| Treasurer’s report- Pledge monies are coming in well with the loose plate collection adding to the income. We have presently taken in more than we have spent as of 9/30. The latter part of the year is usually the time that we have to make endowment withdrawals. The following areas are presently and predictability over-budget for 2007: Grounds/maintenance (trash removal) , computer costs under Administration, Insurance (about $1800 due to the year changing to 12 months.), heat and electricity. As of September 30, the minister’s retirement and medical payments are paid up completely until the end of 2007. We will be taking monies from the endowment later this year. The church retreat at Silver Springs had a balance due which was paid out of the Collins Fund; The Board of Trustees had authorized up to $5500 for the parking lot repairs and parking line painting and the total cost was $6465. The balance needed to pay this bill was authorized by the Board of Trustees ($1965) and also taken from the Collins Fund. Paula is awaiting information from Shari Wilcox which is forth coming ; Shari will be paid soon. The balance in the endowment fund stands at $282,000 as of 9/30. The Board of Trustees have asked Paula to consolidate the A.G.Edwards Funds of Bequests and Memorial Funds, Books, and other funds in this account that are not specific accounts, using her discretion. She will move these funds to the Endowment Fund. Chairman George thought that it will be better if we can earn a better rate of return on the A.G. Edwards Fund s if we transfer them to the Endowment Fund. It is presently earning twice as much as the A.G. Edwards Account. There was no Stewardship report at this time. The Church Council requested the Board of Trustees plan the proper use of the endowment and how it should be spent. The Board of Trustees is asking the council for a clear direction of how the congregants want to use the Endowment Fund. The council is asked to interpret the survey results and answer “What is the purpose of the endowment? Do we want to use it for operating expenses? If, yes, how much or what % do we use for operating expenses? “Do we call a full membership meeting to discuss the use of the Endowment Fund or do we use the survey as our direction? The Board of Trustees will create a plan (as requested by council) to wean us off the endowment fund . The Board needs a clearer direction on the fund’s purpose and use. Glenn mentioned that it is the responsibility of all of us to educate the congregation on the Endowment Fund and the church finances. Trustees discussed the asset value of the Endowment Fund and will plan to invite a member of the Investment Committee to further explain our investments of the fund. The members of the Investment Committee are: Gerry Dubey, George Mayer, Judd Paul and Ted Bliss. We wish to know our annual return on the endowment. We are also looking to them for advice on how much we can spend and still have the fund start growing again. Al Berquist recommends that the investment committee set a % for withdrawal of the fund to be allocated for budget shortfalls. Is the “old formula” that the investment committee recommended still applicable in this market? Trustees feel that they should be deciding fiscal matters. Lillian suggested that we start to reduce our dependence on the endowment this coming year, 2008 even if it is a very small amount. It will set the plan to be independent of the endowment for operating expenses in action and show our good faith to support the preservation of our church. George brought up the minister’s requests as Pastor Ken was on vacation. Ken is going to estimate the cost of a web camera on the church steeple. He feels that if the church image (through a web camera) is linked to the town of Essex web sight, perhaps it will draw people to our web site. Ken has also requested that we upgrade the church web site. Susan Nilson, Moderator, has asked the Trustees to study and make recommendations for the church by-law review. Chairman George Penniman will make a report for our recommendations to the council at the next meeting. Re: Campership scholarships- It was voted that the money is to be expended from the existing budget prior to authorization of additional funds. Parsonage Porch Painting: the back and side porches of the parsonage need to be painted before cold weather. Ken has one proposal at a cost of $3000. We agreed that a second bid or proposal is desired. George will talk to another bidder. It was agreed that the porches mentioned will be painted. The request for new technology described in last week’s Trustees meeting is tabled until the budget is available to the Trustees and other departments. The meeting was adjourned. Respectfully submitted, Lillian Mosa | 
