Our Lady of the Woods

Posts Tagged ‘finance’

Finance Council Report to Parish Sunday June 27, 2010

(Presented by finance council members at all Masses).

My name is ________________, and I am a member of our parish Finance Council. I serve on the Council partly because of my background and experience, but mainly because this community of faith has nourished my own growth in faith. It continues to challenge me to grow in love of neighbor and in stewardship as a way of life for a follower of Christ. In this regard, the Finance Council has just finished preparing the budget for fiscal 2010-11.  I believe the budget we have prepared is both realistic and appropriately challenging. A summary sheet of this budget is found in today’s bulletin, and the full detailed budget can be viewed on the parish website. If you wish to have a paper copy of the detailed budget, you can obtain one simply by calling the parish office. What I wish to do in the next four minutes is to highlight the rationale behind the major changes in it.

Again this year, we began our budgeting process by soliciting input from those involved in all our ministries. We asked them to submit both what were the bare essentials needed to accomplish their ministry, and what was needed to grow their ministries in ways God was calling them to grow. In doing this, we believe we were being true to the way the Spirit has moved in our community, especially in the recently completed discernment process. We listened carefully to what the Spirit was telling us through the voices of our fellow parishioners and the voices in our community. What we heard was, first, that we were proud of our roots, our history as a small country parish responding to the needs of a small country town. There are many strong values in this image, which we want and need to preserve. At the same time, we heard a call to begin to re-image ourselves. We are now a mid-size parish in a growing community. Given this new situation we need to define our mission more clearly. We also need to be prudent in going forward, in view of continuing economic uncertainty.

Still, our discernment found some urgent needs which we have to address in order to be faithful to our identity as a Catholic Community of faith. First among these was our comprehensive Faith Formation program. This includes offerings from pre-baptism through Adult Ed. Over the years, more and more responsibilities were added to the job of the Faith Formation Coordinator, without a significant increase in her hours. She has performed her ministry excellently in the midst of great constraints. In order for her to continue to do her ministry with excellence we believe we need to increase her position from part time to full time. This, along with the supplemental equipment and supplies needed for this ministry, accounts for the biggest increase in the budget – an increase of 6% in that area. A second major area of increase was liturgy. Liturgy is the central activity of every Catholic parish. From it all ministry flows, and to it all ministry leads. The budget for this coming year includes line items for new liturgical books and study aids, needed to accommodate the changes in liturgical texts, currently scheduled for publication sometime in the Spring or Fall of 2011. The budget also includes modest increases in stipends for directors of our Music Ministry, and funds for some necessary vestment repair and replacement. Other increases involve mostly cost of living increases.

We are confident that we can both meet this budget, and move forward with funding the phased building additions which our discernment process has also called for. Yes, this will require that we all increase stewardship of all our resources – of our time, talent, and treasure. We sincerely thank all who are currently giving to the support of our parish, and ask them to continue to do so, increasing that giving if possible. We ask all who may not be currently contributing financially to begin prayerfully doing so. We do have reasons to be confident in moving forward.  Last year at this time, although required to submit a balanced budget, we basically were facing an $11,000 deficit for this fiscal year. This was approximately 6% of the budget.  Through your generosity, even with the hard economic situation of this past year, we will finish this year in the black.  The budgeted increase over this year’s actual is only 2.9%.  We are also asking the Diocese to help us in this effort to be the parish we are becoming by providing a subsidy – although we cannot be certain of receiving this subsidy. We have come this far by faith, perseverance, and commitment. Let us continue to challenge each other to grow through our love in Christ.

Our Lady of the Woods BUDGET for Fiscal Year July 1, 2010 through June 30, 2011.

For a summary of the budget click this link … … … Budget Summary with charts

To view the detailed line item budget click this link … … … OLW 2010-2011 Budget

Finance Council Members: Lorraine Bailey, Johnny Lopez, Terry Lutz, Dale Schnitker, Todd Wiseman. Staff Members: Fr. Don Dilg, Vicki Rector

Our Lady of the Woods ~ Discernment Committee Recommendation

Regarding the Building of New Church Facilities – May 2010

On May 1, 2010 at the end of a day long meeting, the Discernment Committee reached consensus regarding the overall direction for the future of the parish and specific recommendations for new church facilities for Our Lady of the Woods.  We have discerned the most practical and cost effective approach for us to implement is:

v  Retain all current property as the home of Our Lady of the Woods Parish.

v  Begin as soon as practical a “Phased Development Plan” to build onto and renovate the current church.

v  Phased Development proceeding within the financial guidelines provided by the Diocese.

