July Stewards Minutes

STEWARDS MINUTES

Seekers Church
July 11, 2010

Present – Marjory Bankson (angel), Peter Bankson, Ken Burton (moderator), Lewise Busch (angel), Pat Conover, Kate Cudlipp, Cynthia Dahlin, Dave Lloyd (recorder), Sandra Miller (worship), Trish Nemore, Brenda Seat, Keith Seat, Margreta Silverstone, Deborah Sokolove, Jacqie Wallen.
Visitor – Jill Joseph

Worship – Sandra led worship inspired by a Ted Loder poem.

Housekeeping – The next meeting will be August 1 at 5:30 p.m. at Pat and Trish’s home.  Keith will moderate, Marjory will record, Peter will lead worship, and Sandra and Brenda will serve as dinner angels.

Update on sale of 2025 Massachusetts Ave., NW – Keith reported that the embassy of Gabon signed a letter of intent to purchase the property.  They are expected to sign a purchasing agreement within the next few days, and then will have 30 days for an inspection period, during which they can revoke the agreement.  They will be seeking approval from the Board of Zoning Appeals to use the building as an embassy and to obtain the appropriate certificate of occupancy.  If all goes well, closing could occur sometime in November.

Financial Oversight Group (FOG) half year budget report.  Based on a report of July 4, Sunday income for the year is 55% of the amount budgeted and building income is 64%, totaling $159,201.  Expenses are $119,689, leaving a net of $39,512.  (If half the year’s outlay to repay loans on the building would be made, the net would be $14,512.  

Currently the capital debt is approximately $424,000, in very low interest loans by 5 Stewards.  If 2025 Massachusetts Ave. sells, the Seekers Church share would be approximately $400,000.  Marjory facilitated discussion through small groups for possible use of approximately $500,000:  reducing the building debt, investing it in one or more enterprises for social good, increasing the amount of external giving, creating an emergency relief fund, etc.  We agreed to keep exploring possible uses for this amount.

The FOG has identified about $184,000 in a money market account, including two bequests of about $111,000 and amounts set aside for cash flow that were positive at the end of the year.  The FOG proposed that we invest $140,000 in a one-year loan to Manna, and Stewards agreed.

Reports from support groups.  Kate and Ken reported on key issues for each support group.  Stewards agreed to the proposal that $5,000 from the money market account be added to the Holy Spirit fund to support monthly expenses.

Report from Peter Bankson’s review group – Trish reported for the group (Trish, Jill Joseph, Sandra, Will Ramsey, Billy Amoss, and Sherri Bergen).  Peter had enthusiastically described his ongoing commitment to serving on the Servant Leadership Team (SLT) to the review group and Trish described the review as extremely positive, recommending his continuation.  The group noted that serving on the SLT is “an impossible job” and that Stewards needs to review expectations of the SLT periodically.  They recommended that SLT consider creating an advisory group for itself.

Soul Talk – Stewards shared among ourselves about our lives.

The meeting adjourned with prayer.