ALL CHURCH HOME FOR CHILDREN
FINANCE COMMITTEE
MINUTES
January 8, 2009
Finance
Committee:
Brigit Thompson
Sherrie Cyrier
Jim Rhodes
Lou Ann Blaylock
Larry Autrey
Robert Simpson
Staff:
Wayne Carson
Hollis Hutchison
Sarah Proctor
Julie Brown
Minutes:
A motion to approve minutes from the December 9th, 2008 meeting was made by Sherrie
Cyrier and seconded by Larry Autrey. Motion passed.
November Financials:
 Sarah reviewed the November, 2008 financials with the committee.
 Brigit Thompson asked how changes in our invested asset values would affect our
rolling average calculation for endowment use. Sarah said that she is waiting for
the December investment reports to arrive and then she will present an estimated
calculation for the 2010 budget at the next finance meeting.
 Sherrie Cyrier inquired about the breakdown of our mineral assets between
natural gas and oil. Wayne Carson said we will try to get that information from
Bank of America, to be communicated back to the committee at the March
meeting.
2008 Capital Spending Report:
 Sarah reviewed the 2008 Capital Spending report with the committee.
 Because the net operating revenues and expenses have been well within budget,
capital spending has exceeded the original budget amount in order to take care of
needs in 2008 rather than waiting until 2009.
Reverter Clause:
 Wayne reported to the committee that we have closed on the purchase of the
reverter clause on the Summit Property from the Bryce Trust, through JP Morgan
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Chase. The purchase was for $1.631 million and was financed through our line of
credit with JP Morgan Chase.
Wayne told the committee that a request would be submitted to the Bryce Trust
trustees requesting a donation. If the donation is made, the funds could be used to
pay down the line of credit.
A motion was made to approve a plan to use donated funds received from the
Bryce Trust, if an unrestricted donation is made, to pay down the line of credit. If
additional debt remains, it may be paid down with endowment funds to the extent
that the operations are under budget, or it may be paid down from funds received
from the sale of the Summit property. Larry Autrey made the motion and Jim
Rhodes seconded. The motion was unanimously approved.
Wichita Construction Update:
 Wayne reported that we are getting ready to move forward in spending capital
dollars for the Wichita project. We are having our first Construction Committee
meeting this afternoon. Wayne will report back to the committee next month and
give a more detailed report of how much the construction will cost and options for
financing the costs.
 Wayne reported that some of the cost may be paid with the sale of the Brants
property.
 Wayne indicated to the committee that we may need to delay the 2nd phase if costs
exceed estimates or if fundraising should lag.
 Wayne reported that in 2009, we will plan to complete the Bean Bldg, and the site
work and the chapel. In 2010, we should be ready to move forward with the
Admin. Bldg, Dillard Bldg, and the Welcome Center.
 Larry Autrey mentioned that we should have a plan on what to do if we should get
an offer on the Summit Property and needed to move from this property in a
timely manner. Wayne agreed and will seek advice from a developer, possibly
Mike Reilly.
Strategic Plan:
 Wayne reviewed the status of the 3 year Strategic Plan with the Committee.
 Wayne & Sarah are currently reviewing the Revenues & Expenses objectives.
Sarah is working on a new template to recatagorize expenses for better analysis of
subsidized costs. She will present the template at the February meeting.
 The committee will be asked to participate in future discussions about how to use
financial and non financial information for program review and decision making.
2009 Calendar:
 Sarah presented a tentative calendar of agenda items for the 2009 Finance
Committee meetings. Agenda items will be added as needed during the year.
 Discussion regarding time and day for committee meetings resulted in agreement
to keep them on the second Thursday of each month from noon to 1 PM.
Other Business:
 Sherrie Cyrier asked what was going on with Stevens County and Wayne
let her know that as far as he knew the deal is dead and it hasn’t gone anywhere.
Next meeting is February 12th, 2009 from 12:00 p.m. to 1:00 p.m.
Action Items:
What
Written report from Rogers & Co. for September meeting.
Who
When
SP
Sept.
Status