Finance

Minutes of Finance Committee
October 14, 2015

Present were: Chair KC Bretzke, pastor Walter Lockhart, members Carole Megarry, Jan Werness and Linda Berglin, and bookkeeper Carrie Feldman.

The minutes of the September meeting were accepted.

An agenda was set.

Walter’s Salary. Net savings to WCC from “sharing” Walter with Simpson is currently $982 per month; Walter pointed out that as of Jan. 1, 2016, this sum would be $882 per month in savings. Carrie needs Simpson to make its deposit by the end of the month.

Financial Reports. Were reviewed. Walter requested detailed expense reports, with one produced in October and the next at year-end.

Shortfall. Based on projections, our shortfall at year-end would appear to be $9,964, after factoring in rummage sale profits of approximately $3,250. KC has secured commitments for $3,000 in “match” monies and is seeking another $2,000 for to encourage matched donations. She proposed to send another letter re the shortfall and match monies. Walter suggested a late October mailing, showing Christmas activities and also the amount of gifts the individual or family has made and their estimate of giving amount.

Profit vs. Non-profit Issue. This is still less than clear. Carole has made some preliminary contacts with several attorneys and professionals. The issue of debt on the building may or may not be relevant to UBTI. At present, per Walter, our building is worth about $2.8M and subject to unsecured debt in the amount of $250,000, which is scheduled to be forgiven January 1. 2016. Carole will seek opinions from the responders to her email and report the result.

Tax Returns? If we need to report UBTI, a form 990 would have to be filed.

RBC Account. Walter will request that they send paper statements

Art Fair. KC reported that so far, she has 21 artists signed up and is still seeking more.

Budget. Walter and Carrie will make a start. Walter suggested a bit more cushion in the staff expenses, in anticipation that we may need more time from Carrie and Ignacio, as well as his COLA.

Next Meeting. November 11 at 5 p.m.

Minutes by Carole Megarry