MINUTES

St. Joseph’s Finance Council

Organizational Meeting

Draft Purpose: The role of the St. Joseph’s Finance Council is to advise committee’s regarding budget requests, review quarterly financial report, and provide recommendations to the Pastor in establishing budgets for committees, assist in the processof St. Joseph’s audit(s), and preparing an annual financial status report for St. Joseph’s parishioners.

Date: Tuesday April12, 2016

Time: 7:00 – 8:15 p.m.

Place: St. Joseph’s Rectory

Recorder: Kristie Sands

Attendance:

Team Members: (X indicates present)

X / Father Vince / X / Dom Godard,
Ex officio
X / Jane Skalitzky / X / Bill Ringelstetter, Ex officio
X / Marvin Derr / X / Dan Weisensel, Ex officio
X / Kristie Sands

Call to Order

Marvin Derrcalled the meeting to order.

Opening Prayer

Father Vince led the group in prayer before start of the meeting at 7:01pm.

Roll call

Everyone present

Review and approve minutes from January 12 2016 meeting

  • Motion to pass the minutes was made by Father Vince, second by Kristie Sands.
  • Motion passed and report approved.

Review and approve quarterly financials

  • Net income $504.69.
  • Q3 is typically a low income or negative quarter.
  • Compared to last year at the same time we are much higher.
  • Income higher in all line items except for Cemetery Sales.
  • Salaries are down compared to last year at the same time.
  • Expenses for Cardinal Heat and plumbing paid.
  • Motion to pass the financial reports was made by Kristie Sands, second by Jane Skalitzky.
  • Motion passed and reports approved.

Review and approve account listings

  • Rebate check around $8100 from Priests of the Future. We will receive these quarterly. This money went into Festival Money market.
  • Starting to receive money for the festival and will start paying out bills sometime soon.
  • Edward Jones accounts have not changed much so are stabilizing.
  • Motion to pass the financial reports was made by Kristie Sands, second by Jane Skalitzky.
  • Motion passed and reports approved.

Old Business

Annual financial report for 2014-2015 to the Parish

  • Dom and Bill provided report to the Diocese.
  • We recommend publishing high level amounts in the bulletin.
  • Bill to create a draft and send to the Finance Council for approval.
  • If approved, will be published in the bulletin.
  • Will wait for final report in July.
  • Currently net income of $21,747.94.

Report from Parish Council meeting

  • Trying to get cost estimates on what it would cost to get buildings up to code with handicap accessible versus a new building.
  • New building estimates are being looked into.
  • .

New Business

Discuss setting up “Building Fund” “Rainy Day” and “general”funds

  • Father would like a specific fund for building (either new or existing updates).
  • Another fund for Rainy Day. Put a max number on it. Use it for incidental repairs.
  • When we dip below a specific amount fill it back up.
  • Another fund for general on-going costs, salaries.
  • He believes the 3 funds will make it easier for people to understand where the money is going and how much we have available for each.
  • Bill suggested a 5 year evaluation of what was the largest expense in the last 5 years. Then add in a % for inflation. This would be for a Rainy Day fund.
  • Dom made the suggestion on using the Festival Money Market to use as the Rainy Day fund. This would make $100k for this fund.
  • Dom and Bill to run some reports to make some suggestions for the fund dollar amounts.

Plan for 2016-17 budget

  • Budget built on history.
  • If no major expense, the budget should be very similar to the year prior.
  • We would want the budget the first or second week in June to approve before the next fiscal year.
  • Marvin Derr will create the budget and send via email in June.

MISC

  • Kristie to post previous meeting minutes on website once given access code and instructions from Bill.
  • Next meeting Bill and Dom will be discussing reimbursement to General Account from Edward Jones account due to shoring up the general account and cemetery expenses.
  • A suggestion was made that we come up with a policy in regards to being given a stock by a parishioner that we will sell the stock and put the money towards the fund of the parishioners choice.
  • Quick books 2016 loaded and ready to use and playing around with it.

Adjournment

  • Meeting adjourned at 8:10 p.m.

COUNCIL OFFICIAL QUARTERLY MEETING SCHEDULE:

Date:Tuesday, July12, 2016Time: 7:00-8:30 pmPlace: St. Joseph’s Rectory

Meetings are held quarterly on the 2nd Tuesday of October, January, April, and July.

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