Finance

The Finance Committee is accountable to the Church Council. The Finance Committee is the fiscal agent for the members of the congregation and is entrusted to manage the gifts given to the church. The Stewardship Committee is accountable to and works with the Finance Committee to raise the funds necessary to implement the proposed budgets of the appropriate committees. The members of the committee consist of the Pastors, Lay Member to the Annual Conference, Chairperson of the Church Council, representative from Trustees, Stewardship Chairperson, Lay Leader, Financial Secretary*, Treasurer*, Executive Pastor*, and Members-at-Large

*Non-voting, if a paid staff member of the church.

Chair:  Ed Duggar

At-Large
Ed Duggar (10)
Kelly Kitchens (10)

Members by Virtue of their Office
Lay Leader:  Jason Hickey
Stewardship:  Rich Sox
Lay Delegate:  Jeff Barbacci

Finance Committee Meeting Notes

The Finance Committee met on March 12, 2009. Attending were Kathy Hodge, Jason Hickey, Kelly Kitchens, Janet Miles, Candace Hires, Ron Fye, Herb Rogero, Ed Duggar, Ken Jung, Fred Staubitz, Bryan Rosenthal

The meeting was opened in prayer by Jason Hickey with the following scripture:

Jim Divine made two presentations from the missions committee.

The KUMC missions committee would like to begin a fundraising effort called the “Missions Box”. The committee would highlight one outreach program at a frequency of no more than every 2 weeks. During this time a donation box would be available for people to give for that program. This was discussed earlier in the year as a type of “faith pledge” fundraising effort. The mission committee’s budget was drastically reduced this year in anticipation of this activity. The “Missions Box” fundraising effort is to be utilized only by the Missions Committee of KUMC. All other financial appeals would need to be approved by the KUMC Finance committee.

The KUMC missions committee presented “The Mission Society, Global Outreach Weekend” to be held on the weekend of August 28-30, 2009. The organization requests a love-offering be taken “at each of the weekend worship services”. This would include our Sunday services which contradict the financial appeals policy. Therefore the KUMC Finance Committee recommends using the newly created “Missions Box” fundraising mechanism described in the paragraph above be used for this weekend. Any other method of fundraising would need to be discussed and approved by the committee.

Jason Hickey demonstrated the bank draft online application by Vanco services. This service allows members to schedule automatic bank drafts for their tithes and offerings on a one-time or recurring basis. The service is recommended by the Florida Conference of the UMC and has a $0.25 transaction fee. The Finance committee recommends integrating this service with our new website to begin in 2009.

“The KUMC Financial Appeals Policy” document was last revised in May of 2006. The Finance committee reviewed the current document and will add language to support the new “Missions Box” fundraising effort to be used by the Missions Committee. The policy will also contain an inclusive list of pre-approved annual fundraising efforts for KUMC programs. This document, once finalized, will be communicated to all of the program areas.


Finance Committee Notes
May 14, 2009

Budget receipts are ahead of the budget target and expenditures are slightly below budget. While this is encouraging, giving has historically tapered off during the summer months and members need to remain diligent.

The Committee voted unanimously to adopt the revised "The KUMC Financial Appeals Policy" which was last revised in May, 2006. The policy governs fundraising activites for ministry areas. A copy of the new policy is being circulated to staff and committee chairmen.

The new electronic giving application has been placed on the website. Members are encouraged to take advantage of this opportunity.


Finance Committee Notes
May 31, 2009

Financial Condition Summary as of May 31, 2009

Income (41.67% of the year elapsed):
Operating Receipts
We have now received 47.39% of our budgeted funds for the year. This is 8.7% ahead of last May.

Capital Funds
The capital campaign is officially over; however, we are continuing to receive funds. These funds will continue to go toward debt elimination.

Expenses (41.67% of the year elapsed):
YTD operating disbursements total 39.27% of the budget. Prior year operating disbursements 39.86% of the budget.

Debt Reduction:
Principal has been reduced by $19,617 this year. Current loan balance is $155,311. The original loan balance was $1,827,354. The loan has been restructured with monthly payments of $2,702 until fully paid on Feb. 11, 2015.

Worship Attendance:   

YTD Average Sunday worship:  870
YTD Average 8:00 service:  133
YTD Average 9:30 service:  348
YTD Average 11:00 service:  239
YTD Average 11:00 S& T service:  150
   
May Average 8:00 service:  116
May Average 9:30 service:  348
May Average 11:00 service:  220
May Average 11:00 S& T service:  161

Finance Committee Notes
July 9, 2009

Financial Condition Summary as of June 30, 2009

Income (50% of the year elapsed):
Operating Receipts
We have now received 55.55% of our budgeted funds for the year. This is 9.1% ahead of last June.

Capital Funds
The capital campaign is officially over; however, we are continuing to receive funds. These funds will continue to go toward debt elimination.

Expenses (50.00% of the year elapsed):
YTD operating disbursements total 46.8% of the budget. Prior year operating disbursements 46.77% of the budget.

Debt Reduction:
Principal has been reduced by $21,495 this year. Current loan balance is $153,433. The original loan balance was $1,827,354. The loan has been restructured with monthly payments of $2,702 until fully paid on Feb. 11, 2015.

Worship Attendance:   

YTD Average Sunday worship:  870
YTD Average 8:00 service:  133
YTD Average 9:30 service:  348
YTD Average 11:00 service:  239
YTD Average 11:00 S& T service:  150
   
June Average 8:00 service:  116
June Average 9:30 service:  348
June Average 11:00 service:  220
June Average 11:00 S& T service:  161


Finance Committee Notes
August, 2009

Financial Condition Summary as of August 31, 2009

Income (66.67% of the year elapsed):
Operating Receipts
We have now received. 73.4% of our budgeted funds for the year. This is 11.6% ahead of last August.

Capital Funds
The capital campaign is officially over; however, we are continuing to receive funds. These funds will continue to go toward debt elimination. $425 was received this month.

Expenses (66.67% of the year elapsed):
YTD operating disbursements total 63.77% of the budget. Prior year operating disbursements 63.11% of the budget.

Debt Reduction:
Principal has been reduced by $25,307 this year. Current loan balance is $149,621. The original loan balance was $1,827,354. The loan has been restructured with monthly payments of $2,702 until fully paid on Feb. 11, 2015.

Worship Attendance:   

YTD Average Sunday worship:  818
YTD Average 8:00 service:  121
YTD Average 9:30 service:  320
YTD Average 11:00 service:  215
YTD Average 11:00 S& T service:  162
   
August Average 8:00 service:  108
August Average 9:30 service:  307
August Average 11:00 service:  181
August Average 11:00 S& T service:  186