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Metro 2008 Fall Meeting
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> Metro Association > 2008 Metro Fall Meeting < Report Finance

Report of the Finance Committee
Metro Association Fall Meeting - November 22, 2008

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Smith Barney Endowment Funds

This year has represented an economic challenge for our endowment account; however, God is good to us, and we have had some blessings to report.

Our portfolio value of $1,434,522,65 has been reduced significantly this year as we suffered a loss of approximately 18% when the market began to take a downward turn during the second and third quarters.  Our current balance is $1,210,827.22 as of October 31, 2008. 

We were blessed to finally receive the payoff of the mortgage when the Deer Hill Property finally closed on September 12, 2008. We received $421,301.31 which was wired directly into our endowment account on the date of the closing.   We are thankful for the work of the Deer Hill Board led by John Werner, President, as they worked diligently to culminate the sale of this property after so many years of disappointments.

As we were blessed with the funds from the Deer Hill sale, The Board of Directors voted unanimously to pledge a $42,000 donation to the New York Conference Capital Campaign which will be paid in 3 installments: $25,000 (sent in October), $12,000 to be sent  on or before April, 2009 and the balance of $5,000 to be paid before the end of 2009.  This gift will help to further the mission and ministry of the New York Conference.

Fellowship Dues Increase
At the Fall Meeting of the Association in 2007, the Blue Ribbon Committee recommended and the Association voted to increase Fellowship Dues from $6.50 to $10.00 beginning January, 2009.  This increase would help the Association to further its ministry and mission to the churches.  However, this year has been an economic challenge for many of our churches due to sudden and significant increases in expenses and reductions in income.  The Board of Directors has voted to increase Fellowship Dues in increments over the next three years: 2009 - $7.00; 2010 - $8.00, 2011 - $9.00 and 2012 - $10.00.  It is hoped that this will minimize as much as possible the added expense on the  churches as they continue to further their ministries.

Audit and Procedures’ Manual
The audit will be completed by the end of the first quarter of 2009.  The Financial Procedures Manual will be available by the Spring, 2009 meeting.

CTK (Christhava Tamil Koil) Update
There have been some modifications to the contract of sale with CTK.  The final contract is being prepared with the necessary changes and will be reviewed by the Board of Directors before the final signing.  CTK has assumed the responsibility for the payment of all building expenses for 79-11 Caldwell Avenue.

The Finance Committee


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