Finance Committee Minutes
August 19, 2015
Present were: Chair KC Bretzke, members Jan Werness and Carole Megarry, and bookkeeper Carrie Feldman.
The minutes of the July 15, 2015 meeting were accepted.
Scheduling. KC pointed out that it is practical to set the Finance Committee meeting for the second Wednesday of the month at 5 p.m., considering that Trustees meet at 6 p.m. on the second Wednesday, which facilitates attendance at both meetings by the pastor and Council chair.
Profit vs. Non-profit. Carrie needs to know what income is from for profit vs. not for profit activities. Jan had done some research on this several months ago and agreed to look at that again and try to provide some guidance.
Accounting Issues. Carrie questioned whether “beginning balance should be included on the reports. Jan presented a sample budget from another non-profit board she sits on as a possible model for simplifying our reports, and agreed to check with their bookkeeper as to what software they use and how it is set up.
Walter’s Salary. We need to recalculate the budget showing his reduced salary, but the amount of the reduction was uncertain. This issue will be revisited in our September, 2015 meeting. It has been proposed that Walker UMC prepare the paychecks for Walter for both Simpson and Walker. Jan will talk to Simpson’s bookkeeper and discuss how this would be handled, as to reimbursement, and allocation of pension and housing components of his compensation.
Fall Letter. KC noted that individual donations are falling short. She proposes to put out a fall letter to the congregation urging people to catch up on their donations.
Fund Transfers. Still have not been done due to Walter’s sabbatical. He has said he will get to it within the next week.
Tax Return? No one on the committee knew if the church has to file an informational tax return. We need to check with Jennifer.
Next Meeting. September 9 at 5 p.m.
Minutes by Carole Megarry
