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Meeting
First Tuesdays at 4:00 p.m. at the Presbytery Office

Purpose
To fulfill the legal trustee function of the Presbytery with emphasis on the administration and preservation of properties.

   
President David Legg (Mt. Washington)
Staff Consultant Jim DiEgidio (General Presbyter)
   
   

2008 Annual Report

There were two main areas of Trustee work for 2008.

Investment Oversight Committee (IOC) – Revised Investment Oversight Committee Policy and Investment Policy Statements for the Presbytery of Cincinnati. The following excerpt from the proposal summarizes the changes:

“The revised IOC policy provides more flexibility on membership and meeting frequency. A few non value added activities have been pruned. Focus is placed on the two key functions: Investing the Presbytery’s cash, and ensuring income used to support the budget as consistent with the terms of the restricted funds, and reasonable relative to the income generating capacity of our investments.”

The investment policy now focuses on the key elements of investment decision-making. The previous version was quite lengthy. It repeated some of the points already covered in the IOC Policy. Some of the points discussed were not relevant to investment policy. Other sections provide perspective on how things could be done, which however wasn’t really policy. 

In other actions, the IOC:

  • Agreed to the use of index funds.  Savings in brokerage fees + 1.8%/year or roughly $50,000/year.

  • Agreement to the establishment of an approval structure that will make it much more difficult for someone with the ability to issue checks on behalf of the Presbytery to also access the investment funds. This better separates duties and better protects the Presbytery from a misappropriation of funds.

Trustee Actions Requested by Churches:

Delhi Church – The First Presbyterian Church of Delhi went up for auction in November 2008 and sold for $60,000, which covered the expenses of the Presbytery in the upkeep of the building for 4 years.

West Cincinnati – A committee including church members and a member from both the Board of Trustees and Committee on Ministry continues to work with the Church on property issues and direction of ministry.

Crestview Presbyterian Church – Refinanced their existing mortgage.

Venice Presbyterian Church – Purchased property next to the church.

Sycamore Church – Sold property to the Ohio State Highway Department for widening Montgomery Rd.

Salem and White Oak Presbyterian Church merged to form the Northwest Community Church

The Audit Report for 2006 was received by the Trustees.

Insurance – The Trustees requested all churches send in the Declaration Page of their Church Insurance Policy to the Presbytery Office, as suggested by their Insurance Agent.

The Fulton-Presbytery Cemetery –The Cemetery Action Committee, in the community, is cleaning up and marking the graves.

David Legg, President

 

 

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