May 2024 Capital Finance Team Update

Lutheran Church of Hope – Building Hope for the Future Capital Finance Team Notes

May 21, 2024 – 9:00 a.m.

Opening Prayer

Agenda items:

A. Review status of available funds
* $220,00.00 in the money market
* Three 6-month CD’s. They are up June 21st. What to do with them?
* Options: Roll them over into 3 - or 6 - month funds, or Pay off the current note with the earnings (this needs a congregational vote)
* Discussion re: paying off the note, including contacting potential lenders regarding the impact on how much funding they will be willing to offer if there is no outstanding mortgage. Vic will contact lenders to get that information in anticipation of taking the issue to the Board. Board of Trustees meet on June 3rd .

B. Review status of excess Building Fund transfer to CD’s and the money market account.
* As soon as the April numbers are in, PScott will notify Cheryl to transfer the excess over $15,000.00 to the money market.

C. Pledge Status:
a. Any new pledges?
* One new pledge, which has been paid in full; one additional new giver.
* Two other visits are planned for potential givers in the near future.
b. Status of giving
* Three pledges have been fulfilled. One continues to give beyond their pledge.
* Several pledges are being paid ahead in ongoing manner.
* Several pledges in arrears have been caught up or are in process of being caught up.

D. Old Business:

New Digital Sign
a. Electrical/Foundation complete. Mechanical Permit is complete.
b. Installation complete except for the sign top/bottom
c. “trim”.
d. EXCEL has accepted the installation and seated the meter.
e. The sign has been energized – one light block needs to be replaced. We have two spares. Vic is working with folks to get spare sign parts and electrical parts as needed.
f. Training is pending. The computer crashed but has been repaired.
g. Landscaping may require some repair later this Spring.
h. Final city inspection is waiting to be scheduled.

New Business
a. Report: LCHope Building Committee
* John Bosio is doing a comparison of the 2 engineering firms the Building Team have worked with. Then Building and Finance teams will meet to decide what will be brought to congregation in the fall.

E. Next Meeting: June 18, 2024 at 9:00 a.m.

F. Closing Prayer