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IPHF Minutes-2010 March 29
Page 3
Change Article VII, Section 7 to the Foundation “shall”, not may, purchase insurance
to protect the Board. The liability coverage should be $5 million, however the $2800 in
the budget may only buy $3 million in coverage.
Article IX, Section 4 be edited to remove “are not inconsistent” and replace it with “are
consistent” in the 3 RD line of the 1 st sentence.
Action Taken:
Motion made that the Board Secretary/Treasurer serve as Chair of Audit Committee.
The motion was APPROVED. Voting in favor of the motion: ALL
Action Taken:
By Consensus, the Board established an Investment Committee.
The Board APPROVED Bill Cox to serve as Chair of the committee with David McClain
and Gwen Parker serving as members of the committee
Action Taken:
Moses King was nominated to serve as a member of the Audit Committee to serve with
Eldon Overstreet and George Wilson.
The motion was APPROVED by the Board.
Action Taken:
The Board APPROVED a motion to accept the Bylaws as amended, subject to the editorial
changes which are to be reviewed and ratified by the Board.
2010 BUDGET AND FINANCIALS
Mr. Till explained to the Board that the documents included in the binder are 2008 audited financial
statements and 2009 unaudited financial statements for the IPHF. Comments and actions as part of this
discussion-
Mr. Till explained to the Board that the IPHC 403(b) retirement funds are not included in the
Foundation or denomination’s financials.
Mr. Till explained to the Board that the denomination was funding about $27K to the IPHF in
support of the 403(b) retirement plan costs and for the Planned Giving Program.
In discussion about the Planned Giving Program budget, Mr. Till informed the board that the
Planned Giving Program would be going through changes. Because Attorney Jonathan Burch
would be giving up his position, CPA and Attorney Lawn Gardner would be providing support
for the Planned Giving Program.
Action Taken:
Motion made approve the 2010 Budget as presented.
The motion was APPROVED. Voting in favor of the motion: ALL
IPHC 403 (b) RETIREMENT PLAN
The Board discussed the IPHC’s 403(b) retirement plan. There was no action taken by the Board related
to the 403(b) plan.
COB Meeting July 19-20, 2010