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