History and Purpose of the Discernment Committee

At a Parish Town Hall Meeting in the Fall of 2009, the Steering Committee was given a consensus direction to investigate more fully the option of building a “Two-Story Shell Core Addition” onto the west end of the existing church.  Subsequent to that meeting the church was approached by a developer within the Woodland Station project and asked to consider a concept whereby Our Lady of the Woods could be located in a prominent location on the plaza of the new Woodland Station development.

Given this important development, the Steering Committee felt this option should be presented to the entire parish for input and consideration as well as to determine the best direction for our parish to take for the future.  They also felt that the best way to proceed with such a complex challenge was to ask for the assistance of the Diocese.  Through the generous donation of their time and talent, Diocesan employees and volunteers, Ed Gaffney, Nick Colarelli, Al Peterson and Carol Meyer formulated a Discernment Process specific to the needs of Our Lady of the Woods and have guided and mentored us through that process during the past few months.

The Discernment Process

After an open invitation to the entire parish to participate in the process at any level, ultimately the challenge became the mission of the Discernment Committee which was composed of five sub-committees:

v    Woodland Station

v    Parish and Diocese

v    Current Location

v    Civic

v    Prayer

The range and scope of each sub-committee was diverse, extensive and comprehensive given the task to research the many diversities of the committee and distill the results into a recommendation.  The recommendation could have sub-categories or stages if needed but those should be as clear and concise as possible.  Dozens of volunteers spent thousands of hours in research, interviews, meetings and refinements in order to achieve sub-committee recommendations.  After months of dedicated effort, the sub-committees proposed and brought forward for parish feedback five options:

Five Committee Options

v  Option A … The Proposed sale of the currently-owned six-acre church Property and facilities, followed by relocation to a gifted parcel of land at the Woodland Station Development site that would include a sanctuary, multipurpose space and a residence for the pastor.

v  Option B … The Proposed sale of the current church facility, rectory/administration buildings and land that fronts on Hwy. 24; followed by building a new facility on Kavanagh Field, that would include a sanctuary, multipurpose space and a residence for the pastor.

v  Option C … The Proposed remodeling and constructing of additions, including increased sanctuary and multi-use space, to the existing facility on Hwy 24 frontage, and retaining Kavanagh Field for future needs and use.

v  Option D … The Proposed maintenance of our current facility with minimal improvements – certain expenses and upgrades are necessary (safety, health and accessibility); with this option there are no new Construction plans or any sale of property proposed.

v  Option E  … The Proposed Construction of a new facility on Kavanagh Field and linking it to our present facilities;  this option utilizes the entire current 6 acre parcel by building structures to include a sanctuary, multipurpose space and a residence for the pastor.

There followed four All-Parish meetings in April to gather parishioner comment and pros and cons regarding the five options. On Saturday, May 1, 2010, the Discernment Committee as a composite group of all the sub-committees met in a day long meeting to consolidate the five options down into a single consensus recommendation to be forwarded to Fr. Don Dilg for consideration and action. Parishioner inputs as well as the research of the prior four months by the committees were key elements in this effort.

Reaching Consensus

The process of reaching consensus on Saturday was one of personal soul-searching, great compromise and hours of discussion conducted so that anyone who wanted to voice an opinion was allowed to do so.  The Holy Spirit truly was part of the process manifested in the voices of those who participated which allowed a unified recommendation of option C to emerge at the end of the day.

Throughout the refinement process a series of informal “Guidelines” were developed for consideration and inclusion as any future committee moves forward with the implementation of the Discernment Committee recommendation.  Those included:

Parish Guidelines

• Honor the history of the parish
• Must do something given the needs of the parish
• Move forward in phases and stages
• Remain in our current location
• Preserve Kavanagh Field for now, future OLW Master Plan uses field
• Build and Renovate current church building and parish center
• Add multi-purpose accessible space essential to the needs of the church such as classrooms, flexible meeting space, additional restrooms, extended kitchen, choir space, additional sanctuary seating and an elevator
• Administrative space should be a serious consideration in the expansion so that the Rectory may be converted back to a residence for the new Pastor
• Some of the highest priority needs include expanded space for youth programs, classrooms, ministry space and total accessibility
• Cost efficiency is essential
• Sweat Equity is highly desirable if this is to be a phased effort, there is potential for many parts of the project to be built with talented time and “barn-raising” efforts by our parishioners
• Maintain unity of the parish – honor the fellowship of all ages and generations
• Consideration should be taken to see that future development on Kavanagh Field should maintain a connectivity to the Main Church

Pursuant to Father and the Bishop agreeing, the process of implementing the specifics will require continued communication, transparency and involvement from the entire parish.

