Page 16 - First Churches 2019-20Annual Report.docx

Thank you, MJ, for taking on the bylaws committee, and for being a strong and calm moderator in this time of flux.
Thank you to Bill Holloway and Chuck Whitham for their tireless hard work on the Property Team.
Adjourn: 12:17 pm.
Finance Team Investment Committee
Investment Committee is a sub-committee appointed by the Administrative Board to oversee the endowment funds, being mindful that any bequests or endowment funds will be directed, designated or spent as intended. This committee meets with Mark Teed, the Church’s financial advisor at Raymond James quarterly and reports to the Admin. Min. Bd. Committee members are: Sue Stone (ABC Financial Secretary), Marcia Kennick, Merle Taylor, Peg Whitham (UCC Financial Secretary), Fred Nieboer, Donna O’Meally (Treasurer) and Rev. Todd Weir.
Quarterly reports and minutes can be found in the Investment Committee 3-ring binder in the church office. A brief summary of these meetings follows:
September 23, 2019
Total Market Value of the portfolio as of 8/31/19: $2,657,238.26
• First Church of Christ account................$1,659,128.82
• First Baptist Church account......................624,431.16
• First Baptist Church (McCoy acct.) ............228,055.90
• Swain Education Fund (ABC acct.)... .........145,622.38
• Total projected cash flow** (9/2019-12/2019): $31,585
• The Church’s portfolio remains in good shape with a strong market and the Church
endowment should be experiencing a good year. Based on this projection it was suggested that this would be a good time to rearrange the portfolio and make an allocation shift toward higher income stocks and bonds, which might sacrifice some growth value but move to reduce the risk overall and increase income. The recommendations to buy/trim and reinvest presented were moved and approved by the committee.
November 24, 2019
Total Market Value of the portfolio as of 11/22/19: $2,744,316.39
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