Here - International Pentecostal Holiness Church
Here - International Pentecostal Holiness Church
Here - International Pentecostal Holiness Church
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Page 42 of 132<br />
L #12610-620 Templo Pentecostes Libres en Cristo – El Paso, TX – Pastor called and<br />
wanted a reduce payment. Missed payment and we sent a letter from the attorney.<br />
L #12720-620 <strong>Church</strong> of Today – Rogers, AK - On a payment plan suppose to make full<br />
payment in July.<br />
L #12742-620 Rock Christian Center, Inc. – Sylacauga, AL – sent a forbearance<br />
agreement.<br />
L# 12775-620 Living Water Ministries – Kansas City, MO – there are outstanding taxes<br />
owed. A letter has been sent for deed in lieu of foreclosure. We are working with the<br />
attorney to remove some of the back taxes.<br />
L #12846-620 Grace Bible Ministries – Corsicana, TX – <strong>Church</strong> in Athens, TX church is<br />
on force placed insurance.<br />
Minutes reflect that the board reviewed the delinquent loans with the noted comments<br />
and actions to be taken.<br />
A Motion was made, second, and passed to chart the ratio of delinquent loans since Jan<br />
1, 2010 in order to gauge the progress that is being made.<br />
Items for discussion:<br />
Johnny Upton reviewed<br />
• The Investment Review<br />
• Marketing Updates<br />
• Insurance Escrow Update<br />
• State Registrations and Securities Updates<br />
• Directors and Officers Liability Insurance. Board decided to go with<br />
Brotherhood Insurance after February 2011 to satisfy the need for<br />
$5,000,000 in insurance coverage.<br />
• Review of <strong>Church</strong> Classifications according to the IPHC Manual<br />
A Motion was made, second and passed not to give a loan to an affiliate church as<br />
defined in the current IPHC manual. Only planted and transfer churches will be eligible<br />
for loans.<br />
Miscellaneous Business:<br />
• Scheduled next board meeting for 2010 – October 11, 2010, Myrtle Beach, SC.<br />
• Spring meeting 2011 in OKC. Tentative date is February 18 th .<br />
• Upcoming IPHC World Conference, Madrid, Spain for the fall board meeting<br />
Sept 26 through 30 th 2011<br />
• Next General Conference will be on July 19-27, 2013 in Dallas, TX<br />
• Thank you letters were shared with the board on gifts made to various ministries.<br />
A Motion was made, second, and passed to adjourn.<br />
______________________________<br />
COB Meeting July 19-20, 2010
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