CMM Financial Reports-2024-02

CMM Operations FY2024 for 2024-02

CMM Operations FY2024 for 2024-02

Obediah Brown Grant Report for 2024-02

Concord Monthly Meeting Grant Progress Report

Obadiah Brown’s Benevolent Fund

February 7, 2024

Concord (NH) Monthly Meeting joyously received $10,000 from your organization in 2023 for funding a new, environmentally beneficial and safer heating system. This is our progress report on how helpful your funding has been towards reaching our goals with the new heating system.

1. Achieved a net-zero carbon emissions Meetinghouse
   
   
   
   Due to the shift of energy type used in our Meetinghouse from wood-fired furnace to geothermal heat pump, we now use no wood (thus cancelling our modest amount of smoke) and rely instead on an extra amount of electricity. But all the electricity we now need is being generated, over a full year’s period, from our previously installed solar panels. We will be evaluating the amount of extra electricity we are using this first year of the new system and expect to have a close approximation by the end of our fiscal year (ending on May 31, 2024). We are certain, however, that we produce more than we use.

1. Improved the fire safety of our building which now meets stiffer building codes
   
    

   1. Enabled us to host and sponsor large gatherings as an approved place of public assembly:
      
      
      
      We now can host events or rent out our Meetinghouse for gatherings of more than 49 people. In fact, we have already had our first public fund-raising musical event since the shift to the safer heating system and it drew about 75 people and raised a good amount of money for the Asylum Seekers’ Fund.
      
      
      
       

   2. Increased our own safety
      
      
      
      Part of the State Fire Marshall’s building requirements for public assembly was to improve the fire exit signage throughout the building, install a fire-locater box outside our main entrance for use by the fire department, and discontinue using the stove-top burners in our food preparation room. This work is complete.
      
       

   3. Increased the number of childcare spaces in our part of the state:
      
      
      
      We now rent part of our Meetinghouse to an outdoor-focused childcare program which required us to either install an expensive fireproofing of the room that held our old wood-fired furnace, or to shift to a heating system that needed no furnace. The State Fire Marshall approved our building in August, 2023, thanks to the replacement of our old furnace with the new geothermal heat pump. The childcare program is now serving twelve pre-school children.

1. Increased our Meeting’s visibility among younger families in the area:
   
   
   
   There are now twelve families who send their children to the outdoor childcare program at our Meetinghouse, with four more expected later this winter. Many of them would not have known of our Meeting without the childcare program being offered there.
   
   
   
    

Project Status:The geothermal heating system’s two wells were dug, and the geothermal heat pump was in operation by September 30, 2023. All the required fire safety upgrades were completed by mid-August, including the $12,000 fire alarm system. The old wood pellet storage bin and furnace were removed and sold prior to the installation of the geothermal heat pump system. All of the interior work to meet the other fire safety improvements has been completed. The new outdoor childcare program, that was only approved once the fire safety improvements had been made, successfully began operations on August 21.

We initially dedicated $20,000 of our own funds toward this project, borrowed the remainder from a few Meeting members, and instituted a fund-raising program of $30,000 for the rest. We have exceeded our fund-raising goal by $4,135.

We are planning to receive a Federal subsidy (30% of the geothermal system’s cost) by the second half of 2024. Once that occurs, we should be able to repay the Meeting members who generously loaned out the funds needed to start and complete the project on time.

The Meeting has stayed within its approved budget of $20,000 from its own cash and that amount should be reduced to about$18,500 by the end of this year.



See the tables below showing the sources and uses of funds for this total project.

Financial Report on Geothermal Heating System and Fire Safety Project

January 8, 2024

Actuals So FarStill AnticipatedTotal Project

Funds Expended

Geothermal heating system: $51,345 $0 $51,345

Fire safety improvements: 13,711 0 13,711

Architect: 2,118 0 2,118

Landscaping replacement: 0 1,000 1,000

Short-term loan interest: 0550550

Total Expended: $67,174 $1,550 $68,724

Sources of Income

Capital campaign

Gifts from individuals: $19,135 $0 $19,135

Pledges from individuals: 0 500 500

Grants: 14,500 0 14,500

Federal subsidy (30% of geothermal): 0 15,403 15,403

Sale of former heating system items: 689 0 689

Contribution of Meeting funds: 18,850 (353) 18,497

Short-term loans from members: 14,000(14,000)0

Total Income: $67,174 $1,550 $68,724