An unforeseen benefit of the Discernment Process is that it allowed a variety of talented, open-minded and compassionate parishioners to come together in a unified cause – to define the future of Our Lady of the Woods as our founders did 54 years ago.  What has emerged from the process should be a unified parish moving forward in a clear and concise direction.  Our chosen direction allows the parish to be visionary while at the same time being responsible stewards of our resources by re-using and renovating our existing facilities where possible.  This also allows for the expansion of new facilities where needed in a practical and fiscally responsible manner.

Therefore it is with the greatest hope that the wishes and voices of the parish family known as Our Lady of the Woods have been honored by the process and recommendation herein presented.

Respectfully submitted,

The Discernment Committee – May 1, 2010

(Approved – Bishop Michael Sheridan, Fr. Don Dilg, Our Lady of the Woods Finance Council – May 11, 2010)

Present: Fr. Don Dilg, Lorraine Bailey, Johnny Lopez, Vicki Rector, Dale Schnitker, and Todd Wiseman.  Guest:  Mike Murray. Absent: Terry Lutz

The meeting was called to order at 9:05 a.m. with a reading by Father Don.

Repairs and Renovations: Mike Murray gave a detailed report on the status of the interior, exterior building renovations as well as the parking lot, drainage and landscaping needs. His report is included with these minutes. Since some of the improvements added to the fire hazard reduction/safety quotient, Lorraine Bailey questioned whether a reduction in insurance premiums might be realized. Vicki Rector to follow up.

Fred Mais will prepare a Report for a Bulletin Insert showing work completed, in progress and remaining to be done, as well as a total cost for the repairs and renovations.  A Knox Box is being installed at the East door. The Fire Department will have the only key to open this box which will contain identified keys to all doors for quick, easy access. The new system requires two phone numbers: The primary is the parish center phone number; the secondary is the fax number. The monitoring service will cost $30.00 per month. Concern was voiced about a false warning if something set the alarm off by accident. This concern will be addressed at a training session for the new system is scheduled for April 13, 2010 at 2:00 p.m.

Finance Council Membership:

New Member: Carol Korzekwa was warmly welcomed as a new member to the Finance Council.

Resignation: Father Don announced that he had received a letter of resignation from Keith Waggoner as a Finance Council Member due to Keith’s move to Wray, Colorado to accept the position of CEO at a local bank.

Additional Member: An Agenda item for the next meeting will be a discussion as to whether an additional member to the Finance Council needs to be appointed at this time.

Financial Statements:

St. Peter/St. Victor: Terry Lutz, FC member for this area will review the statements on his return from an Arizona business trip. Unless he raises any objection, the statements were approved as read. Cripple Creek Historical Grant for replacement of Stained Glass Windows: Work completed but sealing is needed. 50% of grant money received; remaining 50% will be received at project completion. Father Don reported that exterior repair work is needed to the north side of St. Peter’s. Bids for repair work are in progress. A question arose as to whether this work had been previously budgeted for but no line item was found in 2009-10 budget. The leadership team at St. Peter/St. Victor will deliver their proposed budget to Vicki Rector by May 31st so their budget can be submitted in Diocese Format by 6/30/10 for approval.

Our Lady of the Woods: Statements, as well as July 2009-Martch 2010 Average Weekly Offertory Report, reviewed with the following comments, suggestions and questions:

00-1030, Current Assets, Park State Bank Operating Account: Funds in this account reflect the money we have to work with now as working capital for current projects, capital projects are not included.

00-1711, Other Assets, Work-in-Progress: Includes work being done which eventually translates into an increase in Land and Buildings Values line items.

00-3010, Offertory Income: $9,000 less than same time last year, in part due to the fact that 2010 Easter offering income will not appear until April statements.

70-6000, Charity and Social Concerns: Includes local charities, diocesan charities, Capuchin Monks Mall Ministry, Diaconate Ministers Expenses, Rosary Makers, Funeral Reception, VITA and other parish charitable activities.

