As 2024 unfolds, the Financial Education Project series of occasional messages continues. Previous messages addressed the Finance Committee’s role in overseeing pledging, the Meeting’s dedicated funds, and budget-making. This message is about the role of Trustees. An FAQ format will be used in an effort to speak as plainly as possible on the topic.
What are the Trustees?
Some background: First Friends Meeting was originally established as a Monthly Meeting (an official church of the Religious Society of Friends) in 1855. It was incorporated in Indiana as a religious corporation with the legal name of Indianapolis Monthly Meeting of Friends, Inc. in 2009, and files a business entity report with the Indiana Secretary of State every two years. It operates in the tradition of a Friends Meeting, and conducts its affairs by a Monthly Meeting for Business and as provided by its corporate Bylaws. The Trustees serve as the corporation’s board of directors. The Trustees are also guided in discharging their responsibilities by the Trustees Handbook.
Who are the Trustees?
There are six Trustees, appointed by Monthly Meeting. They each serve for a three-year term, and may serve for up to three three-year terms (for a total of nine years). The current Trustees are Phil Goodchild (Clerk), Eric Tinsley (Treasurer), Carol Donahue (Recording Clerk), Mary Blackburn, Dave Frederick, and Cindy Small.
What are the Trustees’ responsibilities?
The Trustees manage the Meeting’s affairs regarding the capital assets, grounds, personal property, tangible personal property, real estate, and trust assets of the Meeting, and the assets which the Trustees managed before First Friends was incorporated. This boils down to two general areas of responsibility. The first is the long-term preservation of buildings and grounds—that is, capital costs and projects, and the costs associated with major maintenance. The second is management of the Trustee operating fund (used for buildings and grounds preservation mentioned above), as well as investment and management of designated funds according to donors’ specific objectives. The Trustees typically report at Monthly Meeting and, as required by the Bylaws, at the Annual Meeting for Business each March.
Is there a connection between the annual pledge campaign and what Trustees do?
Funds raised by the pledge campaign overseen by the Finance Committee are for the everyday operating expenses of the Meeting—not for capital expenditures or major maintenance, which are the Trustees’ responsibility. Put another way, when our roof is replaced or our education wing renovated or our sewer line replaced, those projects are not paid for by the general budget or the dedicated funds overseen by Finance. Our pastors do not need to appeal for funds for such projects. They can call the Trustees.
Why can’t the Trustees funds make up operating budget deficits?
The designated funds managed by the Trustees are legally restricted to their donors’ intent and cannot be used for other purposes. As for undesignated funds (that is, the Trustees’ operating budget), the people who established the Trustees’ fund years ago, and those who have donated to it since, wished for their donations to be used for building capital improvements and major maintenance. The Meeting’s membership was expected to pay for ongoing operations and routine maintenance. On rare occasions, the Trustees have provided funds to the Meeting to meet operating needs in times of budget crisis. But as a rule, the Trustees’ fund must be managed for longevity, in perpetuity, for the purposes intended. In fact, that is a legal obligation of the Trustees. The Trustees fund cannot be sustained over the long term if tapped to address operating and routine maintenance needs.