Finance Committee, August 10, 2016

Minutes of the Finance Committee

First United Methodist Church, Santa Rosa

Wednesday, August 10, 2016--Carriage House

 

Present:  Greg Roth (Chair), Charlie Amezcua, Chris Bowen, Mike Ferrel, Peg Ferrel (Lay Delegate to Annual Conference), Heather Young (Recording Secretary), and Darryl Jurling representative from Trustees.

Absent: Tokasa Buinimasi, Ryan Comiskey, Jack Dupre, Larry Schmidt (Treasurer), Bill Stephens (Lay Leader/Staff Parish), Mary Brunet (Business Administrator).

Greg Roth called the meeting to order at 7:05 p.m., beginning with a prayer from Heather.

 

Approval of Minutes

Minutes were approved unanimously during the past month by email.

 

Finance Report

Greg reviewed the financial statements for July 2016.  During the month the main checking account balance rose by $2,598.81 to a new balance of $73,725.36.  The operating fund balance fell by $1,775.78 to a new balance of $53,672.88.

Year-to-date (YTD) pledges and gifts were $486,571.76 which is 100.88% of the YTD budgeted amount.  Total YTD income was $546,640.61, which is 101.48% of the YTD budgeted amount.  YTD total expenses were $524,264.41, which is 94.77% of the YTD budget amount.  Overall, YTD total income has exceeded YTD total expenses by $22,376.20.

 

External Review of Financial Statements and Internal Controls

The auditor from a few years ago charged us a very good rate, but she has retired and we’ve been struggling to replace her. Goranson & Associates does the compilation for the mortgage and has agreed to complete our annual review for $500.  On July 27, the Goranson auditor conducted an onsite examination of FUMC financial statements and internal controls at the Montgomery campus.  She expects to have a formal report to FUMC within a few weeks.

 

Fall Stewardship Campaign Update

Heather has accepted responsibility for leading this year’s Stewardship Campaign and gave a brief report on start-up activities that have taken place. Additional volunteers are needed. The concern was raised that the conflict around the work of the Homeless Ministries Task Force may negatively impact funds raised in the Stewardship Campaign. Pledge card wording (regarding the operating and mortgage funds) and structure may be adjusted.  This issue will be revisited.

 

Goal for “Shift” component of the Financial Committee’s report to Church Council

Report by Greg on what measures of growth and success the Finance Committee can adopt as our goals, plans, and benchmarks for the coming year.

 

Other Business

Stony Point Study Group - Heather reported on the activities of the last meeting.

 

The Finance Committee meeting adjourned at 8:50 p.m. with a prayer by Chris Bowen.

 

Next meeting: 7:00 p.m. September 14, 2016 - Carriage House

 

Respectfully submitted by Heather Young, Recording Secretary.

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Wed, 08/10/2016 - 19:00