Finance Committee, November 11, 2015

Minutes of the Finance Committee

First United Methodist Church, Santa Rosa

Wednesday, November 11, 2015 -- Carriage House

 

Present:  Greg Roth (Chair), Ryan Comiskey, Jack Dupre, Marjorie Noble, Heather Young and Steve Zwick  – plus Larry Schmidt (Treasurer), Bill Stephens (Lay Leader/Staff Parish), and Mary Brunet (Staff).  

 

Absent:  None.

 

Greg Roth called the meeting to order at 7:03 p.m., beginning with a scripture reading and a prayer.

 

Approval of Minutes

Approval of October Minutes was deferred to the next meeting, December 9.

 

New Business

Expansion of Solar Installation -- Paul O’Rear presented a proposal to expand the solar panel installation, funded by private contributions and a special appeal to the congregation. Because of the cost reduction after the installation, a fundraiser commencing after any Close the Gap campaign, if one is needed, was approved unanimously: Ryan Comsiky moved, Jack Dupre, seconded.

 

Church Campaign Calendar -- Greg will discuss the need for a calendar of all campaigns at the Church Council meeting.

 

Finance Report

Larry Schmidt, Treasurer, reviewed the financial statements for October 2015.  During the month the main checking account balance fell by $23,814.80 to a new balance of $15,908.58.  The operating fund balance decreased by $14,084.86 to a new balance of -$3,647.37. 

 

Year-to-date (YTD) pledges and gifts were $572,692.66, which is 99.42% of the YTD budgeted amount.  Total YTD income was $626,252.93, which is 99.37% of the YTD budgeted amount.  YTD total expenses were $644,196.17 which is 97.87% of the YTD budgeted amount.  Overall, YTD total expenses have exceeded YTD total income by $17,943.24.  Net Income (total income minus total expenses) was $10,038.21 better than the budgeted amount.

 

Larry and the Finance Committee commended Mary Brunet and Larry Thompson for their projections of non-pledged income and Mary’s estimations of church personnel costs – both remarkably accurate: Well Done!

 

Change to Mortgage Accounting

Mary presented her analysis of the change to mortgage accounting first presented at October meeting. After discussion, approved incorporating monthly mortgage income and mortgage payment into operating fund report; approved making necessary adjustments to the 08 account for reporting purposes: Ryan Comisky moved; Greg Roth seconded; both actions were approved unanimously.

 

Other Business

 

Stewardship Letter -- Reviewed and approved Stewardship Letter to go out with Greg’s signature.  Marge Noble, Heather Young, Steve Swick, and Bill Stephens volunteered to help Greg stuff envelopes for the Stewardship Letter campaign.

 

Finance Committee Members 2016 -- Reviewed the new Finance Committee members; suggested additional members; received volunteers.

 

The meeting adjourned at 9:00 p.m. with a prayer by Mary Brunet.

 

Next meeting: 7:00 p.m. December 9, 2015 -- Carriage House

 

Respectfully submitted by Heather Young.

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Wed, 11/11/2015 - 19:00