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                                    HOLY ANGELS FINANCE COMMITTEE MINUTES
                                                             May 20^th 2010 

OPENING PRAYER
Fr. Jerry Brittain led the opening prayer. 

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

MINUTES OF THE PRIOR MONTH
A motion to approve the minutes was made by Paula Beine and seconded by Mike Nowack.  The motion was approved unanimously. 

PROPERTY AND GROUNDS UPDATE:
Kathryn filled in for Jack as the Chair and asked that we evaluate six items that were forwarded by the Property and Grounds Committee.  She was looking for motions for approval to move them on to the Parish Council.  David and Chuck did not want to approve item #4, (K-3 Classroom).  David did request that Pat Bollen provide this information at the meeting in February when they presented their proposal to the Finance committee. Chuck agreed that Finance Committee had asked for this information and to date had received nothing.  Chuck wanted to see a small cushion between revenue and expenses to ensure the K-3 idea was sustainable.  David agreed to send Mike Sternig an email with a template to gather the requested information.  Mike Nowack moved to approve items #1,2,3,5 and 6, Paula seconded the motion.  Motion as stipulated was approved unanimously. It now goes to the Parish Council for approval.  After information is gathered item #4 will be sent to the Finance Committee members via email. 

REVIEW OF SCHOOL ACTIVITY ACCOUNTS:
Mike Sternig discussed the Development Account.  This account holds the proceeds of the Annual Combined Fund.  The Combined Fund holds donations for text books and foundation donations.  The Foundation donations are eventually moved to a different account.  In the interest of time Chuck suggested that for the remaining accounts, Mike should provide a short narrative explain the account and listing any concerns over consolidation.  Mike agreed to get the narrative to Jack by June 15^th. 

SUBCOMMITTEE TO SELECT AUDITORS
A Sub-committee has been formed; members of the committee are: Dave Beine, Paula Beine, Don Felix, Chuck O’Meara and Jack Daniels.  The Sub-committee has met once in its selection process to determine an Audit Firm to conduct Audit.  The first audit firm presentation was made by representatives of Schenck SC on May 7^th.  The firm Baker Tilly Virchow Krause will make a presentation to the Sub-committee on May 25^th   at 12:30 in the rectory.  All Finance committee members are invited to the presentation. 

REVIEW OF FINANCIAL RESULTS - APRIL
Very little time was left to discuss April financials.  The reports showed that year to date envelopes were $79,435 down when compared to budget.  Father Jerry reported that it will be more like $57,000 off budget.  Chuck questioned the 3110 and the 3141 tuition accounts.  Mike explained that the top ten delinquent families make up 49% of the outstanding tuition dollars.  Of the ten families, 3 of them have already asked for tuition assistance.  The 7 other families could pose potential problems.  Mike explained that 15-20% of the families are struggling because of the economy.  Mike explained the outstanding tuition is slightly above recent years. 

ADJOURNMENT
A motion to adjourn was made by Paula and seconded by Mike.  The motion was approved unanimously. 

Respectfully submitted,    

Pete Rettler, Secretary, Finance Committee