April 2015

Finance Council Meeting Minutes:
 
Tuesday, April 21, 2015
 
Present: Rob Twist, Fr. Dan Noll, Joe Beavin, Frank Hsu, Bill Richer, Ron Wedding, Becky Brown, Scott King, Walter Leachman, John Tibe, Cheryl Gatzmer, David Gadberry
 
Not Present: Michael Carpenter, Martha Casher, Brian Weldon, Donald Vittitow, Tony Pescatore
 
Meeting commenced at 7:30 am.
 

• Prayer – Fr. Dan had a memorial prayer service for Wayne Rickert.

 

• Father Dan Noll comments/updates – Fr. Dan reserved comments for later throughout the meeting.

 

• Approval of the March 17, 2015 Minutes – Joe made a motion to approve, Rob seconded. 

 

• Finance Committee Reports:

 

1. Education Life Center refinancing update – Scott provided the bond refinancing update – there has been red-line drafts of the loan documents between Dirk Bedarff of Dinsmore and Terry Criss of Immaculaw. The Swap agreement will be a separate loan document with an interest rate of 4.35%.  The bonds require municipal sponsor(s) and Sadieville has been represented and is awaiting the first reading.  We are hopeful to move forward soon.

 

2. 2015-16 Budget – Scott presented the first draft of the 2015-2016 budget.  The budget overview included a balanced budget on a cash basis, along with key budget assumptions for the school and church.  The major discussion and focal point involved the amount that should be included for the swap prepayment and the amount that should be held in reserve accounts.  This topic was to be revisited at the next Finance Council meeting, with the intention of making a proposal to Fr. Dan later.  The first draft of the budget will be presented to the Parish Council on April 28.    

 

3. Long-Term Debt task force revisions – no updates.

 

4. Facilities & Maintenance – Cheryl reported on the progress of the Energy Conservation Project and the continuing lighting issues.  Stated again, once the lighting is complete, the church flooring will commence.  The committee is reviewing the facilities project list, including the facilities map as requested by the Task Force for Evangelization committee.  A meeting was held on Friday and focused on the campus signs for the building, similar to mall signage (in Spanish and English).  The volunteer work day is scheduled for Saturday April 25.  The $30,000 Catholic Extension grant was paid to Perfection.

 

5. Governance – no updates.

 

6. School Finance – Becky reported the past due tuition unrecoverable is projected to be $47,000.  The bad debts in the budget is $25,000. 

 

• Stewardship Financial Pledge info update – Walter said there are 191 families to be contacted regarding pledging for 2015.  The various groups will get specific letter based on their category of wording relative to: paying but no pledge, no payments no pledge, families inactive, LCHS, MQ school, etc.

 

• March month-end financials/variance reports – The financials and variances were reviewed.

           
Next Meeting CHANGE – Tuesday, May 26, 2015 at 7:30 am.  Note: the June meeting has been switched from June 16th to June 30th at 7:30 am.
 
Meeting adjourned at 8:55 am.