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Finance Committee


Finance Committee Board Membership and Committee Charter
 
Board members serving on the Finance Committee for the 2016-2017 are  (pictured above, from left to right):

--Darin Stewart (Treasurer and Finance Committee Chair)
--Maryann Roulier
--Laura Milne
--Randy Russell

The Finance Committee is a standing committee of the Board of Trustees and is chaired by the Treasurer.  The Board has delegated to the Finance Committee various responsibilities related to fiduciary management and review.  These include:

-Monitoring compliance with section 3.3 of the Governing Policies in the areas of Financial Planning, Budgeting, Financial Condition and Activities, and Asset Protection;
-Reviewing the annual budget and making recommendations;
-Explaining and taking comments about the annual budget from the Congregation;
-Reviewing and presenting monthly financial reports to the Board of Trustees ;
-Contracting for an external audit each year and receiving a report from the Auditor;    
-Reviewing compensation of employees in accordance with the Conflicts of Interest & Executive Compensation Policy and making recommendations to the board.

For a more detailed description of the role of the Finance Committee and its members please click on this link: The Finance Committee Members Guide
 

Finance Committee Review—June 2015-May 2016
 
During the past year the Finance Committee has focused on its core responsibility of fiscal oversight while striving to share the Church's finances clearly with the congregation.  It starts with the monthly meetings, which are publicized in advance and open to all.  Meeting minutes, financial information and monthly spread sheets are quickly posted to the Church website.  During the year, the committee worked to make Church finances and the budget more accessible to the congregation.  We held quarterly congregant meetings where budget and financial information were openly shared and discussed. The meeting minutes and all suggestions were posted and shared with the participants, the Board and the Executive Team.  These meetings provided a direct forum for congregants to share budget ideas and concerns as the budget was developed. Finally, the committee reviewed the Church's financial policies and made specific recommendations to the Policy Evaluation Committee to simplify and clarify these guidelines.
 
 

Buchan Loan Summary
 

First Unitarian Church currently carries a commercial loan for the balance of the construction costs of the Buchan Building.  The loan began on April 9, 2013 and matures on April 16, 2023.  The loan amount is $1,630,000 with 119 monthly principal payments of $8,887 and one balloon payment estimated at $1,186,712 due at the end of the loan. The interest rate is 4.25%.  The Church can retire up to 20% of the unpaid principal in any given year without penalty.  At the time the loan was negotiated these were considered very favorable terms. The loan balance on June 30, 2015 was $1,548,564.  Principal and interest payments are part of the Church's operating budget and total approximately $106,600 annually. The Executive Team and Board currently do not anticipate holding a capital funding drive to retire this debt, but plan to renegotiate the loan prior to its expiration. This decision will depend on market conditions when the current loan ends. 

(posted October, 2015)


Budgeting at First Unitarian

Budgeting at First Unitarian is led by the Executive Team with input  from the Board and congregants.    Our policies direct the Executive Team to present a draft budget to the Board's Finance Committee at their February meeting.  This budget is typically not in balance, but points to work and decision-making that yet needs to be done.  The Finance Committee and Executive Team review the draft budget in detail at this meeting, and the Executive Team takes the budget back for revision.  The Treasurer also schedules an informational meeting on the budget  for congregants in February to receive congregant input on the budget and relay this feedback to the Executive Team. The Executive Team presents a final balanced annual budget proposal to the Finance Committee at its March meeting.  On occasion, another revision and an extra Finance Committee meeting to review and approve the final budget must be held.  The Finance Committee  then presents the recommended budget to the Board for review and approval at the Board's April meeting.  The Board schedules information sessions for congregants on the budget and other items being voted on in the May election.  In May the congregation votes on the budget and other Church matters.


Budget Calendar 

September: Finance Committee and Executive Team host congregant meetings to review year-end budget (July 1-June 30) results.
November: Finance Committee and Executive Team host congregant meetings to review 1st quarter budget (July1-September 30) results.
February: Finance Committee and Executive Team host congregant meeting to review 6 months budget (July1-December 31) results and get budget input from   congregants.  Executive Team presents draft budget to the Finance Committee.
March: Executive Team presents final budget proposal to the Finance Committee. Finance Committee approves the budget or refers back to the Executive Team for a final revision and approval.
April: Board Receives and approves the final annual budget.
May: Board schedules information sessions with congregants on the budget and other items on the May ballot. Congregation votes for the annual meeting. 

Note:  Finance Committee and Board meetings are open meetings and all congregants are welcome to attend. Meetings may go into Executive Session to address issues involving privileged information and matters of a private nature. 

Michael Cunningham, Treasurer

October, 2015

 

Finance Committee Documents 

Recent financial reports and minutes from the Finance Committee can be found at the Board Packet Page, which is updated monthly, before each Board of Trustees meetings.  Additional Finance Committee materials are posted below.


Fin Rev FS 2014-15
 

Finance Committee Meeting Minutes

2016

January 2016         
February 2016      
March 2016         
April 2016            
May 2016       
June 2016

2015

January 2015
February 2015
March 2015
April 2015             
May 2015       
June 2015     
October 2015         
November 2015      
final November 2015     
December 2015

2014

March 2014
April 2014
July 2014
September 2014
October 2014
November 2014
December 2014

• Notes To Financials

2015
January 2015
February 2015
March 2015     
April 2015     
May 2015
June 2015     
September 2015       
October 2015     
November 2015
December 2015        

2016
January 2016        
February 2016       
March 2016           
April 2016         
May 2016

• Board Report

2015
January 2015
February 2015
March 2015      
April 2015     
May 2015     
June 2015       
September 2015      
October 2015      
November 2015         
December 2015        

2016
January 2016      
February 2016       
March 2016         
April 2016          
May 2016

• Graphical Fact Sheets

Graphical Fact Sheet_Feb 2014
Graphical Fact Sheet FT 2014.pdf

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