GCFA Quarterly Meeting Held in Nashville
Monday, November 18, 2019
Nashville, TN – The Board of Directors of the General Council on Finance and Administration (GCFA) met in Nashville November 14-15.
The 2020 spending plans of general agencies receiving general Church funds were approved. The spending plans highlighted the percentage of spending in the Four Areas of Focus. The spending plans are based on a projected collection rate between 70-80% for 2020.
The Board also approved the spending plan for the Episcopal Fund, based on a projected 75% collection rate in the Jurisdictional Conferences and a 65% collection rate in Central Conferences. By the end of 2020, the pool of reserves to be used for this budget is projected to be about $7.7 million. If current collection rate trends continue, the reserves are projected to be depleted at the end of the next quadrennium.
The Board approved a recommendation from the Committee on Fiduciary, Foundation, and Property Matters on church minimum insurance requirements. The first change adds the option of functional replacement valuation basis when desired by a church or conference. The second change adds a footnote allowing a lower limit of sexual misconduct liability in states or jurisdictions that have lower legally-binding limits than the minimum recommended coverage. A separate communication from United Methodist Insurance Program (UMIP) will provide additional detail for local churches.
The next meeting of the Board is a conference call in March 2020.