00-1712, Work in Progress (2010 Renovation Expenses): Dale Schnitker requested that this sum, which represents one time expenses, would be more properly placed under 01-6000, Other Expenses-Capital Projects as its current placement improperly distorts the Net Ordinary Income bottom line.

Weekly Offertory Report: Increased August giving reflects visitor contributions, summer as well as “Snowbird” contributions (these part-time attendees have been encouraged to register with OLW and some contribute to our Capital campaign) but the figures indicate that regular giving for a congregation of our size is low in comparison to peer group churches.

Vicki Rector will provide FC members with listing of Chart of Accounts for better understanding of budget items.

2010-11 Budget Preparation: Finance Council Members were e-mailed budget review items for perusal prior to today’s meeting such as Diocesan Guidelines, a Worksheet showing projected year end 6/30/10 Income and Expenses and incorporating Diocesan mandates into Proposed Budget Column, Application for Subsidy, and Ministry Inputs.

Thoughts and Reflections for the Finance Council Budgeting Process: Father Don offered his views on offertory giving at Our Lady of the Woods over the past six years in comparison to his experience at other churches and giving records at other diocese churches. His statements were keen, reflective, and disturbing. He senses an acceptance of the premise that ours is a poor country parish; therefore, greater giving isn’t to be expected. And since greater giving isn’t expected, our congregation has to content itself with bare necessities and minimal expenditures, not look to the greater wants, needs, and participation, and most important, not buy into doing (and paying for) what is needed to accomplish God’s wishes for His people.

Are our demographics or our perception of them correct? He challenged us to get out of our rut and dream. We have to change our self image from a negative one to something more positive and do what is needed to uphold our faith. Someone interrupted with the oft heard excuse, “It’s the economy!” to which Dale replied, “Let’s not go there!” Yes, constraints may be present but our emphasis should be on accomplishing the goals of our mission statements. He stated that the Stewardship Model is difficult to achieve and what is needed at Our Lady of the Woods is a major effort that is greater and more challenging than a Capital Campaign. Instead we must communicate to our parish members their individual need for greater participation. In line with a change of perception was his statement: “Parish debt is good!” While a balanced budget is a noble objective, taking care of needs is a greater good, even if it involves debt and the correlating need to raise money to discharge the debt. These were sobering statements to Finance Council members who participated in recent budget processing in a negative expectations mode. These thoughts and statements impacted the following budget considerations and the recommendation that the proposed budget be expressed twofold: An essentials only/no frills budget column and an alternate column allowing for greater wants compensated by greater giving. This second column would require a leap from anticipated receipts to increased giving to cover for budgeted needs.

The Diocese requires us to submit a balanced budget.

Ministries Budget Requests: Proposed letter to Ministry Leaders discussed. Will be revised by Todd Wiseman and Vicki Rector to be more positive and encourage the fullness of participation of the membership of each ministry to input ideas and needs which would allow the ministry to obtain the objective of its Mission Statement. Letter will propose “dare to dream” but be reasonable. Include a bulletin item to encourage ministry members to meet with their leader and be part of the budget request and ideas to achieve the ministry mission objective. Ministry Leaders and Finance Council will meet at a budget meeting, May 18, 2010 at 7:00 p.m.

Finance Council Line Items Considerations: Needs to be considered and tasking nominees for research of options/costs:

Parish Priest:  Must follow Diocesan Guidelines.

Phone System: Our system woefully inadequate. New line needed; new equipment; options to be considered. Johnny Lopez said his “Virtual Office” phone investigation would not fit our needs.

Carillon: Manual operation only now and not used as before. Repair or replacement costs?

Faith Formation Director: Increased hours must be approved from 20 to accomplish the challenges of this position. Note: 30 hours would qualify as a full time position and benefits costs should be added to the calculation for the increased hours.

Youth Minister: Additional hours may be needed to expand the duties and accomplish the needed results.

Updated job descriptions would be a benefit to determine present and future needs of these ministries to accomplish goals and any needed adjustments to salary.

COLA:  Cost of living increases not given the past 2 years. Cost of living increases are not to be viewed as a salary increase but as a continuance of the status quo. It is a social injustice not to compensate our employees fairly.

Annual increases: COLA type increases prevalent in utilities, insurance, and other areas. Vicki Rector to research probably 2010-11 increases and include in budget projections.

