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Minutes of Finance Committee of 2/18/10

submitted by Paula Beine.

Members present:  Father Jerry Brittain , David Beine, Don Felix , Kathryn Fisher-Davies, Harry German, Chuck O’Meara, and Paula Beine.

Members absent:  Father Nathan Reesman, Jack Daniels, Randy Lawson, Mike Nowack, and Pete Rettler.

Guests:  Pat Bollen, Ted Casper, Heidi Fellenz,  Rob Mas, Mike Melaney, Nancy Monday, Dave Tennies, and Greg Zimmer.

Opening Prayer by Father Jerry.

Minutes of the January meeting:
Motion to approve by Don Felix, seconded by David Beine, and the motion carried.

Review of January financial results:
Income:  Envelopes $40,000 less than budget.
            We need to maintain this amount and not have any more loss through the end of the fiscal year.

Expense:  less salary due to expense cuts made in Fall.
            We need to continue to be under budget in salary expense.

Expecting $87,000 deficit which includes spending $25,000 on capital improvements.

Chuck O’Meara commented that repairs and maintenance should be separated from capital improvements, and should be budgeted separately from capital improvements.

The collections are $40,000 less than budget as of 1/31/10. 
The collections are $50,000 less than budget as of 2/7/10, $651,000 versus $702,000.
Easter is usually a stabilizing point for collections, i.e. where we are at Easter is usually where we will end up at year-end.

The Archdiocese has asked that Holy Angels try to reach a goal of $64,000 in contributions to the Archdiocesan Stewardship Appeal.  Last year we gave $56,000.

Unpaid tuition will also have an impact on ’09-’10 results.  Tuition assistance requests were $20,000 more than what was available.

Chuck O’Meara commented that the budget for next year should reflect the shortfall in contributions.  We should use this year’s numbers to predict next year’s numbers.

Parish membership is stable.
Stained glass is paid for and complete.
Question from Chuck on proper classification of parish debt (it’s internal debt, from one parish entity to another.)

Kathryn distributed the school’s financial report.
Father Brittain suggested that after we complete the budget, we should  invite the primary keepers of the cash accounts listed on the school report to a finance meeting to understand how these accounts are maintained and for what they are used.
Questions were raised regarding the Football Fever account.  Should the account be renamed and what money remains in the account and what is its intended use?

Paula Beine questioned a difference between the school’s report and the parish’s report of the amount of instructional fees, $43,375 on school report, $30,000 on parish.

Jack obtained quotes for a financial audit, more discussion to follow in March.
Finance committee wants a full audit.  This is not yet in the budget.
Father Jerry has received unsolicited quotes.

Day School Ad Hoc Committee on 3K and Extended Care presented a proposal (attached to minutes.)
Discussion about needed financial information and projections.
Also need adequate pre-registrations to carry expenses.
Fr. Jerry stated that Faith in Our Future funds could be used for the remodeling needed.
Nothing for Finance Committee to act on at this time.

Chuck O’Meara suggested that the K3 revenue budget exceed the expenses by at least 5% so that the program does not increase the deficit.
David Beine to provide information to Pat Bollen as to what financial information the Finance Committee needs from the Ad Hoc Committee.
Motion made that Finance Committee is in favor of the concept subject to adequate pro-forma financial information being provided, the programs must not add to our deficit, and program revenues will be budgeted at 104% to 105% of expenses.  Motion by Chuck O’Meara, seconded by Harry German, and the motion carried.

Motion to adjourn by Don Felix, seconded by Chuck O’Meara, and the motion carried.