Finance & Stewardship Committee

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The Finance & Stewardship Committee supports the Meeting through fund raising, accounts management, budgeting, and longer-term planning. It attempts to translate into dollars and cents the spirit of the Meeting’s temporal activities and to mobilize the needed funding.

The Committee identifies the general operating costs, committee expenses, and support for organizations and projects beyond the Meeting that are in keeping with Meeting policies and leadings. Annually, the Committee recommends to Meeting for Business an operating budget to meet these needs. The Committee also develops, with the Property Committee and staff, a capital budget for expenditures, other than routine maintenance, to preserve Meeting property and provide longer-lived equipment; financing may come from a Capital Reserve Fund.

The committee develops plans for community annual giving and other fund raising, encouragement of bequests and other planned giving, and, with Trustees, a capital campaign as needed. The Committee is also responsible for communicating the financial needs of the Meeting to members and attenders, so that those who are part of the various Meeting communities may provide financial and other material support to the Meeting.

The Committee exercises broad oversight of the Meeting’s financial management; this oversight is in consultation with Trustees, where the budget involves disbursement from bequests, endowment funds as permissible, or the Building Campaign Fund. Day-to-day financial matters are conducted by the staff. The Committee is responsible, together with the Administrative Secretary, for the oversight of the Bookkeeper, who attends Finance and Stewardship Committee meetings as requested by its Clerk.

The Treasurer, Administrative Secretary and Financial Coordinator are ex officio members of this Committee. The Clerk of this Committee or a designee is a corresponding member of the BYM Stewardship and Finance Committee.

Click this link to view list of committee members.
 

FMW’s fiscal year runs from July 1 through June 30. At every year’s May Meeting for Business, the F&S Committee makes a first presentation of the budget for the coming fiscal year. This draft lies over for one month to provide Friends time to consider the budget in detail and to forward questions and concerns to the F&S Committee. The final budget is presented for approval at the June Meeting.
 
The following budget documents have been prepared by the F&S Committee for presentation at the May 2012 Meeting for Business:
 
Meeting Balance Sheet as of May 2012
 
2013 Fiscal Year Draft Budget
 
2013 Fiscal Year Draft Budget Detail Report
 
2013 Fiscal Year Draft Committee Budget Summary
 
The following budget documents were presented and the FY 2012 budget approved on June 12, 2011.
 
 
 
Here is the 2011 FMW Budget adopted by the Meeting for Business on June 31, 2010:
 
The following document shows the financial results for fiscal year 2010 and compares these to the budget for 2010 and the final results for 2009.
 
        See: 2010 Fiscal Year Final Results
 

Every year, the Trustees of FMW authorize an audit. Every three years this is a full audit and the other two years are audit reviews.  The following is the full audit review done in 2010. It was performed in the summer of 2010 based on the results of fiscal years 2009 and 2010:

        See: FMW FS 2010 Financial Statements & Auditor's Report

The audit shows the investments of FMW as of June 30, 2009.   FMW funds are invested through Friends Fiduciary.  The Friends Fiduciary fund delivers socially responsible, cost-effective returns, and specialized accounting for Quaker organizations.   Following is a link to Friends Fiduciary:

        See: Friends Fiduciary

Our goal is to ensure the confidentiality of donations to Friends Meeting of Washington.  The attached Donor Bill of Rights explains how we assure that confidentiality.

See:  Donor Pledge of Confidentiality

What is the apportionment and how is it communicated to FMW.  The following document answers some of the most frequently asked questions about the apportionment.

        See: Apportionment Frequently Asked Questions 

Monthly meeting apportionments to be paid to the Baltimore Yearly Meeting are determined using the complex formula attached to this message.   The formula reflects three factors – contributors, donations, and investment income.  

See:  BYM Apportionment

 

If you have any questions about any of the above information please contact Edwin Hustead 703-836-6156 or Contact FMW.