From the Finance Board

The Union Church Finance Board plans to share a monthly report that will highlight and inform our congregation about church finances. If you have any topics you would like us to focus on, please let Dave Kobersmith or anyone on the Finance Board know – Co-Chairs Shirley Carlberg and Charles Hoffman, Marty Hensley, Sharona Nelson, Greg Lakes, treasurer; Patti Smithson, financial secretary.
See illustration for 2018 income and expenses.
Union Church Endowment – UPDATE!
We have set up our account with InFaith Community Foundation, and the Endowment Committee is reviewing the options of the initial investment into the church’s endowment. InFaith requires the first deposit to be $25,000, but gifts of any amount can be directed to the fund at any time, through the church or InFaith.
The endowment committee has learned of two gifts from our members totaling $15,000. We encourage donations from others at this time so we can make the initial investment. Please contact any one of the Finance Board members.
Line of Credit/Member Loans
We budget enough money each year to pay the interest the line of credit we have with Peoples Bank. This was originally $140,000 at 4.5% interest. Shortly after opening this line of credit (which is like a loan, but flexible in repayment and withdrawals) we suggested to the members and friends of Union Church they could loan the church money at a rate less than the bank, but more than they received in many savings accounts. To date we have $70,000 in member loans and $70,000 in the line of credit from the bank. Because of the member loans we have realized a savings in interest payments of $1,800 in 2018 and were able to make our first payment on the principal of the line of credit of $1,800!
On February 1^st, 2019 on of the member loans came due. The member offered to roll $5,000 into a new loan to the church, but wanted the other $5,000 to help start the Union Church Endowment fund. On February 18 the Church Council decided to use some of the carryover from 2018 instead of drawing on the line of credit thus lowering the amount loaned to the church by another $5,000. So we have now paid off $6,800 of our line of credit and member loans!
As always, Dave Kobersmith is available if you have questions (call the church office Mondays, Tuesdays, or Wednesdays 9-12; or email davek@union-church.org).