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                                    HOLY ANGELS FINANCE COMMITTEE MINUTES

                                                September 18, 2008 

OPENING PRAYER
Fr. Jerry Brittain led the opening prayer. 

ATTENDANCE
Fr. Jerry Brittain, Fr. Rick Wendell, Don Felix, Harry German, Jack Daniels, Paula Beine, Kathryn Fisher Davies, Mike Nowack, Charles O’Meara, Pete Rettler & Randy Lawson. Both Pete Rettler and Randy Lawson agreed to become “permanent” members of the committee effective immediately.

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

ELECTION OF OFFICERS:
An election of officers was held. 

-          J. Daniels was nominated to serve as the committee chairperson.  There were no other nominations.  J. Daniels was approved unanimously.

-          K. Davies was nominated to serve as the committee vice-chairperson.  There were no other nominations.  K. Davies was approved unanimously.

-          P. Rettler was nominated to serve as the committee vice-chairperson.  There were no other nominations.  P. Rettler was approved unanimously. 

REVIEW OF FINANCIAL STATEMENTS

Revenue – Weekly envelopes are under budget by $19,085 in August and under budget by $26.026 for the year-to-date.  (This is a rather serious situation and one that needs to be monitored closely; Chuck O’Meara cautioned that expenses needed to be monitored and a plan should be developed that would offset the slowdown in contributions.)  Festival Income of $35,000 was received during the month (was budgeted at $50,000); weather was the primary contributing factor of the shortfall.  Tuition is not budgeted until September.  (Attendance will be 15 students greater than the budget (budgeted at 375); this will have a positive impact on the budget of about $15,000.)  Tuition – Football revenue was not sent over from the school this month; however, $48,000 was being sent over in September – this is the entire year’s portion.)   

Expenses – Salaries are slightly over budget - $2,948 Y-T-D.  Most other expenses are under budget.  The Parish is continuing to apply $1,000 per month to Debt Retirement (debt incurred when the parking lot was re-covered.) 

Restricted Fund:  a large donation was received from the Robert T. Rolfs Foundation in July in the amount of $409,289.75.  (A “thank you” was already sent from the pastor to Marilyn Rolfs.)  There is a restriction placed on this amount that only 20% of the fund can be distributed per year for Parish operations.  (J. Daniels is in the process of working with JP Morgan/Chase in investing these funds into six CD’s with staggered due dates in order to increase the yield on this investment.  Also, these CD’s will be held by different financial institutions in order to provide FDIC protection of the invested funds.) 

Cash: Parish Checking ($4,363) (overdrawn); Religious Ed $16,166; Youth Ministry $10,708; Parish Saving $68,793; Restricted Funds $544,415; School Account $50; Outreach Program $37,298, Parking lot Fund Debt $(53,427); School Trust Fund $1,629,916; Cemetery Fund $206,433.  (The Restricted Fund balance of $544,415 is made up of: $75,000 contribution in FY 2007 (set aside for Stained Glass Windows; $75,000 contribution in FY 2008 set aside for Stained Glass Windows; less $14,875 expenditure for Stained Glass Windows; plus $409,290 received from the Rolf Foundation (20% restriction per the above paragraph.)  

PROPERTY & GROUNDS

No update from the prior month.  Work is still being done on the Rectory bathrooms, the Caulking & Tuck Pointing of the School buildings and several other projects.  

TIME, TALENT, AND TREASURY

J. Daniels mentioned that with regards to the upcoming Stewardship campaign, it would be expected that all of the members of the Finance committee need to involve themselves in some aspect of the campaign.  If a member has not already volunteered to be involved, they should let Don Felix know and he will assign them a task.  Thank you for your participation.

SCHOOL TRUST FUND

Chuck O’Meara updated the committee.  He noted that the Advisory committee had provided the Board of Directors with a letter recommending the adoption of its “Policy Statement” and to engage M&I Bank (Trust) as the Investment Advisor to the Trust Fund.  On behalf of the Advisory Board, Chuck was waiting for that letter to be signed and returned to him.   

ADMINISTRATIVE MATTERS

J. Daniels submitted the annual financial report to the Archdiocese (see notes in the August minutes).   The letter to the Archdiocese confirming the communication to the parishioners the financial status of the Parish was signed by the Pastor, Two Trustees and the Finance Chairperson.  The letter will be acknowledged by the Parish Council and then sent to the Archdiocese by the Parish Secretary. 

P. Beine distributed copies of the “Standing Committee Guidelines” and a document containing the “description and responsibilities” of the Finance Committee.  J. Daniels will distribute copies of these two documents.  It is desirable that each member of the Finance committee make themselves aware of these guidelines and responsibilities.   

Fr. Rick asked a question concerning the Parish’s liability with regards to school children (accidental injuries, etc.).  J. Daniels said that he would be in contact with the Parish’s insurer (the Archdiocese sponsored insurance), and obtain an answer. 

ADJOURNMENT

A motion to adjourn was made by K. Davies and seconded by C. O’Meara.  The motion was approved unanimously. 

NEXT MEETING:                                   

                        THE NEXT MEETING WILL BE OCTOBER 16, 2008

Respectfully submitted, 

John (Jack) Daniels and Pete Rettler