Finance Committee, January 14, 2015

Minutes of the Finance Committee

First United Methodist

Wednesday, January 14, 2015

Montgomery Campus, Bridal Room (moved from Carriage House) - 7:00 pm

 

Committee Members Present: Greg Roth (Chairperson), Jack Dupre, Larry Thompson, Nadine Walsworth,  Heather Young, Steve Zwick

Committee Members Absent: Ryan Comiskey, Marge Noble

Others Present: Larry Schmidt, FUMC Treasurer; Bill Stephens, FUMC Church Council Chair;

Mary Brunet, FUMC Church Business Administrator

 

Chairperson Greg Roth called the meeting to order at 7:10pm, beginning with an Opening Prayer, a Welcome, and Introduction of each attendee.  The role of taking meeting minutes was discussed and decided that, for the time being, that role would rotate to all members.

 

Approval of Minutes – December 10, 2014 Finance Committee minutes were approved unanimously by the continuing members who attended last year’s meeting.

 

Review of Finance Committee Role and Authority – reading and discussion led by Greg Roth

 

2014 Finance Report – presentation with question & answer led by Larry Schmidt, FUMC Treasurer

 

During the month the main checking account balance rose by $15,001.23 to a new balance of $58,005.11. The operating fund checking account balance increased by $20,479.22 to a new balance of $19,907.63. 

 

Year-to-date (YTD) income from pledges and gifts received was $720,819.39, which is 96.61% of the YTD budgeted amount of $746,100.  Total YTD income was $787,074.16 which was 101.04% of the YTD budgeted amount of 779,000.  YTD total expenses were $780,290.62 which was 100.17% of the YTD budgeted amount.  Overall, YTD total income exceeded YTD total expenses by $6,783.54.

 

New Business

 

“Budget Summit Recommendations on Closing the Operating Budget Deficit”

In lieu of a formal, proposed budget, the Budget Summit forwarded to the Finance Committee recommendations on closing the current 2015 Operating Budget Deficit of almost $73,000.  Larry Thompson moved to approve these recommendations, Jack Dupre seconded, and the motion passed unanimously WITH the following adjustment:

All those who pledged donations to the Mortgage Fund should be presented with the option to allow FUMC flexibility in the use of such pledges.  Specifically, FUMC requests permission to shift a total of $15,000 in aggregate donations from the Mortgage Fund to the Operating Budget for the year 2015. 

 

Annual Pasta Dinner & Silent Auction Fundraiser for Preschool 2/27/2015 – Heather Young moved, Larry Thompson seconded; passed unanimously: To allow the Preschool to conduct this event at the church.

 

Review of Mortgage Prepayment Penalty – presentation and discussion led by Greg Roth

 

Greg strongly recommends that Church leaders consider obtaining an independent estimate of the fair prepayment penalty (or prepayment refund) if FUMC someday chooses to prepay the mortgage.

 

Next Meetings

 

Special Church Council Meeting February 9, 2015 at 7:00pm – to review the 2015 Budget

 

Next Finance Committee Meeting February 11, 2015 at 7:00 pm in the Carriage House

 

 

The meeting adjourned at approximately 9:20pm with a Closing Prayer by Heather Young.

Respectfully Submitted by Heather Young

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Wed, 01/14/2015 - 19:00