WEBSITE POSTING OF MINUTES: Minutes will be e-mailed to FC Members for approval. When approved by e-mail response of members, they will be posted on our website.

After a recitation of the “Our Father”, the meeting adjourned at 11:15 a.m. NExt meeting is May 11, 2010 at 9:00 a.m.

Respectfully submitted,

Lorraine Bailey, Acting Secretary

OUR LADY OF THE WOODS FINANCE COUNCIL

Minutes of March 9, 2010 Meeting

Present: Fr. Don Dilg, Lorraine Bailey, Johnny Lopez, Dale Schnitker, Todd Wiseman

Absent: Terry Lutz, Vicki Rector, Keith Waggoner

The meeting was called to order at 9:04 a.m. with a prayer led by Johnny Lopez.

Financial Statements: Since our Business Manager was out-of-state on a family medical visit, the statements were reviewed and accepted pending clarification or additional information from her on noted items in italics. Dale Schnitker will contact Vicki; her responses will be annotated in bold italics.

St. Peter/St. Victor:  Account 003281, Historical Grant – $11,025.00. Father Don explained that this amount represents a grant by the City of Cripple Creek Historical Commission to replace one stained glass window per year. This year’s replacement has been completed but not billed/paid. One more window remains for next year replacement. Since Terry Lutz, St. Peter/St. Victor FC representative could not attend this meeting; Dale Schnitker volunteered to review the February statements and FC comments with him.

Our Lady of the Woods:   Father Don distributed a March 8, 2010 memo from Vicki Rector, Business Manager, concerning the February Financial Statements, a copy of which is attached hereto.

First Item: Donations Restricted, now called Restricted – Specific Purpose: If the expenditure for the intended purpose cannot be made by the end of the fiscal year, the amount will remain restricted but be carried forward to the following year. How is this done?

For these particular specific account subaccounts: Expenditures are disbursed from these accounts before the end of the fiscal year. Payment vouchers are posted to the restricted account from Faith Formation before their specific budget items; the same procedure for any other ministry’s restricted donation; etc. I also monitor these accounts in the spring and alert the leader whether funds still available and, if so, they need to find something to spend them on. This is also a requirement that the independent auditor looks for each year. Each ministry leader involved is aware of this requirement.

Balance Sheet Comparison:

Increased 2010 Assets due to increases in Operating Bank Balance, contributions to Capital Projects, Investments – Capital Campaign receipts invested.

Current Assets: 00-1030 for $42,465 represents the sole operating money account; the other four accounts are restricted.

Income Statement Comparison:

00-3066, Subsidy Diocese – Has this subsidy been discontinued? No, the amount in that account, $8,167 is active. We receive $1,167 a month. We will have to re-apply for this subsidy with the next budget submission to the Diocese.

00-3155, DMA Rebate from Diocese – Zero balance this year since 2010 10% rebate from Annual Diocese Appeal will be received after close of this year’s campaign.

00-3000, Restricted – Specific Purpose - Plus $13,000 this year. Donations earmarked for Funerals, Giving Tree, Specific Missions, Emergency Food Assistance, etc. Where did the increased giving come from? Donations wherein the donor designated what the donation was for on the memo portion of the check or on an enclosed note; e.g., Faith Formation, Music, etc. In the case of Faith Formation, donations are encouraged because it costs about $150/per year/per student but we only charge a “book fee” of $25.00 per student and some parents write their check for more than this amount with the entire check goes to Faith Formation. Some Haiti or Chili earthquake funds (ap. 10% remains of those designated receipts) remain in that account but they will be sent to their designated places.

70-6000, Charity & Social Concerns: $10,000 increase this year. Need Chart of Accounts information to delineate breakdown of recipients under this category. Chart of Accounts, Charity section attached to these minutes as well as Account Quick Report showing expenditures in this category from July 2009 through February 2010. Reminder: Charity is 10% of our income (less investment income and restricted donations which cannot be included in the income calculation). Also, our charity recipients are paid quarterly, not monthly.

Income and Expenses – Budget vs. Actual this fiscal year

00-5000, Personnel Expenses: Ap. $25,500 expense reduction since budget was for a Parish Director and Sacramental Minister. With Deacon Roger’s departure, expense for Sacramental Minister not needed.

