7:00 P.M.

Respectfully submitted,

Susan C

Finance Committee Meeting May 13, 2008

Financial Committee Minutes

May 13, 2008

HIGHLIGHTS:

• Review of some incorrect numbers in April Treasurer’s report.
• Review/report of reallocation of bequest and memorial funds
• Developing consistent procedures for bringing proposals to Finance

In attendance: Bill B, Joe B, Carole B, Pastor David N, Carol W, and Susan C.

Approval of Minutes: Bill moved, and Joe seconded, that we approve the minutes of the last meeting. Motion passed.

Treasurer’s Report: In Paul’s absence Carole shared his notes with the committee. In the 599T Bequest fund, Paul discovered some funds had been left in a no longer existing “Church Decorating” sub account. He used it to partially offset a negative balance in the “Undesignated” sub account under this same 599T account. From the March report, the pastor's pension amount had been put into pastor's insurance. This was corrected in April. Also, the pastor's salary has an extra $900 in it because part of his housing for 2007 had not been paid as per the staff parish. Paul is concerned that the Parsonage Fund has only a $300 balance and air conditioning has not yet been installed.

New Business

Reallocation of Memorial/Bequest Funds: Susan reported to the committee That she had met with Pastor David, Ron S and Jan S to look at the Bequest Fund and find funds to cover some overages for the kitchen hood project and the projector. The proposed reallocation is to move $1,000 from Capital Reserves and $4,599 from the Building Projects fund. Of that, $!,099 will go to the projector and the remaining $4,500 to the kitche hood project. She asked the committee to approve the reallocation. Carol W. moved; Bill seconded. Motion passed.

Old Business

Other Pockets: Susan informed the committee that an anonymous donor had offered to increase any monies received from economic stimulus checks. Our first mailing has gone out, and the second one will go next week. The final mainling with a commitment card will be mailed to arrive during the week prior to June 1.

Annual Rummage Sale: Susan contacted Janis to offer the help of the Finance Committee since this is our biggest fundraiser.

Taste of Epworth: Susan signed up Finance for drinks. We should have our booth “name” by June 8. Taste is June 21 from 3-7 with set up prior to, and take down afterwards. If anyone has any clever or creative ideas, please bring them forth.

Other: Carole shared with the committee that Church Council had discussed a variety of ways to increase giving. Several were mentioned including asking members to double their monthly commitment amount for one month.

Carole and Susan together will develop a procedure for committees to follow so that as soon as a project is known to have cost overruns, that can be brought to Finance. Finance needs to have information so that we are able to describe, define and/or defend additional funds spent on projects. We will also work on creating a procedure for bringing original proposals to Finance so that everyone is aware of what is necessary for consideration and/or funding.

Capital Campaign 2009: A place marker for now

Adjourned at 8:20 P.M. Next meeting is Tuesday, June 10, 2008 at 7:00 P.M.

Respectfully submitted,

Susan C, Chair

Financial Committee Minutes 4-8-08

Financial Committee Minutes

April 8, 2008

HIGHLIGHTS:

• Income shortfall plus Easter gifts were very small
• Some projects are over budget. Is reallocation of memorial money necessary?
• “Other Pockets” campaign kickoff is April 27. Committee is in place.

In attendance: Donald B, Bill B, Joe B, Pastor David Newhouse, Carol W, and Susan C.

Approval of Minutes: Bill moved, and Don seconded, that we approve the minutes of the last meeting. Approved.

Treasurer’s Report: In Paul’s absence the committee reviewed the reports he had sent. Our income is down, and the extra expenses from the long, snowy winter have negatively impacted our budget. The numbers for the Pastor’s Pension and Insurance were confusing to those present. Susan will ask Paul for clarification for the May meeting. Paul asked us to note that the Multimedia bequest fund was at $0.00, but there are still bills being presented for it. Also, there is only $1860.23 left in the Kitchen Hood bequest fund, but we still have several thousand dollars of expenses for it. Part of the concern is that some of the Architect’s fees we’ve paid from this fund were for drawings not related to the kitchen hood. Pastor David relayed that Ron Stout has requested from the architecture firm a breakdown of their fees by project. We will need to address with Paul and Jan Starner, the Trustees member in charge of Memorials, how to cover these additional expenses, possibly through reallocation of Memorial funds.

This raised the issue of Susan asking the Church Council Members to have their committee members turn in all receipts to the committee chairs who would then turn them in to Paul. This would allow the chairpersons to track the monies allocated to his or her own committee rather than having Paul carry this extra responsibility. It would also give Paul the information he needs when paying bills.

Financial Secretary, Carol Westphal, told us that statements will be mailed to members on Thursday, April 10. Carol was asked to furnish the Missions Committee with information about money that is collected for mission projects so they can keep the congregation posted on how our mission money is spent.

New Business

Taste Of Epworth: This event is June 21, at church. Susan signed up Finance to be in charge of drinks.

Communicating Financial Data: We have discussed ways to let the congregation know, on a regular basis, where our finances stand. Pastor David inserted into the April newsletter a monthly summary of our finances for the first 2 ½ months of this year. Should this be a regular feature or is there another way we would like to disseminate

Finance Minutes, 4/8/08 p. 2

this information? Should the “Goal” amount be the annual budget divided by 12, or the monthly budget as listed in our actual budget?

Special Mailings: This year our Easter gifts totaled only $240, a huge decrease in what is usually given on that day. Paul asked us to consider how not having the special holiday mailing we’ve had in years past could have affected the gifts this year. Easter is considered an “extra” Sunday for our budget, but this year the low gift total didn’t make a difference in the budget. Should we reinstate the special mailings for Easter, Thanksgiving and Christmas?

Legacy Giving: This will be discussed after Lay Leadership has an opportunity to meet and appoint the committee per the Annual Conference.

Comprehensive project list: Although we have many projects in progress, a comprehensive list isn’t readily available. This may affect how some of the Memorial money is allocated or reallocated. We also need to discuss what may be some false assumptions about the availability of some of the Memorial money. This will also be important to the “Other Pockets” campaign. One of their tasks is to explain where the funds raised in this campaign will be spent.

Old Business

Capital Campaign: Our “Other Pockets” campaign will officially kick off on Sunday, April 27. Pastor David already inserted into the April newsletter a one page description of the campaign, its purpose and goals. The campaign committee is not complete, but the most of the positions have been filled. Pastor David suggested e-mailing Kevin Gowdy, our consultant, about including “economic stimulus” checks in the campaign program.

Annual Garage Sale: Susan confirmed with Janis Denman that she will be chairing the annual garage sale. The dates have been set for May 30 and 31. There will also be flowers for sale for Heifer Project, food and kids games.

Electronic sign: This sign should be installed by August. It will have 6” letters, and will be visible from Randall Road.

Adjourned at 8:17. Our next meeting is Tuesday, May 13, at 7 PM.

Respectfully submitted,

Susan Collins, Chair