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                                    HOLY ANGELS FINANCE COMMITTEE MINUTES
                                                                 October 16, 2008 

OPENING PRAYER
Jack Daniels led the opening prayer. 

ATTENDANCE
Fr. Jerry Brittain, Fr. Rick Wendell,  Harry German, Jack Daniels, Paula Beine, Kathryn Fisher Davies,  Charles O’Meara, Pete Rettler & Randy Lawson.  

MINUTES OF THE PRIOR MONTH
A motion was made by Harry German and seconded by Kathryn Fisher Davies to accept the minutes from the prior month.  The motion was approved unanimously. 

REVIEW OF FINANCIAL STATEMENTS - September
Cash: Parish Checking $24,780; Religious Ed $18,499; Youth Ministry $10,158; Parish Savings $69,782; Restricted Funds $544,415; School Account $79,877; Outreach Program $37,298, Parking lot Fund Debt ($52,427); School Trust Fund $1,625,745; Cemetery Fund $206,422.  

Jack asked the committee to please take the time to review the financial statements before the meeting.  Jack also asked the finance committee members to review the bylaws that govern the committee (previously distributed).  

There was discussion regarding the fact that the cash taken in from the weekly envelopes is behind budget.  Father Rick thought the decrease seemed very normal considering the current state of the economy.  Jack Daniels feels that we need to keep our eye on this number.  Jack felt that the Stewardship Appeal may also negatively affect us.   

In response to a potential shortfall in collections, Chuck had asked at the previous month’s meeting if there were some categories of costs that could be reduced.  Jack presented a “Budget Recap” comparison sheet which provided a “what if” forecast for the year which contained a $75,000 shortfall in envelope collections.  This page also illustrated that 77% of the entire budget relates to salaries/wages and benefits.  An additional sheet indicated how the salaries/wages were allocated to various positions within the parish budget.  Jack asked that these sheets be treated confidentially; he noted that if any action became imminent, this is the information that would be used to determine a course of action.  

Father Jerry asked the committee if they thought there was a need to consider using a pledge card in addition to the Diocesan led Stewardship effort this fall.  Father Jerry felt that we need to remind the parishioners that their Stewardship donation is over and above their normal donation to the church.  The committee also felt that a pledge card was a good idea.  There was discussion regarding placing a pledge card in the weekly bulletin.  

Jack reported that continuing education was over budget due to the training on the use of the “smart boards” now being used in school.  This cost will ultimately be born by the Stehling Fund.  Salary overruns are due to teacher substitutes.  Paula pointed out that we have already used half the budgeted dollars for substitutes.   

Kathryn Fisher Davies and Randy Lawson mentioned that their accounts have yet to be debited for tuition payments.  Jack stated initially there was a problem with the bank that had been approached; however, the decision has now been made to use the same bank as the church is using for this purpose. 

Jack mentioned that capital expenditures in account 4740 were for Lauren’s office and will be reclassified as expenditures against the prepaid account. 

Kathryn Fisher Davies wondered if there was any benefit to using the Rolf donation for paying off the mortgage.  Jack reminded the committee that the interest paid the School Trust actually becomes the income that the Trust then uses to provide tuition assistance to parents in need of financial assistance – thus there was no advantage to the overall Parish in prepaying the debt.   

 HOLY ANGELS PARISH FESTIVAL
Jack distributed a report showing the finances for this year’s parish festival.  Jack reported that the income of $39,018 was down considerably from the prior year.  Kathryn Fisher Davies commented that the weather did not help.  

ROLF FOUNDATION GIFT
Jack mentioned that he had received direction from the Parish Council (Mike Nowack) on the types of investments to be made.  Thus far, three CD’s have been purchased in the amount of $90,000 each; Paula gave further direction that the remaining uninvested funds of $270,000 were to be invested in 90 day CD’s.  There was a discussion regarding Chuck’s offer to review different trust options with the council; however, there was no follow through on the part of Council representatives to pursue Chuck’s offer.  There was discussion regarding how trusts are recognized by the Diocese.   

PARISH AUDIT
 Jack suggested that the Council create a subcommittee to review the best options in regards to an audit.  Paula believes the finance committee is in the best position to recommend the audit options.  Kathy asked if there was a standard type of audit recommended by the Diocese.  (The section of the Archdiocesan manual relating to the “oversight” of Parish finances was distributed to members prior to the meeting.)  Father Jerry says the Diocese will eventually mandate an audit. Chuck wondered if there was an advantage to doing an annual audit.  Jack wants a sub-committee formed. Father Rick thinks the finance committee should determine when we do a review.  Start with an internal review and go from there. 

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

NEXT MEETING:     THE NEXT MEETING WILL BE NOVEMBER 20, 2008  

Respectfully submitted, 

Pete Rettler