Purpose and Guidelines:
Click here to download the Guidelines for the Finance Committee
- Purchasing Policy (updated in 2025); do not hesitate to contact the office for a printed copy, or a copy of our present or former credit card policies
Upcoming meetings (Boardroom):
- May 5 6pm
- May 19 6pm
- June 30 6pm
- July 28 6pm
- Wednesday, August 27 6pm
- Wednesday, September 24 6pm
- Wednesday, October 29 6pm
- Wednesday, November 19 6pm
Past meetings:
March 24
- February minutes reviewed and approved
- Discussion of February 2025 financial package
- Discussion and motion on prepaid youth trip and youth mission trip reserve, timing of when money is collected and used; ensure Rob is aware of balance and utilizing for mission trips
- DMLO financial review update: Shelly has provided everything for 2023. They will get back to Shelly in late April or May for a site visit and to discuss 2024
- Work continues on set up processes to identify income and expenses with sub categories to better account for in and out activity; continue work on clean up and better accounting to reserves; Reports to Ministry Teams and Committee Chairs by 3/31; approved having all payroll made thru direct deposit effective July 2025 to assist with reconcilation
- Audrey, co-chair of Capital Campaign task force, provided a summary of their status with the process. Have met with two organizations to organize the campaign – have one more to meet with. The two so far would do a feasibility study with the entire congregation as a beginning step. Ballpark estimate for 2025 budget needs for 2025 is $15,000.
- Last month’s revision to gift policy recommended by finance not yet presented to the executive board. The Gift committee will also need to meet regarding the most recent gift.
- Share recent email from Property Committee Chair concerning budget adjustments
- Audrey asked if personnel has been pulled into the conversations regarding current budget awareness. Trey has met with Jim and he has been made aware. There may be areas within personnel once some determinations have been made for the children’s ministry position. Closing prayer by Trey
February 24
- Discussed how to account for December 2024 expenses through payables. Children’s programs and supplied were replenished with some December 2024 credit card transactions. Confirm Youth Reserve balance.
- Shelly will work with Doug Dawson to make sure all endowment documents are provided to DMLO as needed.
- Goal of sixty (60) days operating expenses and reserves would be at least $400,000. Options include increased giving, reducing expenses, utilizing line of credit.
- Discussion of how capital campaign and endowment fit into overall financial picture moving forward. Do we look at incorporating building up reserves in this campaign? Any interested members of finance will attend next capital campaign meeting.
- Finance recommends to modify gift policy and provide discretion so that monies are not unnecessarily directed to endowment when there are cash needs.
January 29
- Work session began at 4pm with a majority of the committee present to assist Finance Director in making corrected journal entries for year end close (issue tracker updated to assist Finance Director between meetings)
- Official meeting began at 6pm; review of 2024 finances (subject to above corrections); concerning reserves, discuss need for reserve policy and touching base with DMLO; unanimous approval by committee to: #1 clear obsolete reserve accounts (except Library, Vehicle and Children’s Ministry); #2 merge General Reserve with Unrestricted Net Assets; #3 merge Memorial Reserve with Unrestricted Net Assets; and #4 reset Capital & Maintenance reserves; discuss plan/policy to rebuild reserves and to establish 60 days of cash policy
- Treasurer discusses goals for years and to continue supporting Finance Director, establish regular work sessions; real-time report to be provided to Ministry Teams for budget tracking purposes
- Discuss updated purchasing policy and requests, unanimous approval after suggested updates
- Discuss memo from Property Committee; defer until all quotes received on 2 HVAC units that are approximately 20 years old (following recent replacement of a third which was slightly newer)
- Unanimous approval to add line items for restricted and unrestricted cash; recommend prioritizing completion of pending audit with DMLO so that 2024 can be completed, and so updated financials can be provided to SYB for line of credit (current balance is zero)