Metropolitan Community Churches
Board of Administration
Conference Call
In Attendance: In
Abstentia:
Julie
Krueger (Secretary)
Barb
Crabtree
Marvin Bagwell
Rev Dr
Cindi Love, Executive Director
Rev
Elder Nancy Wilson, Moderator (for part of call)
Connie
Meadows, Assistant to the Moderator
1. Opening Prayers and sharing
The Moderator opened the meeting in prayer and the Board and colleagues shared how they were.
2. Minutes of last meeting.
The minutes of the last meeting will be circulated.
3. Financial Matters
Cash flow is still very tight. Pre-conference registration income has been used to manage the cash flow for the past few months.
A discussion was held regarding estimated
taxes on the sale of the
Conny Meadows mentioned that several tithe reports from the larger churches had not been received and this situation will continue to be monitored.
4. Senior Housing
Two attorney’s have reviewed and revised the agreement with the concern’s raised last month (piercing the corporate veil and MCC corporate not being financially responsible). The revised agreement was reviewed by AHLCC, with the following two changes:
Sections 4 & 6 -
Once
MCC sets up the LLC and gives it a board and the LLC adopts its business plan,
we expect the LLC to be the governing body for the actions that need to occur
going forward. Under the terms of the agreement, the LLC is required to
follow its business plan, including guidelines for CCRC programming, market
definition, pricing, subsidy policy and alike. AHLLC needs this clarity
of purpose if it is to invest risk capital with its only source of return being
a successful project. I do not want to take the risk of the full MCC
board determining to override the LLC on these points.
Section 19 - In this section, we
eliminated the ability of MCC to terminate the agreement if it, in its sole
discretion, thought that AHLLC would not complete its work within 5 years or if
it turned down going forward with one project that AHLLC deemed feasible after
due diligence was completed. These actions would put AHLLC at risk for
arbitrary decisions that might not be grounded and any actions or lack of
performance by AHLLC. There are termination clauses for MCC if AHLLC does
not perform its responsibilities.
The board has reviewed
the proposed master development agreement between UFMCC Affirmative/Hillspoint
LLC regarding a Senior Housing Project. With
a vote of six to one (with the no vote cast by Stephen Harte), the board hereby
authorizes the ED to execute the agreement and any ancillary documents that the
contract and after due consideration the herby authorizes the ED to execute the
contract on the Board’s behalf, and to execute any ancillary documents as that
may be necessary to implement the intent of this resolution. The ED is also authorized to take action to
begin implementation of the Master Development Agreement
Jeff will inform the
general conference of this activity in his Board of Administration report to
General Conference:
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signed the agreement
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setting up the LLC
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looking for Board members for the LLC
5.
Investment Subcommittee
The following investment subcommittee was established to make investment recommendations regarding the Merrill Lynch investment account.
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Rev. Dr. Cindi
Love
This committee will meet periodically to review the existing
investment strategy and to provide recommendations regarding any necessary
changes to the investment account.
6. General Conference Logistics
The BoA needs carry out the following actions regarding General Conference:
a) Confirm arrival dates w/ Jennifer.
b) Cindi reiterated the roles and responsibilities of the board during confernece. Be present and available. Meet, greet and be available.
c) Attend worship services and business meetings. Attempt to sit together when possible. Introductions will be made at the first worship service and during the business meeting..
d) Be available during the award’s ceremony and the reception proceeding the ceremony.
e)
f)
7. Meeting Adjourned
The meeting was closed in prayer.