October 2023 Capital Finance Team Update

Campaign Finance Team Meeting

October 24, 2023

Agenda:

A.    Opening Prayer

B.    Account Reconciliation Update

              *  a duplicated entry was deleted and the latest gift summary report reflects the 300K decrease due to the error.

              *  Dan H reported we are within 10K as compared to what the church has in their account.

              *  Bill will do a month by month comparison between Walshware and church accounting

C.    Lender Update

              The advantage will be with whichever lender they can get a face to face meeting.

      1. Thrivent

              *  Vic & Bill were not impressed with the setup/process here.

              *  They wouldn’t give a starting rate.

      2. ELCA-MIF - includes the preliminary application which is attached.

              *  Vic & Bill have filled out the preliminary application.  It can be submitted with the Council President’s signature to open a file with the ELCA.

              *  The starting rate is 6.5%, and would be reviewed after a set number of years (3,5,or 7).

              *  The first thing ELCA would do is pay off the Thrivent loan and roll it in to the new loan.

              *  Building team is in schematic design phase and will be meeting with architects to make hard decisions about what can stay and what the priorities will be for proceeding on Thursday, Oct. 26th.

*  Timing of filing the application:  wait until we have more info from building committee, or do it now to get the process rolling??

*  It was decide to send in the application, with required documentation and records to Janice at ELCA-MIF in order to get things started.  It is an expression of interest and will give us a possible loan amount which works to give us discernment as we move forward.  Vic will be the point of contact for the committee on the application.

      3. Vectra Bank

              *  They are struggling as they are not a focused “church” lender.

              *  Starting rate is 8%...

D.    Giving Statements

              *  There are 40 letters for arrears; it was decided by consensus to hold those for this mailing and recheck before the next round of statements is mailed out.  PScott will review those who are behind at this time.

              *  The payment schedules (which are acting as “giving statements”), and Campaign Finance Team letter will be sent to all 140 givers on Thursday, Oct 26.

E.    Closing Prayer

F.    Celebrate Sandy's Birthday

              *  CONGRATULATIONS!!  Blessings for a wonderful, blessed year!

G.          Next Meeting:  Tuesday, 11-28-2023, at 9 a.m.