First Universalist Church

Annual Report 2005–2006

Report from the Finance Committee

1. we completed the payments on a three-year capital compaign to make significant repairs to our building. Those repairs have been completed, except for a major repair needed to the steeple and belfry. This is reported on separately. Revenues from the capital campaign amounted to $274,316, and our pledge realization was 91%.

2. A stipulation of the capital campaign was that 30% of the proceeds would be placed in our three endowment funds. $78,776 was transferred into endowment this spring. We currently hold most of that endowment in the Vanguard Social Equity Fundsd. These are being transferred to the UUA's General Investment Funds.

3. Approximately $50,000 remains in our Building Reserve Fund, available for major maintenance projects, including the steeple/belfry.

4. We made a $10,000 loan to the Four Winds Development Corporation to assist Maine's Native American peoples with home and small-business loans. The UUA will match our loan, and the federal government will match the total – creating a total loan of $40,000. Terms are 2% interest; five years at interest only and then a lump-sum payment at the end of the term. This money came from our Outreach Reserve Fund and will be returned to that fund.

5. We paid off the bridge loan for the capital campaign.

6. In the spring of 2005, we hired a new Office Manager and assigned her additional duties and additional hours.

7. In the spring of 2005, we converted our pledge record keeping to QuickBooks from Excel. With this change, we were able to transfer the posting of pledge payments into the office, no longer relying on the Collector. Consequently, the Collector is no longer a member of the Board.