March 2024 Capital Finance Team Updates and Minutes

Lutheran Church of Hope – Building Hope for the Future

Capital Finance Team Agenda

March 19, 2024 – 9:00 a.m.

Opening Prayer

Agenda items:

A.     Review status of excess Building Fund transfer to CD’s or a money market account. Have any more transfers been made?

·      Bill presented his revised spreadsheet of Potential Funds Available for the project, as well as the current cash flow analysis of Walsh funds.

·      Marie will work to generate a report that reflects how much in pledge payments are in arrears.

·      4 transfers are set in CD’s for $1M, and this week a .1% money market account will be set up with a different lender that is under insurance, to take care of $200K.  $20K will be left at Vectra.

B.     Status of Dan’s ongoing reconciliation.

·      Dan is no longer working on any of the Vectra funds.  Cheryl has taken that over.

C.     Status of Cheryl’s reconciliations.

·      Bill is working with Cheryl and Marie on reconciliations.

D.    Pledge Status:  Any new pledges?

·      Mac and Sandy will be working with team members from the original campaign to schedule visits with each of the new member families after Easter.

E.     Old Business: New Digital Sign

·      Waiting for Xcel to open the transformer on April 2nd.  Moving of the sign pedestal will be completed by electrician Adam on Thursday, March 21st.

·      Next step is training for the computer that will run the sign.  Will need a dedicated computer or tower to keep power running all the time. Vic will work on this with Natalie.

·      Final payment has not been made yet.

·      Landscaping may require some repairs later this Spring.

F.      New Business

a.     Report on March 12th LCHope Building Committee Meeting.

·      PScott shared some information/frustrations with delays in the process and delays on the building design side of things.

·      Discussion around possibly paying off the current mortgage not being a viable option at this time, and the virtues of Thrivent v. MIF.

b.     Report on discussion with Deacon Jerry Johnson at ELCA-MIF

·      Vic reported out re: ongoing conversations with MIF and the financials with them.

c.      Letter for the March Giving Statements

·      Marie shared the draft letter for Statements of Giving and got the last details from the team to complete the letter.

d.      A concern

·      Bill shared a prayer request for matching available funds to the estimates of construction costs.  We will all keep this at front of mind between now and April 16th & 19th , when this team and the Building Team will have their next meetings.

G.    Next Meeting: April 16, 2024 at 9:00 a.m.

H.    Closing Prayer