Minutes of the Finance Committee Meeting of 4.13.2016
Present were: Walter Lockhart, pastor, KC Bretzke, committee chair, Carrie Feldman, staff, and members Jan Werness and Carole Megarry.
The minutes of the January and March meetings were approved.
Financial Reports. The discrepancy Carrie recently noted between the QB balance of funds and the reconciled amount set forth in the custom summary report still needs to be worked out. She will work on it and consult Jennifer.
WL noted that we have reason to expect another $10,000 year end gift for 2016. We discussed the status of this year’s donations and compared them to last year. It was AGREED that members would be sent a mid-year donation status report to encourage people make gifts consistently from month to month and hope to even out the cash flow. This should be done in June.
Fundraisers are running a bit short ($1,350 off budget). We may need to add more fund-raisers.
Apportionments. Per earlier committee decision, we sent $3,000 ($750 x 4 mos) to the Annual Conference in April.
Rummage Sale/ Indep. Contractors. It was noted that as to regular staff (Carrie) there is a budget amount for her to work additional hours when needed, and she may use this allocated amount when working for the rummage sale. Concern was raised about non-staff persons who from time to time might be hired for special projects. It was noted that their pay must be tracked so that we know if we must issue a 1099 at year end; also that we show any such “payroll” expenses as an expense of whatever project the person is hired for. Procedures for this must be developed and the staff handbook needs an additional section re independent contractors. This needs to be developed by staff and approved by SPPR.
Fiscal Agency Requests. WL informed the committee that the Center for Servant Ministries (CFSM) which has been operating out of Simpson Church, is looking to associate with WUMC. They need a new bookkeeper, and expect to receive a $50,000 grant from Simpson UMC, which would cover the salary of their half time staff person. The purpose of the grant is to fund a “new church start” based on the staff person’s work in the Hispanic community, including a Tuesday night Bible Study, which would take place at WUMC. It was noted that WUMC vision includes deepening our connection with the Hispanic community. CFSM will need some of CF’s time, mostly for payroll purposes, for their one staff person. MSP WUMC to be Fiscal Agent for CFSM for a period of 6 months at our cost; thereafter, or if additional grants come in, we would negotiate for some Fiscal Agent fees.
WL then announced a second Fiscal Agency request from the Wesley Foundation at the University of Minnesota. They already are a non-profit and at this point only need bookkeeping services, and are in a position to pay for the time necessary for Carrie to handle their bookkeeping.
A third request for Fiscal Agency has arisen due to the closing of Patrick’s Cabaret, which formerly sponsored the Street Festival. Kristine Smith is their board chair and has proposed that WUMC receive a 10% Fiscal Agency fee. AGREED to serve as Fiscal Agent for the Street Festival.
