Metropolitan Community Churches

1. Opening Prayer and Sharing

The meeting was opened in prayer and the attendees participated in a brief time of sharing.

2. Minutes of Last Meeting

The minutes of January 20-21, 2007 and February 23, 2007 were approved.

3. Financial Matters

The Executive Director circulated the February financial statement, as well as a revised 2007 budget that is $266,000 less than the 2006 budget. The 2007 revised budget is based upon following assumptions regarding the sale of the HQ property and subsequent investments:

- 2007 revenue will equal 2006 revenue

- MCC receives 3 months of NGLTF rent

- 6.25% minimum earnings on Merrill Lynch investments and contingency reserve

- MCC collects at least $3.5M from the sale of the building after all debts are cured and closing costs paid

- Mortgage is paid for the first three months of the year

- 14% earnings on our 403(B)

The Board unanimously approved the revised budget submitted by the Executive Director.

Connie Meadows submitted the unpaid tithe report, which lists 47 local churches as have not paid their January and/or February tithes. The Moderator will be sending out a memorandum to these churches as a gentle reminder to submit their tithes as soon as possible.

4. Building Sale

The Executive Director briefed the Board on the status of the sale of the West Hollywood building. Escrow closes today, March 30. A check should be wired into our Merrill Lynch account by day end. After escrow closes, the buyer will have 30 days to get their loan finalized.

Each Board member signed and FED-Xed to our real estate lawyer the Board Resolution authorizing the transaction and authorizing documents to be executed. Marsha, Cindi, Stephen and Jeff also signed and FED-Xed an incumbency certificate at the same time.

5. Senior Housing Project

The Board briefly reviewed the contract supplied by Affirmative Equities. The Board requests that the Executive Director have legal counsel review the contract prior to the next Board conference call.

6. Supporting Local Church Capital Projects

The Executive Director has received a request from Eternal Joy MCC asking if MCC would co-sign their building mortgage for the purpose of refinancing the loan on their building. The Board unanimously decided that we cannot take on this financial responsibility.

7. Housing Allowance Resolution

Whereas, Section 107 of the Internal Revenue Code permits a minister of the gospel to exclude from gross income (in computing federal income taxes) a church-designated allowance paid to him or her as part of his or her compensation to the extend used for actual expenses in owning or renting a home; and

Whereas, the following list of personnel are compensated by the Universal Fellowship of Metropolitan Community Churches exclusively for services as ministers of the gospel in the Universal Fellowship of Metropolitan Community Churches; and

Whereas, the Universal Fellowship of Metropolitan Community Churches does not provide parsonages to the following ministers; therefore it is hereby

Resolved, that the total compensation paid in 2007 to the following ministers shall include housing allowances as indicated pursuant to section 107 of the Internal Revenue Code; and it is further

Resolved that, except as aftermentioned, all housing allowances adopted during 2006 will apply to the staff members in question until otherwise provided.

Resolved that the housing allowances for 2007 for the following personnel shall be as follows:

Rev Elder Lillie Brock $35,000 per annum

Rev Elder Don Eastman $17,000 per annum

Rev. Elder Arlene Ackerman $16,000 per annum

Rev. Elder Darlene Garner $19,500 per annum

Rev. Nancy Wilson $24,000 per annum

Rev. Dr. Cindi Love $54,000 per annum

8. Agenda Items for Next Meeting

- Investment Strategy for Building Sale Proceeds

- Fund Development Position

9. Meeting Adjourned and Closing Prayer

The meeting was closed the in prayer and adjourned.