November 2023 Capital Finance Team Updates

Campaign Finance Team Meeting Notes

November 28th, 2023, 9AM

 

A.    Opening Prayer

 

B.    Account Reconciliation Update

                            No action,  will do for monthly in the future.

 

·       Bill will take this up w/ assist from Marie each month, after he gets info from Jamie Rule.

             

C.    Lender Update

              1.  Thrivent -  No recent contact

 

 

              2.  ELCA-MIF – Mission Investment Fund –

                             Application submitted 2 weeks ago, waiting for a response.

 

·       Vic attempted online tool; subsequently used website and email to submit all the info.  We have an assigned closer and will be contacted in the next 2 weeks.

                                              

      3. Vectra Bank-  No recent contact

 

·       Declined to work with LCHope due to “lack of formal financial statements”.  Their interest rate would probably be 50% higher than ELCA. 

 

·       We will be working with ELCA for now.

 

D.   Giving Statements

              Quarterly statements mailed last month.

              Response from members ….

              Any follow-up on those in arrears needed at this time?

                             These were to be reviewed, but probably no action till next statement mailed.

 

·       Several givers were reminded and sent in gifts, several contacted Marie and had questions answered and totals checked/adjusted.

·       The names on the arrears list on not truly in arrears.  Most started payments later than June, which causes Walshware to “see” them as being behind in payments, but they are paying consistently.  Three potential givers in arrears may be contacted after the next mailing.

·       Marie will follow-up re: a gift of insurance policies from a giver.  She will reconnect with the insurance company, get the required paperwork and process, and hand it off to the church council for completion.

·       Next statements will be sent out at the end of March.  The letter will include a statement that it is NOT the tax statement from LCHope.

 

 

 

 

 

E.          Building Hope for the Future Communications

              Action items

             

·       Combined note from the building committee and CFT should go out within the next 2 weeks to reflect where each of the teams stand, steps that have been taken, and next steps.  Organ info would be included.

·       Send to PScott by Monday, 12/4 at 9 a.m. and he will drop a special eAnchor next week.

 

 

F.          Pledge status.

              Any new pledges.

Solicitation of new pledges.

 

·       There have been no new pledges.  There will not be a New Partners in Mission class this fall.  Hopefully in the Spring.  Pastor is trying to be more diligent about follow-up with the new visitors, contacting them in timely fashion and chatting the building project up in fellowship, etc.

 

G.          Additional old business?

 

·       LCHope now has a building permit for the new outdoor sign.  It won’t be up and running until January.

·       PScott has updated the building website:  lchope.org/building

 

H.          New business?

 

·       Potentially, the project will go to a vote with the congregation by Easter.  Cash flow is impacting how much and when to finalize the construction loan.  Lots of discussion about how to keep the loan amount and interest rates as low as possible.  Possibly take some of the money in the bank to actually pay off the old loan??  Food for thought as things progress.

 

·       More than likely, groundbreaking won’t happen until late summer or early fall.

 

I.            Next meeting:   Tuesday 1/30/23 at 9AM.  

             

J.    Closing Prayer

Lutheran Church of Hope