GCFA Holds Summer Quarterly Meeting in Dallas
Monday, July 22, 2019
Nashville, TN – The Board of Directors of the General Council on Finance and Administration (GCFA) met in Dallas, Texas July 18-19. Bishop Michael McKee, GCFA Board President, is the resident bishop of the North Texas Annual Conference.
In its meeting, the Board approved a report from the General Agency and Episcopal Matters (GAEM) Committee for 2020 expenditures for episcopal offices related to office expense, housing grants, and compensation for jurisdictional and central conference bishops. The Board elected to set the bishop's 2020 compensation for salary and office grants to remain at the current 2019 amounts. The housing grant amounts for 2020 will be set to the 2016 levels. These moves are the result of reviewing funding projections of declining reserve levels.
In additional action, the GCFA Board chose to reduce episcopal office 1st quarter 2020 office grant amount by 50% in response to the projected collection rates for 2019. Projections for apportionment collections for 2019 are anticipated at an 80% collection rate which results in an additional reduction to reserves of $726,000 over the already budgeted $3.3 million reduction. The decision to reduce in the 1st quarter of 2020 instead the 4th quarter of 2019 allows episcopal areas more time to prepare for the reduction.
The Board reviewed the petitions it will present to the 2020 General Conference.
The Board also celebrated the service of General Counsel, Steve Lambert who is retiring in August from the General Counsel position. Lambert has been with GCFA since 2014 and was instrumental in guiding the Legal Services Department and the agency through changes that improved the Department’s efficiency and effectiveness throughout the denomination. Bryan Mills was elected as interim General Counsel upon Lambert’s retirement, assisted by Leticia Mayberry-Wright, Assistant General Counsel.
The Board heard a report from United Methodist Insurance (UMI) that in 2018, UMI realized a net surplus of $533,000. This is a significant milestone since this is the first time it has realized annual surplus from its operations since its inception.