Finance Committee, February 10, 2016

Minutes of the Finance Committee

First United Methodist Church, Santa Rosa

Wednesday, February 10, 2016 -- Carriage House
 

(Due to Ash Wednesday, meeting was held in two parts: 6-7pm; resumed 8-9pm)

Present Entire Meeting:  Greg Roth (Chair), Jack Dupre, Heather Young, Charlie Amezcua, Tokasa Buinimasi, Mike Ferrel, Chris Bowen, Bill Stephens (Lay Leader/Staff Parish), Peg Ferrel (Lay Rep to Annual Conf), Paul O’Rear (guest), and Elizabeth Walsh (Children’s Ministry/Pre-school).  Absent 6-7pm, present 7-9pm:  Ryan Comiskey, Larry Schmidt (Treasurer), Norm Hardin (Trustees), and Mary Brunet (Business Administrator).

Greg Roth called the meeting to order at 6:00 p.m. and led a beginning prayer.

Introduction of New Members

Tokasa Buinimasi and Peg Ferrel introduced themselves and the rest of the committee welcomed them to a challenging year. It was noted that service on the Finance Committee is very much appreciated.

Fundraising Request
Elizabeth Walton proposed a golf tournament fundraiser for this coming August. Mike Ferrel moved and Chris Bowen seconded a motion to accept the fundraiser as presented by Elizabeth. Motion passed unanimously – and was re-passed unanimously at the later meeting when all were present.

Approval of Minutes

Chris Bowen moved and Ryan Comiskey seconded a motion to approve the January Finance Committee meeting minutes.  The motion was passed unanimously. 

Finance Report

Larry Schmidt reviewed the financial statements for January 2016.  During the month the main checking account balance fell by $11,068.51 to a new balance of $9,351.54.  The operating fund balance rose by $13,409.92 to a new balance of $39,089.14. 

Year-to-date (YTD) pledges and gifts were $80,469.35, which is 126.88% of the YTD budgeted amount.  Total YTD income was $83,606.11, which is 126.70% of the YTD budgeted amount.  YTD total expenses were $80,735.90 which is 105.30% of the YTD budget amount.  Overall, YTD total income exceeded YTD total expenses by $2,870.21.  

Discussion ensued regarding the composition of the “Prepaid” Account and Mary proposed that she review those items included as prepaid. Greg and Mary proposed developing a Projected Cash Flow report which would show the specific, estimated timing of when our bank accounts will fall to zero, based on projected spending and income.

Business Administrator’s Report

Mary reported no luck thus far in identifying an auditor for the FUMC accounts. Everyone will scour their contacts for a suitable independent auditor. Heather Young moved and Larry Schmidt seconded that Mary ready the church’s books for a compilation. Motion passed unanimously.

Mike Ferrel moved and Jack seconded that FUMC perform an audit for 2015 with review of budget and review of internal controls. Motion passed unanimously.

FUMC Financial Transparency

Greg proposed several steps for increased, consistent transparency of the church’s finances with the wider church membership and re-iterated that our Finance Committee meetings are open for anyone to attend, the monthly Finance Reports and last Fall’s pie charts showing our overall church budget are now all on the FUMC website, and Greg has started writing an article every month for the Roseleaf Newsletter.

Stewardship Campaign

Peg Ferrel moved and Larry Schmidt seconded a motion to recommend to Church Council that a Stewardship Committee be formed, separate from the Finance Committee, to better focus on the important tasks of annual stewardship communication and tracking of results:

The Finance Committee recommends the formation of a separate FUMC Stewardship Committee to oversee church fundraising, starting with the anticipated May 2016 Campaign.

The meeting ended at approximately 9:00pm with a closing prayer from Mary Brunet.

Next meeting will be a special meeting at 7:00 p.m. February 24, 2016, Library

 

Respectfully submitted, Heather Young

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Wed, 02/10/2016 - 19:00