At the upcoming Congregational Meeting this Sunday (9/30 at 1 pm), we will be asking the congregation to approve a working line of credit of $75,000 for our church. This is at the advice of our Interim Administrator, Patrick Murphy. These funds will only be used as required with the normal fluctuations of pledge (and other donation) receipts versus expenses. Control of these funds will be aligned with the Board policy on spending authority.
Businesses with a balance sheet the size of our church regularly carry a line of credit often much larger than this amount. Our By-Laws require congregational approval for any new debt. Even though there is no intent to carry a regular balance on this line of credit, because there is a potential for a 5.5% interest, we decided it was best to acquire congregational approval up front.
Let the Board know if you have any questions in advance of this vote using email@example.com. – Brendan Mahoney Board of Trustees, Treasurer