Here - International Pentecostal Holiness Church

Page 39 of 132
Minutes of the meeting of the
Board of Directors of the IPHC
Extension Loan Fund, Inc.
Greenville, SC
June 11, 2010
The Extension Loan Fund Board of Directors met in Greenville, SC on June 11, 2010.
Present for the meeting were President David Parker, Vice-President Stephen Hanscom,
Vice-President Johnny Upton, Director Garry Bryant, Director David Benton, Director
Ronnie Kennett, Director Tandy Hix and recording Secretary Esther Nix. Absent;
Director Wendy Hughes, Director Preston Lee and Secretary Treasurer Wallace
Hamilton.
Meeting was called to order by David Parker. Devotion and prayer was offered by
Apostle Ron Carpenter Jr.
A tour was given of the facilities at Redemption World Outreach Center.
David Parker reviewed the minutes for the March 8, 2010 Board Meeting. A Motion
was made, second, and passed to approve the minutes.
Stephen Hanscom reviewed the minutes from the Executive Committee meetings from
April 16th, May 13th, May 24th and May 28 th of 2010. A Motion was made, second,
and passed to approve the minutes.
David Parker reviewed the Amended By-Laws. The Board is suggesting changing the
way we budget for marketing in regard to promotion, gifting and sponsorship. Johnny
Upton and David Parker will do a study of how to break out these items for the 2011
budget. The Board feels that the approval of Amended By-Laws should be done with a
conference call involving the entire board of directors.
David Parker and Stephen Hanscom reviewed the Administrative Approvals. A Motion
was made, second, and passed to approve the new structure.
David Parker reviewed the treasurer’s report. A Motion was made, second, and passed
to approve the treasure’s report as presented.
David Parker reviewed the current available funds.
David Parker and Johnny Upton reviewed the current interest rate. A Motion was made,
seconded, and passed to lower the interest rate .25% across the board (APR) with a long
term view of bringing the Loan Fund rates to a target of 1.25% (APY) above the averages
posted on the bankrate.com site.
David Parker reviewed the current loan rate. A Motion was made, second and passed to
drop the 20 year rate to 8.875%.
COB Meeting July 19-20, 2010