Investments:

Current Assets/Checking/Savings Accounts: Funds for non-restricted investments.                        Other Assets: Investment accounts for Permanently Restricted purposes and Capital Projects Accounts:  Decision to invest in Zions Certificates of Deposits and CBIS (Christian Brothers Investment Service) stock funds reviewed.

Note: Discussion as to need for periodic review of efficacy of current investments. Also to compare potential of current investments vs. changing to different funds, etc. Todd Wiseman will research our CBIS investments with this view in mind. The FC discussed the possibility of inviting a CBIS representative to a future FC meeting.

Capital Project Funds Available:

00-1062, Capital Projects Park State Bank Account: Non-restricted funds which can be used for any needed capital projects including electrical upgrades, parking lot and other major maintenance/improvement expenses.

Other Assets/Investments: $369,754.53 – essentially building fund amount.

2010-2011 Budgeting Process: Father Don asked FC members to review the March 4, 2010 Memorandum from the Diocese which may be applicable to our TCCC budget, as well as this year’s budget and current comparisons to meeting budgetary goals. Vicki will send an update of last year’s memo to the Parish Ministries representative stating this year’s budget amount for their respective ministry and requesting needs input for the ensuing budget year.

Budget Process Time Line/Dates:

April 13:   Business Manager submits tentative non-negotiable figures in spreadsheet format. Discuss ministry leaders’ involvement.

May 11:    Actual preparation of Budget

June 8:      Finalize Budget

June 30:    Deadline for submission of budget to Diocese for approval

TCCC Special Needs Consideration:

Computer/Information Systems Needs:  Dan Rector to assess needs.

OLW Phone System: Father Don said our current system is inadequate and in need of upgrade. Johnny Lopez advised the effectiveness/low cost elements of using a Virtual Office Phone System. He will research applicability/cost for OLW.

Budget for Father Don Farewell Party: Date: Lorraine Bailey reported June 20, 2010, Father’s Day, selected/approved. Location: Our Lady of the Woods lower parking lot and Kavanagh Field for Picnic/Bar-B-Q and Family Activities. Costs: Many absorbed by ministries and participants. Other costs which may be necessary such as tent rental for weather considerations was approved as not to exceed $1,000. Lorraine Bailey was appointed Finance Council representative for party planning committee.

Length of Meetings: The FC goal has been to limit meeting time to one hour. With volume of business conducted at each meeting, this time frame appears to be unrealistic, especially during the budgeting process meetings. Meetings will continue to be scheduled second Tuesday of the month at 9:00 a.m. on a time sensitive but time needed basis. Father Don is continuing his search for an additional FC member, preferably a woman with children participating in our Faith Formation program(s). Johnny Lopez will contact Keith Waggoner as to his availability/commitment to continue as a FC member.

Discernment Process: Todd Wiseman, a Discernment Committee member also, reported there is potential interest in purchasing the church land. He said realistically a new church will not be an actuality for at least another two years. He will report developments to the Finance Council.

Church Repairs: The Diocese approved repairs recommended at the January Finance Council meeting. However, the efficacy of two categories must be considered:

Drainage Ditch: Fred Mais met with the architect and several construction contractors and the feeling is that the approved method will not work properly. Alternate suggestions are to landscape the church area and to include large gutter wraparounds. This is a project better left to the spring rather than immediate weather conditions. Also, Fred Mais and Mike Murray recommended the removal of two large trees near the building which add to the icing conditions and also present a fire spread potential to the building. Additional input needed. A bulletin insert is needed to update the congregation on this matter.

Electrical Work: Fred and Mike checked with IREA as to utility cost effectiveness of the planned work. It appears the work may be a redundant expense since it will not reduce our utility expenses. While a contract has been signed with IREA to remedy immediate safety concerns – e.g., additional dedicated circuits for the parish center, fire alarms, etc. – this situation will continued to be monitored closely.

Membership/Chairperson:

Revised meetings time and the importance of regular FC attendance were discussed.

Dale Schnitker was nominated and voted to act as the Finance Council Chairman. He graciously accepted.

The next regular Finance Meeting will be April 13, 2010 at 9:00 a.m.

The meeting was adjourned at 10:25 a.m.

