Categories: Board Minutes Leave a comment

Board Minutes- May 7 2019

 

 

 

 

 

 

Present: Julie Bower, Jessica Davis, Wayne Davis, Sara Holland, David Osmond, Susan Parker, Roger Phelps, Fritz Rehmus, Wingfield Rehmus, Jessa Williams (for Thomas Baerg) and Leo Yu,

Regrets:  Thomas Baerg, Dan Chambers, Diane Mitchell,

Guests: Chad Sigsworth and Ryan Gorder from MNP, our accounting firm.

 

Opening message and Prayer

Roger opened the meeting with a prayer.

 

Agenda Review

No Changes

 

Chair Report Governance– Learning Moments

Roger indicated that our accountants MNP would be providing the Board with the 2018 finance statements and it would be timely to remind Board members of their signed confidentiality agreements as the agreement for sale of Wesley Place incorporated non-disclosure clauses related to the sale.

Roger introduced MNP guests.

 

Consent Items

  • Agenda Church Board Meeting
  • Approval of Minutes from April 9th, 2019 (Motion Jessica, Second Sara, Carried)
  • Finance Committee. The March YTD Income and Expense Statement was reviewed, and Susan presented an update with highlights of financial operations and tabled a written report that is appended to these minutes.
  • MNP guests presented a full review of the audited Financial Statements for 2018 and answered all questions to the satisfaction of Board members after which the following motion was put forward: ”Recommendation that the 2018  Financial Statements as presented by MNP form the basis for presentation to the Congregational Meeting to be held on May 26th, 2019.” (Motion Wayne, Second Julie, Carried)

Moved by Susan Second by Julie that remainder of Consent Items, not carried as separate motions, be accepted. – Carried.

 

Governance Committee

Roger indicated that the Constitution requires a specific make-up for the Governance Committee, including Lead Minister, Executive Director, M&P Representative and Board Chair and that one more at-large committee member is required. Julie volunteered to fill the position.

 

 

Operational Questions answered by Chair in absence of Executive Director

  1. Are there any outstanding Government Remittances? NO
  2. Are we in compliance with Canada Revenue Agency requirements? YES
  3. Were any financial penalties incurred in the past month? NO
  4. Are there any outstanding or potential legal issues? NO

 

Discussion of Circulated Executive Director Report

The report, appended hereto, highlighted progress on the restoration project and update on significant operational issues.

 

ASK ME table

Roger requested that Board members sign-up to host the Ask Me table

 

Board Check-In

 

During the Board Check-in, after discussion, it was decided that a donation of $200 to a designated charity would be appropriate to observe the passing of Diane’s father. Moved Susan, Second Julie, CarriedAction Item: Susan and Roger to arrange.

 

Board members would like to have a Directory of email and phone contacts for the Board.  Action Item: Wayne to coordinate and produce list.

 

 

 

 

Meeting adjourned at 7:30PM                                   Next meeting: June 4th, 2019.

 

 

 

_______________________                                                       __________________________

Wayne Davis                                                                                      Roger Phelps

Secretary                                                                                             Chair

 

 

 

 

 

Financial Report

May 7, 2019 Board Meeting

YTD to March 31, 2019

Consolidated Statement

As you can see the statement now has the regular format.  The inclusion of the M&S revenue and expenses is being discussed with MNP our auditors as it may be moved with the other ministry Funds.  There will be further discussion on the formatting of the non- offering income with the finance committee.

Income

  • Offerings in total are doing well with core and donations offsetting the expected reduction in loose offerings
  • Use of facilities has been corrected from last month

Expenses

  • Ministry
  • Wendy is working on consolidating expense codes which may involve some reallocation of budget
  • In general, all ministry expenses are on target. Photocopying for bulletins has been moved to administration
  • CDFF young adults should read adults as it includes all non- children cost
  • Operations
  • Administrative costs are high because of the reallocation of photocopying
  • Building costs are slightly high due to cost to keep sanctuary warm
  • Executive costs are being discussed with MNP
  • Lease looks high because the payment date has changed, and this reflects three and a half months
  • Subscriptions and fees are higher due to the new system put in by the United church

Restoration Costs

Since the beginning of the project to the end of March

  • Restoration including Design Costs – $1,522,361.70
  • Relocation costs – $930,226.71
  • Outreach – nothing has been allocated to date

Escrow Money being Held

  • 1 million will be released with interest in the next 2 weeks – early May 2019
  • 3 million is held and earning interest to the end of the project

Investments

  • STAW Millennium Endowment Fund –Nicola Wealth
  • Capital – 50 million dollars
  • Interest to March 31- $618,447.56
  • Restoration Fund – TD Wealth –Feb/Mar
  • Interest – $ 176,955
  • Trust Funds –TD Wealth
  • Dec 31, 2018 – $3,459,454.35
  • Fiera transfer Mar 12 – $4,428,416.14
  • March 31, 2019 – $7,965,876.61

 

 

 

 

Executive Director Report

For Board

May 7th, 2019

 

 

 

  1. Restoration Update – on time, and on budget – We are starting to get he plaster off the walls and not finding what we thought was there is certain places. There are places where we were expecting to find cement pillars behind the plaster and terra cotta, what we found is there is a gap of a foot or more of space before we hit the cement pillar.  This is an issue as the anchors we need to use to secure both the outside stone and the inside plaster are now too short and need to be reordered in a longer length.  It’s a small issue overall but not exactly what we want to have happen.  We now have security on site from 3 pm to 7 am 7 days a week.  They are doing a great job of keeping the site secure, they harass me anytime I try and park in the lane or try to get into the church.  I am impressed with the owners of Heatherbrae, they run a tight ship and when they notice the little things that I don’t think really matter I know that they are taking care of the project with just as much pickiness.  The example is the hoarding on the scaffolding on Nelson St was not perfectly straight and looking very neat and tidy, so the owner made the scaffold guys take it all down and redo it until it looked perfect.  This is a good sign.

 

  1. Grants – I am currently applying for a possible $ 4,000,000 grant from the city of Vancouver. After I have completed the ACM I will work on other grants and a capital campaign for the congregation, people in the community and foundations.

 

  1. Wesley Place Sale – We will be receiving the $1,000,000 escrow from the lawyers as the sale and year end have been completed for Wesley Place. Instead of putting this money in the investments and then taking it out to pay the monthly invoices we will just put the money in the trustee bank account and use it.  We still have $3,000,000 in escrow for 3 years in case anything comes up with CRA.  We receive the interest on this money yearly.

 

  1. Annual Congregational Meetings –the approval of the financials taking place on May 26th. It is important for all board members to attend this meeting.

 

  1. Accounting system – We will have the financial review completed by the board meeting and you will be reviewing the numbers at this meeting. Wendy, Ava and I have almost completed the changes to the accounting system.

 

  1. Custodians – Things seem to be working well with just two custodians, Ursula will attend Sunday services when I am on vacation to ensure everything is completed.

 

  1. Salons – We have several places on the new Salons floor where the ends are lifting. The flooring people are coming in the look at the floor and determine a course of action in the next week.

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *