Mid-Year Report from the Board

Feb. 11, 2019

The CVUU Board is pleased to review with you some Board activities during the first six months of the church year and some events on the horizon.

Loan for 809 S. Military Hwy and Sale of 739 Yarmouth St.

In December 2018 we closed on our long-term bank loans for the renovation and purchase of CVUU. The loan of $1,600,000 at 4.5% interest rate has two parts. The first is $1,185,000 which is paid back over 25 years. The second is $415,000 which is paid back over 5 years with a balloon payment of $309,873 in the last year.

In late December 2018 CVUU closed on the sale of 739 Yarmouth St. for $575,000. With the buyer’s prior payments and closing payment, CVUU has received $150,000. Much of these funds paid for renovation costs and refunded the funds borrowed from the reserves.  CVUU extended a loan for $425,000 at 5% interest to the buyer. We will be receiving monthly payments of $6,000 for seven years. These funds will be reserved to help pay the balloon payment on our $415,000 loan and partially pay the ongoing loan payments.          

Celebration and Dedication of our new home at 809 S. Military Highway

The grand Dedication of our new church home is being planned for April 28. Reverend Jeanne Pupke will be joining us to preach and rejoice with us. The voices of the Richmond and CVUU Choirs will christen our sanctuary. Friends, family, and persons significant to us are welcome to share this day with us. If you’d like to volunteer to help, please contact Reverend Justine.

Policies and Procedures Committee

At the Board’s request the Policies and Procedures Committee (Jim Early and Ellie Fetterly) is working with the CVUU committees to clarify their purpose, policies and membership. The information on each committee will be incorporated into the Policies and Procedures Manual for easy reference by congregants. As we grow so do our opportunities for fellowship through volunteering.

CVUU Budget for FY 19-current year

This year’s budget was based on our best estimates of projected expenses in our new building. Our first year is providing more concrete information. We are generally doing well and can cover our expenses at this time. Your Phase B payments are an important part of paying our bills. With our large loan payment of $9,817 per month and our increased expenses, we are expecting successful and increasing Pledge drives in the future.

CVUU Budget for 2020

The Treasurer, Paul Moss, prepared an 11-year analysis of our expenses which provides the context for developing the FY 2020 budget for CVUU. Over the past, the expenses generally fall into 8 categories with the following average percentages of the budget.

Personnel 31%

Building 13%

Association dues 5%

Minister 21%

Other expenses 18%

Administrative 4%

Committees  7%

Prof Dev’t 1%

In recognition of the increasing complexity and growth of our congregation the Board has implemented a more structured process for developing the FY 2020 Budget. Our new building brings us many financial responsibilities we did not have in the prior church: dumpsters, regular maintenance for items like the sewer grinder and the elevator; air conditioning and other utilities costs for a larger building, new lawn care and snow removal costs, Virginia Beach fees such as for stormwater and a significant monthly loan payment of $9,817. The Finance Committee and Susie will be identifying these costs for budget planning.

CVUU also has many more committees. In the interest of inclusiveness, CVUU committees were provided a format and timeline for requesting funds. You may be working on this already in your committees. In the past, funds for committees have averaged about 7% of the entire budget.

Mid-winter meeting

The Mid-winter meeting will be Sunday February 24 after the service. We are asking you to consider two topics and vote at the meeting:

  1. A Bylaws change to stagger the terms of Finance Committee members to maintain continuity of knowledge on the Committee.
  2. The Board is recommending eight members for the Minister Search Team based on the candidates recommended by congregation members. You will be receiving additional information about them prior to the meeting.

The meeting will also have short discussions on several other topics.

Covenant Sunday

On March 10 we will be coming together as a church community to develop a covenant for our working, playing and learning with each other. We will be learning and creating our CVUU covenant beginning with the morning service, followed by a lunch fundraiser for the Quest Program, and then an early afternoon workshop. Please mark your calendar and watch for more information.

How you can help our CVUU Community

We would like your help in filling some important vacant positions in our CVUU operation:

Stewardship Committee-assist with the upcoming Pledge drive

Personnel Committee-assist in developing policies and the hiring of personnel

There is also a wide variety of committees that support the church functions and create our joy in community. If you are interested in exploring joining one, please contact Reverend Justine Sullivan or Anne Odell, President.

We enjoy serving you, stand ready to answer your questions and concerns, and look forward to the many events we have planned together.

 

Anne Odell, President

Kathryn Perry, Vice President

Paul Moss, Treasurer

Mark Pryor, Financial Secretary

Ken Saucer, Secretary

Ellie Fetterly, Director

Martha Shore, Director

Steve Ciganek, Director

Vicki Caminer, Director

Gwen Towe, Director

Mindy Squillace, Director