Finance Committee, December 10, 2014

Minutes of the Finance Committee

First United Methodist Church, Santa Rosa

Wednesday, December 10, 2014--Carriage House


Present:  Pamala Stephens (Chair), Mary Brunet, Greg Roth, Larry Schmidt, and Larry Thompson.   

Absent:   Ryan Comiskey, Jack Dupre, Marjorie Noble and Steve Zwick.


Pamala Stephens called the meeting to order at 7:00 p.m., beginning with a devotional reading and a prayer.


Approval of Minutes

Pamala moved to approve the November 12, 2014 Finance Committee meeting minutes.   Greg Roth seconded and the motion was passed unanimously. 


Book Discussion

The Committee members discussed their main “takeaways” from reading chapters 2 and 3 from the book, Shift: Helping Congregations Back into the Game of Effective Ministry, by Dr. Phil Maynard. 


Finance Report

Larry Schmidt reviewed the financial statements for November.  During the month the main checking account balance rose by $20,915.74 to a new balance of $43,003.88. The operating fund balance increased by $14,431.22 to a new balance of -$571.59. 


Year-to-date (YTD) pledges and gifts received were $632,621.21, which is 93.09% of the YTD budgeted amount of $679,611.36.  Total YTD income was 97.37% of the YTD budgeted amount.  YTD total expenses were 98.89% of the YTD budgeted amount.  Overall, YTD total expenses have exceeded YTD total income by $10,795.06.


Stewardship Campaign Report

Mary Brunet provided updated information on the Stewardship Campaign.  At last count, 171 pledges had been made for the year 2015.  The total amount pledged so far was $508,932.68.  Also, Pamala thanked Larry Schmidt and Larry Thompson for their excellent assistance with the Campaign.


Outgoing Chairperson’s Final Recommendation

Pamala Stephens gave her final recommendation to the Committee.  She strongly suggested that Church leaders build up the Operating Reserve Savings (ORS) balance.  The ORS account serves as a type of rainy day fund.  During the year, when forecasted cash inflows fail to meet required cash outflows, the ORS account can provide the Church with badly needed liquidity. 


Other Business

Larry Thompson moved that, at the end of December 2014, the last remaining balance of the Child & Youth Special Fund (estimated at $568.59) be split into two equal amounts.  His motion specified that one half of the remaining balance would go to the Children’s Ferguson Fund Balance and the other half would go to the Youth Ferguson Fund Balance.  Greg Roth seconded the motion and it was passed unanimously. 


Mary reported that the contractor Accu-Bore had agreed to extend its lease of some Stony Point land into the first three months of 2015 and this would bring in approximately $10,500. 

The Committee agreed to delay Greg’s update on the mortgage prepayment penalty until January, so that new members could participate in the discussion.


The Committee Thanks Pamala Stephens

Pamala Stephens has been the Finance Committee Chairperson for the last two years.  Her tenure came to an end at this December meeting.  Every person in attendance expressed gratitude for Pamala’s outstanding service and leadership.  We will all miss having her on the Committee, but we know that she will continue to be a blessing for our Church.    


The meeting adjourned at approximately 8:20 p.m. with a prayer by Mary Brunet.


Next meeting: 7:00 p.m. January 14, Carriage House

Respectfully submitted by Greg Roth

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Wed, 12/10/2014 - 16:43