Finance & Stewardship Committee
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; most of the financing of the capital budget comes from the Capital Reserve Fund.
The Committee develops plans for 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 for the oversight of the Bookkeeper.
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.
For a description of the budget process, click here.
For a check request form, click here.
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.
FMW is currently considering plans for a major renovation that includes handicapped accessibility to all areas of the campus. The fiscal year 2017 budget was prepared without allowance for the construction since the starting date and details have not been finalized. During construction there will be substantial changes in the operating budget. The Committee will prepare a revised budget before construction begins.
The fiscal year 2017 budget was presented at the May 2016 Meeting for Business for first reading. The budget was approved at the June 2016 Meeting for Business.
If you have any questions please contact the co-clerk of F&S, Jim Bell or the Financial Coordinator, Ed Hustead or contact FMW
The following table shows two budget items for each fiscal year. The "Summary Budget" shows the overall FMW budget. The "Detail Budget" shows the budget broken down by category. For instance, each FMW committee has a separate page in the detail budget. Each of the budgets shows the actual results for the prior fiscal year. For example, the FY2017 summary budget shows the FY2016 results as well as the FY2016 budget.
|Year||Summary Budget||Detail Budget|
|2014||2014 S||2014 D|
|2015||2015 S||2015 D|
|2016||2016 S||2016 D|
|2017||2017 S||2017 D|
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.
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.
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.
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