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                                                                    HOLY ANGELS FINANCE COMMITTEE MINUTES
                                                                                              September 17, 2009 

OPENING PRAYER
Fr. Jerry Brittain led the opening prayer. 

ATTENDANCE
Fr. Jerry Brittain, Fr. Nathan Reesman, Don Felix, Jack Daniels, Paula Beine, David Beine , Harry German, Pete Rettler,  Kathryn Fisher Davies, Chuck O’Meara and Mike Nowack.  Absent were: Tim Brisco and Randy Lawson.  Non-committee members in attendance were: Carl Mattson. 

MINUTES OF THE PRIOR MONTH
A motion to approve the corrected minutes was made by Harry German and seconded by Don Felix.  The motion was approved unanimously. 

ELECTION OF FINANCE COMMITTEE OFFICERS
Don Felix nominated Jack to continue on as Chair of the Finance Committee; Jack accepted the nomination and was voted in as Chair of the Finance Committee.  Don Felix nominated Kathryn as the Vice-Chair of the Finance Committee; Kathryn accepted and was voted in as Vice-Chair of the Finance Committee.  Kathryn nominated Pete to continue as Secretary of the Finance Committee; Pete accepted and was voted in as Secretary. 

REVIEW OF FINANCIAL RESULTS - AUGUST
Envelopes are down slightly year to date, $160,000 actual compared to budgeted of $161,447.  Jack pointed out that the school turned over $25,000 in tuition the festival contributed $40,000.  The salaries expense was over budget do to the wages of two summer-time workers needed to get the school ready for classes and a two month billing for the salary of Fr. Nate (Fr. Nate is being paid by St. Frances Cabrini; they are then billing us for one-half of his total cost.).  Health cost were under budget (budget included a 7% increase but the actual was 9% less  – compliments to the Archdiocesan efforts on negotiating a new contract).  Continuing education paid for a parishioner’s Deaconate training.  Katherine pointed out that we no longer have football fever and the new fund raiser is called “calendar of cash”.  The pre-paid capital account showed expenses of $14,476, Jack explained that a portion of this would be used towards fixing the rectory entryway roof and church bell tower roof. 

Paula raised a question as to whether or not the interest earned from the Rolfs’ Foundation is restricted.  Jack noted that the interest earned is being recorded in the Rolfs’ Foundation account.   

PRESENTATION OF FINANCIAL FORECAST IN LIGHT OF DECREASED ENROLLMENT
Jack prepared a forecast to show what affect the decreased enrollment would have on the school and parish.  The budget was based on an enrollment of 375 students and the actual number of students is 344.  Mike is working on decreasing teacher hours in certain areas where there is low enrollment.  Father Jerry stated that some teachers have voluntarily cut their hours and days.  Bottom line is that the Parish will be short about $28,000.  Jack mentioned that this deficit assumes that the entire Capital budget of $25,000 is spent (this is somewhat discretionary and may not have to be spent). Paula pointed out that textbooks were bought last year and that we could possibly cut the shortfall by $19,000.  Jack stated we would realize this only if the school changed the way they purchase the books, thus not spending the budget for this year. 

Pete asked what the Parish Council is doing to recruit more students and change the current image of the school.  Mike reported that the Council does not have a handle on why the students have left.  David stated that the school refuses to admit that they have a problem.  David also warned us that the parish may see a drop in the number of families, families who pulled their kids out of the school may leave the parish altogether. 

PROPERTY AND GROUNDS UPDATE
Not anything substantial was discussed. 

FAITH IN OUR FUTURE
Jack shared that the next pledge card program will run the weekend of November 8^th.  We also received a deposit of $13,000 for the Faith in the Future account. 

AUDIT SUB-COMMITTEE ACTIVITIES
Jack praised Paula and the sub-committee for all of the diligence that they have poured into the sub-committee work. 

Before Paula started her report she wanted the Finance Committee to understand that she did not agree with Jack on how some of the accounts on the year-end report were stated.  A comment was made by Chuck that we strongly consider hiring a third party to complete an audit.  David agreed.  Paula quickly reviewed the report.  The following top priorities are stated in the report; 

Establish new accounts for GL (“class” codes)
- Close bank accounts
- Schedule discussion with Father Jerry, Mike Sternig, Barb VanderWeilen and Nola Bergstresser to further discuss duties and work loads
- Proceed with implementing the wireless connection 

Jack asked Paula to consider keeping the sub-committee together to look at the year end processes relating to reviewing account detail and making a recommendation to the Finance Committee (and then the Parish council) regarding inside and/or outside audit considerations.   

SCHOOL TRUST FUND
Meeting scheduled for 10/20/09 

SCHOOL TASK FORCE
Meeting scheduled for 9/29/09 

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

Respectfully submitted,    
Pete Rettler
Secretary, Finance Committee