Board Meeting Minutes August 2006

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Friends of CRTS Board Meeting Minutes
August 25, 2006
 
Board Members Present: Dr. Andrew Silman, Rev. Toon Yeo, Mr. Mark Thompson, Mrs. Glenn McDougall
Board Members Excused: Mrs. Robert Wohleber, Dr. Robert Simonelli, Rev. Paul Taylor
Others Present: Dr. Andrew McCafferty, Mrs. Mark Thompson
 
The meeting was called to order and opened with a devotional and prayer by Dr. Silman. Dr. Silman was re-elected as the Chair and Dr. Yeo as the vice Chair for another year. Minutes from the 2005 Board meeting were read, and approved.
 
Reports
1. Dr. McCafferty gave the Executive Director report.  We continue to support Dr. Yates and Dr. McCafferty. In 2005 we contributed $20,000 to the CRC on behalf of CRTS, contributed $5,762.81 to the Family Counseling Center in Taiwan, and $10,540 to CRTS for remodeling. Dr. McCafferty also informed the board that we received our permanent tax-free status from the IRS.
 
2. Missionary Reports. Dr. McCafferty and Dr. Yates' yearly missionary reports were summarized and approved.
 
3. Mrs. McDougall gave the Treasurer’s report. In 2005 we had an income of $137,501.84 and expenses of $135,339.50. We began the year with a surplus of $48,704.98 and ended the year with a surplus of $50.867.32. It was also reported that as of Aug 24, 2006 we have $78,802.31 in our accounts. The reason for this increase is four unexpected larger donations (which we will discuss how to spend below).
 
 
Motions
1. Revisions of "Friends of CRTS guidelines" and "Missionary Salary, Benefit and Expense policy"
 
At the 2005 Board meeting we approved changes in these two policies. Dr. McCafferty presented the wording of these changes to the Board, and the revisions were accepted as presented. The revisions can be found in the 2006 Board meeting agenda package.
 
2. Missionary Financial Statements and Requests for 2007.
 
Dr. McCafferty presented his own and Dr. Yates financial statement for 2005-2007. Dr. Yates' request for 2007 is $94,500, with $82,466.50 of this for salary and benefits. Dr. McCafferty' request for 2007 is $33,830 with $31,080 of this for salary and benefits. Dr. McCafferty' report was approved. Dr. Yates' statement raised two questions of interpretation. The first is the nature of the maximum housing allowance. It was decided that this is part of the "Maximum Salary and Housing" -- so a missionary can spend more on housing and get less in salary, or less on housing and get more in Salary. The second question concerned the $5,000 / year college expense allowance. It was decided that a child who studied part of the year or part-time the entire year would be only be granted an equivalent portion of the allowance -- so that if a school year is 30 credits and the child took 15 credits in the year the allowance would be one-half or $2,500. These interpretations were passed. Dr. Yates' report was then approved with the following changes: his college allowance for his 2nd daughter was reduced by $2,500 US and his salary was increased by $2,500 US -- leaving his total salary and benefits unchanged. (He had requested over $2,500 less than his maximum salary and housing limit, and so with this increase his total is still under our maximum limit.)
 
3. $9,000 Contribution for CRTS.
 
Dr. McCafferty requested that $9,000 from the unexpected contributions to his account be transferred to the CRTS account and donated to CRTS. This will be used to help pay the salary of a new CRTS administrative assistant ($6,000). This assistant will work on the CRTS library, bookstore, and website. Part of the money will also be used to pay for new library shelves ($2,000) and a computer for the new administrative assistant ($1,000). The motion was passed.
 
4. Philadelphia Seminary Startup.
 
A motion was made and passed to start a Philadelphia Seminary startup fund. Money contributed to this fund will be made available to the organizing committee of the Seminary up to a maximum of $5,000 for the remainder of 2006 and all of 2007. Assuming there is money in the special fund, we will provide the committee chair, Steve Lee, with a $500 petty cash account. He must make quarterly financial reports (due by Jan 15, April 15, July 15, Oct 15) to Friends of CRTS. These reports will include a clear statement of how money was spent by the organizing committee in the quarter and receipts for all expenditures over $75.00. Assuming there is money in the fund and subject to the $5,000 limit, we will then replenish the petty cash account to the $500 level after each report. If Steve's petty cash account runs out before the end of the quarter, he may apply for additional funds for that quarter. (But he only needs to give us quarterly reports.)
 
5. Chinese Reformed Seminary Education in the mainland.
 
Dr. McCafferty reported that a small Reformed Seminary in the mainland would like one of our CRTS graduates to be its director. It was moved that we provide $350 / month from our general fund to support this missionary -- if he takes the position and Dr. McCafferty in consultation with Dr. Silman is able to establish an appropriate channel for contributing the money. Mark Thompson moved that this be increased to $500 / month, since there is a need. The motion was passed with the $500 / month amendment.
 
6. Chinese Reformed Seminary Education in California.
 
Dr. McCafferty reported that Dr. Luke Lu is interested in starting Chinese Reformed Theological Education in San Jose in the future. No motion was presented or passed, but the Board expressed support for this and a willingness to consider motions related to this at a future meeting.
 
7. Reformed Translation -- the Reformed Press in Taiwan
 
Dr. McCafferty reported that the Reformed Press in Taiwan has asked him to sit on their Board of Directors. This press owns and publishes over 80 important Chinese translations of Reformed works, but is experiencing internal difficulties. We considered various possibilities, including buying the Press. No motion was passed, but Dr. McCafferty was asked to continue to discuss possibilities with the current Board.
 
8. 2007 Budget
 
A proposal for the 2007 Budget was presented (see agenda). The FCRTS donation to McCafferty mission line (code 521) was changed from $31,800 to $31,080. The FCRTS donation to mainland seminary line (no code as of now) was changed from $4,200 to $6,000.   As a result the total budgeted expenses were changed from $156,396.50 to $157,476.50. Our budgeted income of $153,830.00 was not changed. As a result our expected deficit rose from $2,566.50 to $3,646.50.
 
New Business
 
1. The Board once again discussed Chinese Reformed Theological Seminary in the US.   No motion was made.
 
2. There was a discussion of Board Development. It was decided to make this a priority this year.
 
As there was no other new business, Pastor Silman closed the meeting in prayer.
 
Respectfully submitted,
 
Mrs. Robert Wohleber, June 2006