Homilies

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