Presentation of Reports: The following reports were presented and received
with appreciation by the board as information:
a) Executive Director Report. [Name] reported on the accomplishments of most
of the ministry’s goals for [Year] (complete report attached as exhibit A). He
challenged the board to act on the ministry doors that seem to be opening in
[Country or place of ministry]. He encouraged the board to start a leadership
succession process, since he hopes to retire in three years.
b) COO Report. [Name] shared various ministry operational issues (complete
report attached as exhibit B). Finding career missionaries who are willing to
commit to the three-year minimum assignment is becoming more difficult.
Increasingly, missionaries are only willing to commit to a one-year tour. The
training for a one-year tour of duty is about the same as what is required for a
c) CFO Report. [Name] reported on the current cash flow challenges (complete
report attached as exhibit C). Although giving has been strong for the last
month, the establishment of a line of credit may be necessary to provide
adequate funding for the next 60 days.
The board recessed at [time] for break.
At [time] the board came back into session. The chairman declared that a quorum was
present. The board took up items from the agenda.
Related-Party Transactions: The board secretary reported on the related-party
trans-action questionnaires recently completed by each board member. The
responses revealed that the following related-party transactions occurred in [Year]:
Board Member Transaction Amount
[Name] Office supplies purchased
from [Name of Store] $
It is projected that similar transactions related to the respective board members will
occur in [Year]. [Name] recused himself from the meeting while the remaining board
members discussed the propriety of the transactions related to his firm.
2005-32. ACTION: After determining that the pricing of office supplies
purchased by the ministry from [Name] Office Supply was competitive with other
office supply stores and with [Name] recused from both the meeting and the
voting, the motion was made and seconded to approve continuing purchases of
office supplies from [Name of Office Supply]. Motion carried.