April News Regarding the Foundry Management Board

Thursday, April 28, 2016

Foundry’s Management Board addresses Mission Possible unforeseen overruns

The Foundry Management Board, a nine-person elected group, meets monthly to discuss and make decisions regarding the management of the church.  Members present at its regular monthly meeting April 26 were:  Present: Management Board members Paul  Blair, Cheryl Gibbs, Matt Hanson, Sam Kilpatrick, Beth Scott,  PJ Taylor, Dan Volk, and Gwen Williamson; Pastors Al Hammer and Dawn Hand; and Chair of Mission Possible, Paul Hazen

Mission Possible

The Management Board is addressing the addition of $500,000 in overruns for Phase I, increases coming from change orders due to delays and to unforeseen issues with the building, from costs related to bringing the kitchen up to code for cooking, and from adding interest on bank loans to Phase I.

Foundry has received $2.9 million in pledged and unpledged gifts: the Stewardship Committee and the staff are engaged in prompting outstanding pledges. Revenue from pledges given and anticipated, the originally planned $3m loan, and $80,00 in cuts made by the Mission Possible Committee in Phase I costs, the deficit for Phase I amounts to $500,000.

The Management Board acted in four ways to address the situation:

  1. The Board voted to authorize Mission Possible to complete the kitchen during Phase I.
  2. When final income from a significant bequest is received, the Board will decide on allocation from within that request for Mission Possible, one investment mentioned in the bequest.
  3. The Board will consider the use of reserves for the work of Phase I.
  4. The Board will continue to consider ways to handle the needs of Phase I of Mission Possible.

The Board asked for monthly reports about developing costs, for inclusion in Phase II contingency funding that cannot be cut, and debt reduction included in each subsequent phase of Mission Possible.

Financial reports

  1. The payroll process will move from an external source to an internal one as of July 2016.
  2. The 2016 general fund budget status includes a

March deficit of $73,110 (income 4147,509 and expenses $220,619)

Yearly deficit of $22, 832 (operating income $460,660 and expenses $483,492).

  1. Reserves and investment funds:

Operating reserves are $515,212 (23.8% of 2016 budget with 22% target minimum).

Strategic investment funds are at $510,640 ($150,00 committed to 2016 budget).

Capital reserves are at $402,623 (18.6% of 2016 budget with 25% target minimum).

Motion passed to move $137,782 from the Strategic Investment Fund to the capital reserves to bring the capital reserves up to the target minimum of 25% of the annual budget.

  1. Lenten giving of $11,250 will support advocacy work for Foundry members at General Conference.

Board governance

The Board passed a revised policy regarding elections and appointments to leadership roles on the Board. The new policy considers static factors, such as description of positions, and situational factors, such as matching abilities and characteristics of people with needs of Board positions and activities.

The process for selecting officers from among elected members of the Board involves discussions between the president and individual board members and consensus with the members, the Board president, senior pastor and executive pastor.

The Board will consider in the future a similar process for selection of chairs for its committees.

Foundry staffing

Foundry is searching for two staff positions: a reception desk person, who will serve within a pool of persons in that roll, to begin by September as the new reception area opens, and a childcare provider for the infant and young children room on Sunday mornings.

Prepared and submitted by the Mission Possible Communications Team.

Reports on earlier Management Board meetings may be found at www.foundryumc.org/news.