Finance Committee, June 14, 2017

Minutes of the Finance Committee

First United Methodist Church, Santa Rosa

Wednesday, June 14, 2017 — Carriage House


Present: Chris Bowen (serving as Chair), Jack Breglio, Peg Ferrel (Lay Delegate to Annual Conference), Marty Thompson, Heather Young (Recording Secretary), Mary Brunet (Business Administrator), and John DeGroot (Representative from Trustees).

Absent: Greg Roth (Chair), Charlie Amezcua, Tokasa Buinimasi, Mike Ferrel, and a Representative from Staff Parish.


Chris Bowen called the meeting to order at 7:10 pm, beginning with a prayer.


Approval of Minutes

Minutes were approved via email prior to the meeting, and posted to the FUMC website.


Finance Report

Mary Brunet reviewed the financial statements for last month. Pledges and non-pledged income is under-budget by $3,201.87. Special Fundraising has this month brought in $26,605.00


External Review of Internal Controls & Financial Statements

The Review went very well. Many of their recommendations from last year have been implemented and they were pleased with that. The Auditors recommended that the mortgage principal expense no longer be reported on the I and E report, but instead reported solely as a reduction of liability on the balance sheet. A summary will be provided in the monthly finance report packet, to the Finance Committee, reflecting this change. Moved by Marty, Seconded by Peg. Passed unanimously.


Spring Fundraising Campaign

As of today the Spring Fundraising Campaign has resulted in an additional 52 pledges for approximately $53,000. The $26,605 amount For the most part these are one-time gifts of $1,000. One more mailing will go out tomorrow, plus Thank You notes to all who have contributed to this campaign.


Balanced Budget for 2017

Heather discussed Greg’s cash-flow forecast, which predicted the reserves will start being spent in June and funds designated for other purposes will start being spent beginning in September. Mary stated that she believes there will be sufficient cash for completing this year, but that doing so would result in beginning 2018 with greatly depleted reserves.  Discussion ensued about where cash may come from for that to be the case. No clear sources were identified.

Chris will speak with Greg to determine actions needed to address the lack of a balanced budget.


Asset Task Force Update

Heather reported that the Task Force report will be completed and presented to the Church Council at their July 8 meeting.


Other Business



The meeting adjourned at 8:40p.m. with a prayer by Heather Young.


Next meeting: 7:00 p.m. July 12, 2017 - Carriage House


Respectfully submitted by Heather Young, Recording Secretary.

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Wed, 06/14/2017 - 19:00