CMM 2024-10-06

Minutes of Meeting for Worship with Attention to Business

Concord (NH) Monthly Meeting of

the Religious Society of Friends

6^th of Tenth Month 2024 [1]

Twelve Friends gathered for meeting for worship to attend to business, in person and by Zoom.  We opened with a period of quiet worship.

The Minutes of Ninth month 2024 [2] were approved as posted on our website.

10.01  Finance Reports:  Chris H, Treasurer, reported on operations from June through September 2024.  Income was $15,490 and expenses were $10,924 for a net gain of $4,566.  Two expense lines are higher than budgeted due to the peace pole decision for additional languages on the post.  The other line, hospitality, was needed for an AFSC NH event.  Cash on hand is $18,511.

10.02  Solar System Purchase:  Greg H reviewed the previously emailed report of the Solar Committee and reminded the Meeting that its members are the Finance Committee plus one other Friend; also, that at the March 2024 Meeting for Business [3] it recommended that the Meeting purchase the solar system from Oxbow Solar LLC as the best remedy for the Meeting’s significant increase in electricity usage due to the geothermal system.  The report reviewed the impact on the budget going forward, plans for financing the acquisition, and the major contractual obligations involved.

The Meeting agreed to purchase the solar installation asset from Oxbow Solar LLC for the sum of $18,066, its independently determined fair market value.  The Meeting intends to assume the responsibilities of host of the existing Oxbow Solar net meter agreement by immediately seeking approval of an application to the NH Public Utilities Commission and by establishing a new group net meter contract with such members as wish to continue with the group under new ownership.

Presiding Clerk, Heidi B, is authorized to sign such contracts and documents as may be required for this purpose and is further authorized to sign a promissory note or notes, not to exceed a total of more than $18,066, to finance the solar array purchase at no more than 5% simple interest per year with a term or terms of no more than 15 years.  Arrangements for the loans should be made by the members of the Finance Committee who are not lending to the Meeting.  The Meeting intends to retire the loan or loans as quickly as possible with such advance payments to be planned and supervised by the Finance Committee with an eye toward maintaining sufficient cash flow for the Meeting’s operating needs.

As part of the sale Oxbow Solar LLC has acknowledged the Meeting’s credit for prepaid electricity in the amount of approximately $3,600 (calculated to the end of October 2024) and thereby reduces the required payment for the solar array assets to approximately $14,466 if completed by the end of October 2024, the sum to be adjusted accordingly should the sale be delayed.

Clerk, Heidi B, noted that while we appreciate the potential to lower our utility costs, our primary motivation in using geothermal and solar energy [4] is our commitment to clean renewable energy.

10.03  Ministry and Counsel:  Ruth H, Ministry & Counsel Clerk, reported planning is underway for a 4^th-Sunday Program this month but the format and subject matter is not ready to be announced.  Heidi B will be leading a series of deepening the Spirit gatherings to take place on one or two Sundays a month before or after Meeting for Worship.  More details will be forthcoming.  People interested in participating should contact Heidi.

Following our closing worship Friends adjourned purposing to meet again on Eleventh Month 10, 2024 as way opens.

* “A budget is a moral document” ~ often attributed to Martin Luther King, Jr. (1929 – 1968)

NB. The Income & Expenses Sheet was created with two decimal points, which were removed for readability, the cents being unimportant to the overall understanding.  This can have the effect of throwing off any given sum by a dollar due to compounded rounding.  —  Prepared by Greg Heath and Chris Haigh.

Solar Committee Report and Recommendation [September 30, 2024]

The Solar Committee asks the Meeting to approve the purchase of the solar array from Oxbow Solar LLC.  The Meeting was first apprised of this plan in March 2024 after having concluded that purchase of the solar system was the appropriate step to respond to our increased electricity consumption resulting from the new the geothermal heating system.  It has taken this time to research the consequences of the purchase and to iron out the details.  Some important points of information for the Meeting are noted below along with the details of the proposed purchase.  If you have questions please contact Greg Heath at 603-219-4491.

• The independently determined fair market value of the system is $18,066.  That will be the sale price per the terms of our existing contract with Oxbow Solar.
• The cost of the purchase will be underwritten by the existing Solar Grant Fund of $1,209 and approximately $3,600 on the Meeting’s books as prepaid electricity.  The latter is the remainder of the original $10,000 paid to Oxbow Solar for a 10 year supply of electricity.
• The Committee has identified members of the Meeting who would loan the required funds with arrangements made in a manner similar to the recent borrowing for the geothermal heating system. Interest will not exceed the rate off 5% per annum and the term will not exceed 15 years.
• The Finance Committee will determine the exact amount of borrowing required to maintain adequate cash flow for the Meeting, but in no case would the borrowing exceed the sale price of $18,066.
• The Solar Committee, consisting of the Finance Committee plus Ruth Heath, has evaluated that the purchase is affordable by the Meeting without fundraising.  Our current mortgage payment of $317 per month will conclude in January.  Our payment on the new borrowing would be no more than $143 per month.
• We expect the Meeting to pay off the loan as soon as possible while maintaining sufficient resources to meet Meeting needs as determined by the Finance Committee.  The Committee fully expects to receive about $15,000 by early 2025 from the US Treasury as reimbursement for the geothermal system and expects to use those funds for debt reduction.
• The Meeting will begin to pay for its electricity as billed by Unitil offset by income generated by the system.  We expect the net cost of electricity to be less than what we have been budgeting each year for electricity.
• With this purchase the Meeting will need to assume the responsibilities as host of the Net Meter Group by obtaining approval of an application to the state Public Utilities Commission and by replacing the contract between Oxbow Solar and the group members with one between the Meeting and the group members.

Proposed Minute.

Solar Array Purchase.

The Meeting agrees to purchase the solar installation asset from Oxbow Solar LLC for the sum of $18,066, its independently determined fair market value.  The Meeting intends to assume the responsibilities of host of the existing Oxbow Solar net meter agreement by immediately seeking approval of an application to the NH Public Utilities Commission and by establishing a new group net meter contract with such members as wish to continue with the group under new ownership. 

Presiding Clerk, Heidi Babb, is authorized to sign such contracts and documents as may be required for this purpose and is further authorized to sign a promissory note or notes, not to exceed a total of more than $18,066, to finance the solar array purchase at no more than 5% simple interest per year with a term or terms of no more than 15 years.  The Meeting intends to retire the loan or loans as quickly as possible with such advance payments to be planned and supervised by the Finance Committee with an eye toward maintaining sufficient cash flow for the Meeting’s operating needs.  

As part of the sale Oxbow Solar LLC has acknowledged the Meeting’s credit for prepaid electricity in the amount of $3,600 (calculated to the end of October 2024) and thereby reduces the required payment for the solar array assets to $14,466 if completed by the end of October 2024, the sum to be adjusted accordingly should the sale be delayed.