Minutes of Finance Committee- January 15, 2016
Present were: Pastor Walter Lockhart, members Carole Megarry, and Jan Werness, and bookkeeper Carrie Feldman.
The minutes of the December meeting were accepted.
An agenda was set.
Financial Reports. We reviewed 12/31/2015 reports as drafted. Walter recommended that the building fund and operating fund balances be brought to zero (from -2,417.25 and -1,170.07, respectively) by using of the reserve fund. The committee AGREED. He further recommended that the balance owing on the sound system be paid from the capital account, and the committee AGREED.
Church Mutual: December minutes reflect that Church Mutual is now billing annually with premium due in January. The bill was paid in December and so it should be all 2015 expense.
Budget. We discussed how the Simpson reimbursement for their share of the pastor’s salary should be shown as part of the pastor’s expense.
Possible Future Programs/Grants. Walter announced there may be a new SSUMC feeding Walker and Simpson programs in the arts, for which the SSUMC might be able to get grants as a non-profit, for which WCC would be fiscal agent. He also noted we may lose our status as fiscal agent for Powderhorn Empty Bowls because they may obtain their own 501(c)(3) certificate.
Mystery $10,000 year end gift. WL will attempt to determine if the anonymous giver or this gift made a previous gift.
Apportionments. It was noted that we stopped paying when the old church burned down. Apportionments, if paid in full for 2016, will be $14,380. If we pay in full the Conference will forgive ¼ of what we owe (current sum uncertain). There was discussion of whether we could or should use reserve monies to meet the full amount. It was AGREED to start paying $750 per month in January.
Pledges. The missing pledge forms have not been found. Carrie will contact everyone who has pledged in the past and request that they made one for 2016 and if so, what it was.
Watch reserves. WL noted we need to keep an eye on reserve fund balances and make sure we have six months of salary and operating expenses on hand.
Autopayments. Carrie asked about setting up auto deducted payments for expenses such as utilities, and possibly FICA, too. The committee suggested we should set up autopayments so long as hard copy of statements is obtained and kept in the monthly expense folder.
Future meetings. We will not need to meet in February but there needs to be a Congregational meeting in February to approve the budget.
