Mission review: Pinch ourselves – is it real? and recognize that our progress over the last few years has been epic, humbling, and we are deeply thankful for all that have contributed to this process. (Marylee – storytime)
Additional balance from the final estate closing will result in another check to us for approximately 17K
Interim investment of the funds
The funds from the Yochem Estate are still sitting in the AK USA account. We need to decide and agree upon how to move them. The preference would be to open 1 account – which we can do through Wedbush at no charge. Funds distributed into 3 different banks in order to compensate for the maximum FDIC guarantee of 250k. This is a temporary investment to get all of the funds under FDIC insurance. At a later time, we can discuss and evaluate investment objectives and future risk/tolerance.
See draft proposal of Corporate Account Agreement
(460-5356 Krista’s cell for possible questions) Marylee will present this.
Ideas for specific use of the funds?
Retire the debt on the Shelter loan?
Other purchases on the block. There is 1 house for sale behind us (not directly) and or we could also explore the house directly behind us.
Invest for a period of time, while praying and seeking direction.(???)
Financial policies and fiscal stewardship: We should review our financial policies to see if we need to update anything in light of the Yochem donation.
Ways to commemorate this donor?
Interim dealings with newly acquired properties
Should we lease the buildings? (rent the apartment – use the garage for youth work – that way we can apply for exemption on property taxes??) If we choose to lease the properties, here are the fees for property management with Zia Gillespie
$435 per month, plus a one time $175 set up fee.
$50 Preparing Property, Set up fee for the book keeping.
$125 1st month for services needed to get rental ready.
$135 Monthly Fees for Bookkeeping fees/Office fees
$300 Lease up Fees per 6 months ($100 Per room x3)
If we decommission the property instead of putting them into practical use for FYA, we are subject to these property taxes:
White house: $906.62/year
2 story duplex $2975.88 /year
open lot: $249.32 year
Reports
Public Information
New Donor information packet, including letter, new donor brochure, and commemorative tile information
Autumn Newsletter almost complete
Signage for the door (we hope to have and idea to show you at the meeting)
Sunshine Committee:
Come prepared to give towards Sarah Smith’s going away—we’ll send an envelope around and then get a gift card to Beaver Sports
If you did not log in your donated hours on the google doc, bring them so Sarah can do it for you.
