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Finance Committee Report to Business Meeting of 5/15/11

The Finance Committee met by email and telephone to consider the 2010 internal audit and a generous bequest by S. Lee Carter to the Santa Friend Monthly Meeting of the Society of Friends.

The internal audit was conducted in April by Marcy Pompei and Simon DeDeo. Peggy Giltrow helped with the test of expenditures. The Finance Committee approved the internal audit for 2010 on May 8th, 2011. It is available on the Meeting web site at Paper copies of the audit are available if Friends want to look at it. Questions can be addressed to the Treasurer or any other member of the Finance Committee at your convenience.

Lee Carter left the Meeting a total of $8,519.69. A check for $1,138.49 from Lee’s IRA was received December 20, 2010 and deposited in the credit union. Half went to the general fund and half to the New Meetinghouse Fund. Another check for $7,381.20 was received April 10, 2011, along with a letter from Lee’s executor stating that this was the final settlement to Santa Fe Friends Meeting from Lee’s estate. That has also been deposited in the credit union. The second check was a surprise. Lee had mentioned her IRA, but no additional bequest. Given the size of the total bequest, The Finance Committee would like the Meeting’s guidance on how to split the money among the Meeting’s funds. The Finance committee recommends that 1/3 of the total go to the New Meetinghouse Fund and 2/3 to the general fund.

We don't have anything in writing from Lee to guide us in how to divide the money. I (Peggy) do have Lee's verbal direction about 10 days before her death when she said that she would be leaving Meeting some money. She did not want to attach strings, but wanted some of the money to be reserved for actual bricks and mortar for a new meetinghouse and some for Meeting’s ongoing expenses.

She talked about this as we left the oncologist's office, the visit in which they talked in front of me about no more treatments, possible blood transfusions to build up her strength, and that she had probably no more than 6 months to live. I didn't feel that was the moment to get more specific since there seemed to be more time. There wasn't. All I can tell you is that it is generously given to SFFM, to be used for those purposes, but nothing specific about how much to each fund. Lee was quite clear that the part in the New Meetinghouse Fund was not to be used for lawyers’ fees or for taxes, etc.

Because it is unclear how long it will be before we will actually be dealing with bricks and mortar for a New Meetinghouse, the Finance Committee recommends that a smaller portion of the bequest be tied up in restricted money in the New Meetinghouse Fund.

Respectfully submitted,
Peggy Giltrow, convener
Finance Committee

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