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August 2015
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Finance Council Meeting Minutes:
Tuesday, August 4, 2015
Present: Rob Twist, Fr. Dan Noll, Joe Beavin, Frank Hsu, Ron Wedding, Scott King, Walter Leachman, John Tibe, Michael Carpenter and Tony Pescatore.
Not Present: Bill Richer, David Gadberry, Donald Vittitow, Martha Casher, Yara-Torres Anderson, Julian Gorham and Becky Brown.
Meeting commenced at 7:30 am.
- Prayer –Frank led the monthly parish meeting prayer.
- Father Dan Noll comments/updates – Fr. Dan thanked Frank and Joe for agreeing to serve as Chairman and Secretary, respectively, for the upcoming year fiscal year and noted that he is looking forward to a good year. He also reserved comments for later throughout the meeting.
- Approval of the June 30, 2015 Minutes –Tony moved to approve, Scott seconded.
- Finance Committee Reports:
- 2015-16 Budget -- The pre-enrollment number for the school is 387, significantly lower than the projected number of 414 plus 12 baby panthers = 426, on which the budget is based. The school finance committee is continuing to review the numbers, and possible alternative courses of action in response to the shortfall are being considered. Father Dan directed that Becky, Michael and Walter meet ASAP in order to ensure that the parish business office and the school are working from the same numbers and then to develop a plan to address the potential budget shortfall. Father also suggested that a joint meeting of the finance council and the school finance committee be held in the near future.
Walter presented a draft of the annual Revenue and Expense statement in pie chart form which is presented each year to the parish. He will meet with Father Dan, Frank and Rob to finalize, with a view to presenting it to the parish in the next 3-4 weeks. Walter asked that any comments from Finance Council members be provided by August 11.
- Education Life Center refinancing update – The bridge loan has been closed and the loan proceeds have been received. Walter is still awaiting receipt of copies of the loan documents
- Long-Term Debt task force revisions – No report.
- Facilities & Maintenance – No new developments--the lighting in the sanctuary continues to be an issue; the facilities map and related signage continue to be a work in progress.
- Governance – In addition to the appointments of Frank Hsu and Joe Beavin, Fr. Dan announced that Donald Vittitow and Martha Casher have agreed to serve as voting members.
- School Finance – The past dues have been reduced, but are still approximately $60,000.
- Festival – Walter announced that a Treasurer is needed for this event.
- Diocesan Annual Appeal – The goal for 2015 is $194,518. To date, there have been 568 pledges for $149,379, compared to 578 pledges for $157, 486 in 2014. Follow up letters were sent to parishioners who pledged last year but have not pledged this year.
- June month-end financials/variance reports – The financials and variances were reviewed.
Next Meeting – August 18 at 7:30 a.m. Meeting adjourned at 9:10 am.
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Finance Council Meeting Minutes:
Tuesday, August 18, 2015
Present: Rob Twist, Fr. Dan Noll, Joe Beavin, Ron Wedding, Donald Vittitow, Scott King, Yara-Torres Anderson, Walter Leachman, John Tibe, Becky Brown and Tony Pescatore.
Not Present: Bill Richer, Frank Hsu, David Gadberry, Martha Casher, Julian Gorham and Michael Carpenter.
In Frank Hsu’s absence, the meeting was chaired by Scott King.
Meeting commenced at 7:30 am.
- Prayer –Scott led the monthly parish meeting prayer.
- Father Dan Noll comments/updates – Fr. Dan reserved comments for later throughout the meeting.
- Approval of the August 4, 2015 Minutes –Walter noted the need to revise the pre-enrollment numbers for the school listed in the Minutes from 387 to 393.Tony moved to approve, Rob seconded, and the Minutes were approved as revised.
- Finance Committee Reports:
- 2015-16 Budget -- The budget shortfall resulting from a lower than expected enrollment number for the school will be lower than expected. This is attributable to: a) eleven more students paying the non-Catholic tuition rate than last year; b) the replacement of two teachers who retired at the top of the pay scale by two teachers who entered at lower pay scales; and c) one teacher not being retained. This makes the budget shortfall more manageable, but this will continue to be monitored by the school finance committee.
Walter presented a draft of the annual Revenue and Expense statement in pie chart form which is presented each year to the parish. This draft is intended to be “final” as to form, but the listed dollar amounts remain subject to adjustments before it is presented to the parish in the next few weeks. Also, some clarifications may be made to the “Comments” section at the bottom of the form.
A first draft of a “Project Process Proposal” addressing long-term financial matters relating to the School was distributed. There was a great deal of discussion, and the discussion will be ongoing. Joe, Tony and Don agreed to serve on a support team with respect to collecting relevant financial and demographic data.
- Education Life Center refinancing update–Walter is still awaiting receipt of copies of the loan documents.
- Long-Term Debt task force revisions – No report.
- Facilities & Maintenance – No report.
- Governance – No report.
- School Finance –No report.
- Festival –Scott King graciously agreed to serve as the treasurer for this event. Don Vittitow will be a banker.
- Diocesan Annual Appeal – The goal for 2015 is $194,518. There were no updates to the information previously provided at the August 4 meeting.
- July month-end financials/variance reports – The financials and variances were reviewed.