Present: Lulu Philips, Jennifer Gahnstrom, Jan Werness
Taxable income –
We discussed what rental income may be taxable. Quick calculations estimate that we would have to earn $28,000/yr in rental income that is not directly related to the church mission before we would owe taxes. This is based on formula that calculates amount of promissory note ($250,000) as percentage of building value ($3.5 million). A separate calculation would need to be done for parsonage if we were to earn non-mission rental income from it. See attached memo. Events committee and/or trustees should develop list of mission-related actitivies so this would not have to be decided on a case by case basis. List will need to be reviewed by both trustees and finance. Bookkeeping will have to keep track of taxable income.
Empty Bowls –
Jan will redraft a fiscal agency contract for empty bowls and get it out to committee.
All church meeting re finances –
We looked at Sept 21st as possible date, but there may be a conflict with a rental that day. Jennifer will check. Jennifer drafted exhibit for all church meeting and will put it in final form before meeting.
The meeting needs to be listed in the bulletin with a general statement about the topic. People can contact any committee member with concerns or questions or suggestions.
Jennifer will train committee members on how to do Sunday deposits.
Minutes by Jan Werness