Respectfully submitted,

Lorraine Bailey

Acting Secretary

Present: Lorraine Bailey, Fr. Don Dilg, Dale Schnitker, Vicki Rector

Absent: Johnny Lopez, Keith Waggoner, Terry Lutz

Meeting called to order at 9:03 a.m. with a prayer led by Fr. Don

Financial Statements – St. Peter/St. Victor

• Terry Lutz who represents P/V is not able to attend this meeting.
• Copies of these reports are:
  1. Sent by e-mail as .pdf attachments to P/V leadership each month
  2. Snail mail copy is sent to Terry Lutz as he does not have e-mail capability
  3. Copy of financials are printed and made available to parishioners at back of church.
• Reviewed, discussed, accepted

Financial Statements – Our Lady of the Woods

• Reviewed, discussed, accepted

Membership

• Maturation of terms of current members are set at:
  • December 2010 – Lorraine Bailey
  • December 2011 – Johnny Lopez
  • December 2012 – Dale Schnitker & new members who start Jan 2010
• Persons submitted to Fr. Don for membership for appointment to Finance Council: Michelle Babinski, Sheri Basey, Ted Bonner, Mary Gonzales, Mary Koziol, Paulette Krueger, Karen Leute, Paula Levy. Greg Schilling, Todd Wiseman
• Discussion ensued. Fr. Don will call those whose names surfaced in discussion to offer membership to two new members.
• New members will receive copy of last 12 months’ minutes, last month’s financial statements, Diocesan “Norms for Parish Finance Councils”

Renovations Report

• Bishop Sheridan responded to request for renovations with approval.
• All proposed renovation address only health and safety issues
• Total approximate estimated cost around $76,000. May run to $100K.
• Expenditure comes from available Capital Improvement funds

Building project … Coordinating Committee

• A town meeting will be set for the middle of January … Same meeting held on January 16 and January 18.

Meeting Dates changed to SECOND Tuesday of each month at 9:00 a.m.

Next meeting will be February 9, 2010.

Adjourned 10:00 a.m. with prayer led by Vicki R.

Respectfully Submitted

Business Manager

Present: Lorraine Bailey, Fr. Don Dilg, Fred Mais, Dale Schnitker, Vicki Rector, Absent: Johnny Lopez, Keith Waggoner

Meeting called to order at 9:05 a.m. with a prayer led by Fr. Don

Note: Meeting changed from 11/4 to 11/11 to accommodate Pastor schedule.

Financial Statements – OLW - Reviewed, discussed.

Investment history (reports attached)

• Capital Funds Available at this date: $403,682
• Report Capital Campaign Progress over last 11 months: average monthly contributions – $14,458
• Two new accounts – now have three accounts with ZionsDirect representing three investment vehicles that have varying maturation dates.
• These reports will be distributed at Steering Committee meeting

Norms for Parish Finance Councils

• This document “Norm” was discussed and the decisions make:
  • Members will have terms of 3 years which can be renewed
  • New terms begin in January
  • Members are appointed by Pastor
  • Terms will rotate and overlap
  • Seek new members in the fall (October or November)
  • Membership should be 5 or 6
  • Sixth member should be representative of St. Peter/St. Victor Mission Churches
  • Maturation of terms of current members are set at:
    • December 2009 – Fred Mais
    • December 2010 – Lorraine Bailey
    • December 2011 – Johnny Lopez
    • December 2012 – Dale Schnitker & new members who start Jan 2010
    • Names will be proposed to Fr. Don for membership
    • A notice will go in the bulletin to surface further names

Status of Park State Bank

Park State Bank’s rating is very low. Concern was expressed as to future solvency. Vicki had met with Tony Perry in July … as reported in August’s meeting minutes. Lorraine Bailey will meet with him again this week. Report to follow.

Meeting dates changed to FIRST Wednesday of each month at 9:00 a.m.

Next meeting was to be December 2.

Adjourned 10:15 a.m.

Respectfully Submitted

Business Manager, Vicki Rector

Present:  Fr. Don Dilg, Johnny Lopez, Fred Mais, Dale Schnitker, Vicki Rector

Absent: Lorraine Bailey

Meeting called to order at 9:00 a.m. with a decade of the rosary led by Fr. Don (Feast of Our Lady of the Holy Rosary.

 Audit Report

Audit Report by Amsberry & Seefried, PC for Our Lady of the Woods distributed along with findings and recommendations … members will peruse and discuss at next meeting.[1]

Accountability and Transparency

In an effort to increase communication with parishioners these actions will occur.

