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                                                                     HOLY ANGELS FINANCE COMMITTEE MINUTES
                                                                                                      May 21, 2009

OPENING PRAYER
Fr. Jerry Brittain led the opening prayer. 

ATTENDANCE
Fr. Jerry Brittain, Don Felix, Jack Daniels, Paula Beine, David Beine , Harry German, Kathryn Fisher Davies, Mark Jansen and Pete Rettler.  Absent were: Mike Nowack , Chuck O’Meara and Randy Lawson.

MINUTES OF THE PRIOR MONTH
A motion was made by Don Felix and seconded by David Beine to accept the minutes from the prior month.  The motion was approved unanimously.

REVIEW OF FINANCIAL STATEMENTS – April
Jack noted that month to date actual envelopes were $90,221 which was close to the budgeted of $93,863, however, year to date we are at $916,573 compared to the budgeted amount of $1,009,764.  This puts us $93,191 behind for the year.  We will continue to monitor this very closely.  The profit and loss statement showed that tuition for April 2009 was at $52,788; this was close to the budgeted on year to date. (Regarding tuition payments, Mike Sternig told Jack that about 78% of the tuition has been collected, during a normal year the percentage would be about 80%-81%.)    Jack noted that John Conwell informed him that there was tuition assistance available in the amount of $17,000.  Salaries are close to the budgeted amount and Jack reminded everyone to always look at the salaries account in conjunction with account #4070 (TSA).  Healthcare costs remain less than expected.  Jack noted that utilities are all close to what was budgeted and the repair and maintenance account are over budget.  

ANNUAL BUDGET CONSIDERATIONS
Jack noted that the budgeted tuition for next year was changed from $612,000 to $609,000.  It will be the schools responsibility to find $3,000.  Tuition will be frozen at last year’s level.  Staff and Teacher salaries have also been frozen. 

Forecast of Year-End Results
Jack prepared and reviewed his forecast for the next couple of months.  Jack expects to collect $94,517 in envelopes in May and another $78,428 in June.  There should also be a significant amount of tuition coming in the next two months, $87,000 in May and $97,953 in June.  The rent from the apartments is nearly always a given at $4,167 per month.  Jack reminded the committee that 1% of total envelope collections go to our sister parish in the Dominican Republic.  Capital expenditures need to be discussed at the June meeting; if the Parish spends the $25,895 this will increase the deficit. 

PROPERTY AND GROUNDS UPDATE
Fr. Jerry reviewed the capital improvement list with us.  The property and grounds committee has prioritized a list of improvements.  The property and grounds committee has recommended that the top three items on the list be completed as soon as possible.  Kathryn asked if #14 (Church waterproofing) was preventative. Fr. Jerry informed us that $11,000 of the $20,000 total would come from the “Faith in our Future” fund.  Paula noted that we need to keep in mind the potential merger with St. Mary’s when considering capital improvements.  Fr. Jerry reported that Jim Schmidt is planning to have an energy audit completed. 

Faith in Our Future
There was no update.  Fr. Jerry wants to wait until the economy improves before he addresses any concerns with “Faith in our Future”. 

AUDIT DISCUSSION
It was reported that Mike Sternig wants us to consider how we complete the book keeping functions.  There is some thought of hiring a part-time bookkeeper.  Pete suggested that we do some value mapping to better understand process flows.  A sub-committee has been formed to look into Moraine Park providing services to map process flows.  The members are Pete, Mike Nowack, Kathryn and Paula.  Pete will arrange an information gathering meeting with the sub-committee and Moraine Park 

SCHOOL TRUST FUND
Money has been transferred to M&I and there will be reports available in the near future. 

SCHOOL TASK FORCE
The teams have hit a dead end but the Diocese would like us to continue talks.  Other parishes will be asked to join the discussion.

NEW BUSINESS
Kathryn asked the committee to investigate how each additional student registered beyond the forecasted amount may ultimately impact the budget.

 HUMAN RESOURCES BUSINESS
Performance reviews were discussed and the group decided we should still conduct performance reviews despite freezing this year’s salaries. 

ADJOURNMENT
A motion to adjourn was made by Don and seconded by Kathryn.  The motion was approved unanimously. 

Respectfully submitted,    

Pete Rettler