finance Committee Minutes June 2008

ATTENDANCE
Fr. Jerry Brittain, Fr. Rick Wendell, Jack Daniels, Don Felix, Mike Nowack, Paula Biene, Mark Jansen, and Harry German. Invited guests: Jerry Henderleiter and Pete Rettler. Not in attendance: Kathryn Fisher Davies, Harry German, and Charles O’Meara.

MINUTES OF THE PRIOR MONTH
A motion was made by Don Felix and seconded by Paula Beine to accept the minutes from the June meeting. (There was no meeting in July.)

REVIEW OF FINANCIAL SITUATION – YEAR ENDED (JUNE 30, 2008)
(Presented by J. Daniels)

* Capital Expenditures (2007 Actual) include $50,000 as a Prepaid amount for a truck.
** Capital Expenditures (2008 Actual) include $40,000 as a Prepaid amount for caulking & tuck pointing the school building.
*** Donations and Contribution (2008 Actual) excludes $10,000 that was put into a restricted fund account for future year’s use.

Discussion following presentation of the year’s results:

Following J. Daniels presentation of the above financial results, P. Beine stated that she was in disagreement with the establishment a $40,000 prepaid expenditure for the caulking & tuck pointing of the school and the reclassification $10,000 into a restricted fund (for use in future years). J. Daniels was asked if the official books could be stated in a manner that could conform to GAAP. He said that he could. The financial information to be submitted to the Archdiocese will be stated as requested by P. Beine and in accordance with GAAP.

Paula Beine wished to make a motion regarding the Accounting/Financial Statements. She was asked to withhold the presentation of a motion until next month’s meeting. She agreed to do so.

Income considerations: Weekly Collections for the year (including Offertory) were significantly more than budgeted ($87,796). Tuition & Other Income were greater than budgeted due to the contributions of the Stehling Grant that was greater than budgeted. Bequests was adjusted to reflect that $10,000 was set aside in a “restricted” fund, and as such, is not included in the above statement. This will be “undone” for the report sent on to the Archdiocese.

Expense considerations: Salaries & Benefits were greater than budgeted due to the cost associated with new staff members in support of newly funded ministries and the Stehling school initiatives. Supplies & Service greatly exceed the budget due to the cost of the Stewardship campaign (paid to the Walsh Group).

Capital Expenditures Position: The Parish will use $40,000 of the “excess revenue” in 2008/2009 for the caulking and tuck pointing of the school buildings. This will be “undone” for the report sent on to the Archdiocese.

The primary Capital expenditures made during this prior year were for a new truck ($36.5K) and the ceiling work done in the front of the sacristy ($24,5K).

Cash Balances:
Following are the Cash balances of other accounts within the Parish as of June 30, 2007:
-          The Church Renovation Fund has a loan balance outstanding of <$55,527>
-          The School Trust Fund has a balance of $1,622,437
-          The Cemetery Fund has a balance of $200,297
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REVIEW OF FINANCIAL SITUATION – JULY, 2008
Weekly Envelopes were $6.9K less than budgeted. No Tuition Participation was received during the month (school not in session).

Expenses for Salaries & Benefits were slightly over budget. Only Maintenance of Grounds was over budget (by $1.8K). Expenses in total were $9.7K under budget. Festival income was not transferred to the Parish in July resulting in total Income being $43.4K less than budgeted. (The Festival did not do as well as in other years; net profit is estimated at $35K rather than the $50K in the budget.)

Church Cash balances on hand are $39.3K and $5.1K respectively.
Church Renovation Debt to School Trust Fund $55.4K.
School Cash Accounts are $0 (School year will begin in August).
School Trust Fund balance is $1,622K.

PROPERTY & GROUNDS
- Rectory showers are in the state of being repaired/upgraded. Total cost will be in a range of $5K - $10K.
- Holton Brothers will begin the caulking and tuck pointing of the school – est. cost $40.0K
- Accordion door to be installed at end of hall in the rectory to separate the dining room from the living room activities.

The Archdiocese “Faith in Our future” campaign has set up a series of meetings for the “leaders” in the program.

SCHOOL TRUST FUND
Did not receive an update. Will discuss at next month’s meeting

QUAD PARISH PLANNING COMMITTEE
Quad Parish Day of Reflection/Retreat will be on October 4^th(Invitees are: Parish Council members, invited “key” staff employees, School Principals, one representative from each standing committee and all Quad Parish members.)

ADMINISTRATION
Bulletins will be printed by Liturgical Publications as of September 1st.

ANNOUNCEMENT
Jerry Henderleiter and Pete Rettler, attendees at this meeting, will decide prior to the September meeting whether or not they will join as permanent members to the Finance Committee. Thank you to Jerry and Pete for their consideration.

ADJOURNMENT
A motion to adjourn was made by Don Felix and seconded by Mark Jansen. The motion was approved unanimously.


	2006-2007	2007-2008	2007-2008
REVENUES:	Actual	Budget	Actual
Pledges & Collections	$1,128,665	$1,123,905	$1,211,701
Tuition & Other Income	857,663	821,453	837,269
Rental Income	59,411	54,000	81,265
Festival Income	45,787	45.000	51,773
Bequests & Misc. Income	48,622	44,310	*** 58,825
School/Religious Ed/Youth	209,635	183,450	60,703
Total Revenues:	$2,349,783	$2,272,118	$2,301,536

EXPENSES:
Salaries & Benefits	$1,612,755	$1,741,117	$1,773,060
Supplies & Service	107,998	45,366	69,193
Utilities, Repairs & Maintenance	137,111	140,621	149,991
Insurance	27,948	27,557	29,875
Archdiocesan Assessment	51,394	57,232	55,505
Debt Reduction/Interest Expense	8,051	7.500	13,957
Capital Expenditures	* 135,793	20,000	** 72,484
Other Expenses	49,971	49,275	71,150
School/Religious Ed/Youth	197,034	183,450	64,596
Total Expenses	$2,328,055	$2,272,118	$2,299,811

Residue/<Shortfall> School Subsidy	$21,728 <$505,035>	0 <$614,707>	$1,725 <$600,161>

Holy Angels Catholic Church
Finance Committee Minutes

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Holy Angels Catholic Church
Finance Committee Minutes