Walker Church Finance Committee
1/14/15
Present: Lulu Philips, Jan Werness, Jennifer Gahnstrom, Linda Berglin
Minutes from December Meeting: The minutes from December were approved after being corrected so that the last paragraph reads:
End of Year: As we have done for the past few years, if there is still a deficit at the end of the year we will transfer the necessary funds from Reserve to Operating, or if there is a positive balance in Operating we will transfer the balance from Operating to Reserve, so that we end the year with a zero balance.
Finance Committee Membership: Welcome to Linda Berglin who has joined the committee.
Financial Reports: Operating income and expenses were very close so only $634.48 needed to be transferred from Reserve. Individual donations increased significantly and the end of the year, including a large anonymous donation. Rental income totaled $14,434, which is less than $600 under the 2014 budgeted amount of $15,000. Overall, income was $4,300 over budget.
We reviewed fund balances as of 12-31-14. The Operating, Claim and Table funds have a zero balance. Claim and Table funds will no longer be listed as all funds are expended and no further income or expenses are expected in either category.
Outstanding Bills: Watson-Forberg has requested final payment of $6538.60. The money is available to make the payment. Final payment decision is up to the Trustees. Finance committee has concerns about paying this before all problems are resolved, and requests that Trustees talk to the Finance Committee if they want to make payment now.
Fundraisers: The spring rummage sale is set for April 23-25, 2015. Silent auction date is being set. Lulu will coordinate these. There are no further updates on adult daycare and other income proposals.
2014 Giving Letter: Lulu will draft the year end letter to members.
Financial Polices & Responsibilities List: Jennifer gave members the 2014 lists for review.
Bank: Sunrise Bank is closing its branch at Bloomington and Lake as of the end of March. This will be an inconvenience for making deposits and other bank business as the nearest Sunrise Bank is at Blaisdell and Franklin. We will discuss at our next meeting whether to change banks.
Minutes by Jan Werness