• Minutes of Finance Council Meetings will be posted on the website, posted on downstairs bulletin board, note in bulletin about availability, copies made available. [2]
• Quarterly Report: this report is already a common procedure. This quarter’s report (July –Sept of 2009) was reviewed and edited. With changes noted, it will be posted on the website, 300 copies inserted in bulletin, and posted on the downstairs bulletin board, a note in the bulletin regarding same[3].

Monthly Financial Statements

• Reviewed
• Income for September meets budget expectation
• Investments up from same date last year
• Fixed Assets number has questions … Vicki will investigate [4]

Investments

• Funds from Park State Bank in money market account has been transferred to sweep account in Vectra Bank for pending Zions Direct insured CDs with varying terms. Details forthcoming this week.
• Investments will post monthly dividends/interest into sweep account

Capital Project Balances

• Reports Capital Project Funds available at this date are $386,894.
• Question arose about current status of Capital Campaign commitments vs. actual income since inception of campaign in September of 2008. Vicki will analyze and report. [5]

St. Peter/St. Victor Mission churches

• Since January 2009 Business Manager of OLW had handled the finances for P/V
• Regular reports are being provided to leadership members of those churches.
• Fr. Don requested members of P/V to provide a parishioner to join the OLW finance council
• Perception is reality. Leadership of P/V does not see the transactions and dealings so the level of trust is low.
• P/V members met with Bob Doerfler, CFO of Diocese. This meeting was productive.
• Eventually OLW Finance council will review P/V financial statements.

 Additional Discussion

• What is financial impact of leadership change? Approximately $19,000 is available. Decision is to leave it alone and not earmark it. If giving stays low, we may need it.
• Membership of Finance Council
  • Needs review: How do we establish members, rotate members, etc.
  • Document “Norms for Parish Finance Councils” is distributed to members. Next month this document will be discussed and some of these items will be decided[6].
• Insurance company asks for a health/safety walk through report (forms provided) by staff or volunteer. Fred will undertake this task.[7]
• Monday morning money-counting goes well with occasional hitches. Decision to create one more form to smooth out decision to keep Florissant collection separate.

 Meeting dates changed to FIRST Wednesday of each month at 9:00 a.m.

Next meeting was to be November 4. Fr. Don will not be present. Date TBA.[8]

 Adjourned 10:10 a.m.

Respectfully Submitted

Business Manager

[2] Minutes of Finance Council Meetings will be posted on the website, posted on downstairs bulletin board, note in bulletin about availability, copies made available.

[3] Quarterly Report: this report is already a common procedure. This quarter’s report (July –Sept of 2009) was reviewed and edited. With changes noted, it will be posted on the website, 300 copies inserted in bulletin, and posted on the downstairs bulletin board, a note in the bulletin regarding same.

[4] Fixed Assets number has questions … Vicki will investigate.

[5] Question arose about current status of Capital Campaign commitments vs. actual income since inception of campaign in September of 2008. Vicki will analyze and report.

[6]  Document “Norms for Parish Finance Councils” is distributed to members. Next month this document will be discussed and some of these items will be decided

[7] Insurance company asks for a health/safety walk through report (forms provided) by staff or volunteer. Fred will undertake this task.

 [8] Next meeting was to be November 4. Fr. Don will not be present. Date TBA

OLW VITA Volunteers

The annual tax-filing season each spring provides opportunities for volunteers of the program to perform a variety of duties in this nationally recognized Program. Some prepare federal and state income tax returns, while others assist clients as receptionists or other organizational tasks.

This program is sponsored by Our Lady of the Woods, the IRS, and many dedicated volunteers.

VITA Volunteer Benefits:

• Genuine service to low income families that produces immediate and unmistakable results
• Receive free tax preparation training from the IRS along with tax software training.
• Use of a laptop computer for the tax season.
• Become a certified VITA preparer for the IRS.
• Certification of Appreciation from the IRS upon successful completion of the program.

Becoming a VITA volunteer is easy and rewarding. In addition you will meet other people who, like you, want to lend a hand at tax time. You will also have the satisfaction of knowing that you are providing a service to those who may need it the most.

So, are you interested in becoming a VITA volunteer?  

If you already do your own tax returns and enjoy the challenge of increasing your own refunds … now you can share your gift with others. Training begins in December and the OLW Vita Center opens in February. For more information and to be put on the list to be contacted in December, contact Vicki Rector at 687-9345.