Minutes 2015 Oct

Finance Council Meeting Minutes:

Tuesday, October 20, 2015

Present: Frank Hsu, Rob Twist, Fr. Dan Noll, Joe Beavin, Ron Wedding, Donald Vittitow, Scott King, Walter Leachman, John Tibe, Martha Casher, Becky Brown, Julian Gorham and Tony Pescatore.

Not Present: Bill Richer, David Gadberry, Yara-Torres Anderson and Michael Carpenter.

Meeting commenced at 7:40 am.

• Prayer –Frank led the monthly parish meeting prayer.

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

• Approval of the September 15, 2015 Minutes –Tony moved to approve, Rob seconded, and the Minutes were approved.

• Finance Council Committee Reports:

1. 5 Year Forecast—This was the primary focus of today’s meeting. Rob prepared and presented a spread sheet that includes a financial summary to date and financial projections for the next 5 years, accompanied by power point slides. The spread sheet and slides are included with and made a part of these Minutes. Rob was commended for the thoroughness of his presentation and was thanked for all the time and effort he has devoted to the preparation of the report. Among other things, the report reveals that our parish will face a significant challenge in finding the necessary revenue sources to adequately fund the school in the upcoming years.

2. Education Life Center refinancing update–No report.

3. Long-Term Debt task force revisions – No report.

4. Facilities & Maintenance – No report.

5. Governance – No report.

6. School Finance –No report.

7) Resource Enrichment/Financial Planning/Legacy Society—The initial meeting has been held with Jeff Schriefer. Jeff has prepared a packet to be used, and the intent also is to design a legacy plaque to be displayed at Mary Queen. A roll-out of the program is anticipated to occur in February, 2016.

• Festival –Revenue of app. $107,000 compared to $112,000 last year, with expenses of app. $55,000. Net income is expected to approximate $52,000, compared to $63,000 last year. $50,00 will be allocated to the school, with the remainder to be applied toward reduction of the debt on the tax-exempt bond.

• Parish Council Survey –Small group meetings will be held to write proposals based on survey results, with the goal of delivering a report to Father Dan by the end of January.

• September month-end financials/variance reports – The financials and variances were provided by Walter and are included with these Minutes.

Next Meeting –November 17 at 7:30 a.m. Meeting adjourned at 9:05 am.

last updated 12/04/2015 jm