January 2024 Capital Finance Team Update

Lutheran Church of Hope – Building Hope for the Future

Capital Finance Team Agenda

January 29, 2024 – 9:00 a.m.

Opening Prayer:  Pastor Scott

Agenda items:

A.     LCHope Trustees have given our team the authority to designate excess Building Fund transfer to a money market account.   We should probably keep $50K or so at Vectra!!!

·      One million has been invested in 4 CDs at Vectra Bank.

·      Once we have information there are more monies in the bank, additional investments made will be made.

B.     Status of Dan’s reconciliation.   At least something is being done!

·      Dan reconciled Walshware detail with all of the church’s accounting: Pushpay, bank, Parishsoft, etc.

·      There are some funds that will need to be tracked down and reconciled.

·      Four situations that are not in Walshware.  All four will be totaled and entered as a single deposit into Walshware as LCHope Generous Giving, using current date.

C.     Approval for Cheryl Dail to do monthly reconciliations, as trained by Dan.   Once each month is OK, may be changed to quarterly.

·      Campaign Team approved of beginning with monthly reconciliations, waiting to change to quarterly as things smooth out.

D.    Record missing Walsh contributions from 2021 and 2022 per Dan’s   reconciliation questions.

·      See notes under B, above.

E.     ELCA-MIF Fund: Our contact person, Rev. Janice Kibler has completed her term and will be replaced by Deacon Jerry Johnson.

·      Waiting for input from building team before we can make any more progress on deciding whether we go with Thrivent or with MIF for the mortgage.

F.      Pledge Status:  Any new pledges?

·      PScott would like to have reps from the team at the New Members class on March 17th to go explain and give overview about the Capital Campaign.

·      Hopefully, we will be able to make personal visits to each person/family group to talk more in depth and solicit pledges.

·      Sandy will reach out to some of our former gift gatherers regarding personal follow-ups.

G.    Old Business: New Digital Sign

a.     All permits have been issued by City/County of Broomfield.

b.     Electrical/Civil contractors have been selected.

c.      Tentative schedule for construction to start Feb. 13, 2024.

·      All permits have been approved by the city, after they rewrote the sign code.

·      Contract for civil and electrical will be signed soon.

H.    New Business

·      Building team is in schematics stage at this point.

·      Pricing documents on the building team side should be finished soon.

·      Vic will check in with Marlys on whether there are checks on the current bank account holding the Building Hope funds, so that payments can just be drawn off that account.

I.        Next Meeting: February 27, 2024 at 9:00 a.m.