November/December News Regarding the Foundry Management Board

Tuesday, December 8, 2015

Foundry Management Board Approves $2 Million Budget, Creates New Nominations Committee

The Foundry Management Board, a nine-person elected group, meets monthly to discuss and make decisions regarding the management of the church.

 

At its final meeting of 2015, on December 8, the Foundry Management Board adopted a $2.16 million budget funding church ministry and missions for 2016. 

The board also authorized creation of a Nominating Committee as an official board committee and considered a variety of financial issues, including Foundry’s operating and capital reserves and endowment account.

It was announced that Foundry has paid the Internal Revenue Service $41,000 from operating reserves to settle the liability incurred due to errors dating back to 2007. This amount is less than half the maximum Foundry was originally assessed.

 

Budget for 2016

The budget as adopted:

  • assumes that Foundry will exceed its current pledge goal of $1,450,000.
  • includes as revenue $139,000 from operating reserves, which could reduce those reserves below the required minimum. The board will reconsider the 2016 budget at its February meeting with the goal of eliminating the need to draw down reserves through bringing in more revenue or reducing spending.
  • recognizes for the first time in Foundry’s budget the “designated funds” --- separate from pledged contributions -- that every year support programs such as the Friday I.D. and Walk-in ministry, the Appalachian Service Project, and other youth missions. 

For 2016 those funds are projected at between $200-$300,000.  That amount includes a contribution of $150,000 from Foundry’s strategic investment fund, a new investment fund to support initiatives central to Foundry’s ministry and missions. Among several initiatives funded for 2016 by this one-time contribution are the new position of Director of Connectional Ministries and a major effort to improve Foundry’s website.

The budget as adopted may be viewed on Foundry’s website.

 

 

Nominating Committee

The board voted to create a new committee to propose a slate of members to fill vacancies on the Management Board and on the new Nominating Committee itself as they occur each year. This work previously has been performed by the Governance Committee.

The committee will be comprised of six lay persons, the senior pastor, and a board representative. In order for this committee to begin work immediately to assemble a slate for the election of Management Board members and Nomination Committee members at the June 2016 Charge Conference, six lay members will be appointed by the senior pastor to serve until those elections. Louise Franklin will serve as the board representative on the Nominations Committee.

A congregational meeting will be held early in 2016 to discuss the new committee and its work. More details to come.

 

Financial Issues

The board also noted several other issues related to Foundry’s finances, including:

  • expanding the charter of the board’s Audit Committee to include oversight of compliance, filings, and other matters in addition to financial statements.
  • intensifying work to build a Foundry endowment fund.
  • taking a more critical look at the performance of the current investment managers of Foundry’s endowment and reserve funds.

 

  --- Submitted by Elder Wellborn on behalf of the Mission Possible Communications Team