ST. ANN’S PARISH
Finance Committee Meeting Minutes
January 8, 2007
Attendees: Fr. Charles Stanley, John McGinn, Matthew Cockreham, Tom DiPaolo,
Sara Goodwin, John Graf, John Oteri and Maura Santos.
The meeting commenced at approximately 7:10 PM.
Tom DiPaolo volunteered to record the minutes for the meeting.
Review of Minutes from Previous Meeting
The Minutes of the Committee Meeting held 12/4/06 were discussed and accepted. Matt
will post to the parish website.
Parish Community Concerns & Questions
This time was allotted to address concerns and questions raised by meeting attendees who
are not members of the Finance Committee. There were no visitors present.
FY06 Investment Fund Report
Fr. Stanley presented the Investment Fund Annual Report for FY06 from the
Archdiocese. A large portion of the parish savings are kept in this fund. The Committee
briefly reviewed the report and noted that it contained limited information regarding fund
investments, compared to similar financial reports for publicly offered funds. Annual
returns appeared to be competitive. John Graf obtained a copy of the report and offered
to review it in further detail and provide any findings to the Committee.
Ministry Fair – 1/20 & 1/21
John McGinn and John Oteri will cover the 4:00 Mass; Tom DiPaolo will cover the 8:30
Mass; Sara Goodwin will cover the 10:30 Mass. Other members are also encouraged to
assist if possible.
FY07 Operating Results through 12/31/06
Operating results for the first 6 months of FY06 are almost ready to be reviewed. Maura
has not received all receipts yet. These should be in by the end of next week (1/20/07).
Complete FY07 Operating Results through 12/31/06 should be available for the next
Committee meeting in February.
OAP Update
Maura provided an OAP update through 12/31/06. There are 416 total pledges. Gift
receipts trail pledges by around $3,860. This comparison is based on an analysis of
weekly, monthly, quarterly, semiannual and annual pledges and receipts. No concerns
were noted. Tom also provided a summary comparison of actual total collections to
forecasted total collections through 12/31/06. Total collections through 12/31/06 exceed
forecasted collections by about $16,200. Forecasted collections used in this comparison
are derived from an equal monthly distribution of the total expected annual collections
(OAP and non-OAP) used for budgeting purposes. The Committee is cautiously
optimistic that the positive trend will continue.
FY08 Budget Process
The Committee is ready to begin the FY08 Budget planning process. All FY08 budget
needs should be identified ASAP. Fr. Stanley reported that the Archdiocese is currently
reviewing the clergy compensation structure regarding the allocation of salary and fringe
benefits. It is likely that salaries will increase and fringe benefits will decrease. This
could affect St. Ann’s because Fr. Stanley normally doesn’t access his allowable fringe
benefits, thus our overall clergy compensation could increase as a result of the possible
reallocation. The Committee would like to have all parish salary issues settled within the
next few months in order to plan an effective FY08 budget.
Ellen Fitzgerald and Leanne Amirault will be invited to the next meeting to discuss FY08
budget needs for the Religious Education Program and the PreSchool.
Maura has entered the FY07 Budget items into QuickBooks. Maura and John Graf will
determine if QuickBooks should be used for FY08 Budget planning purposes, as opposed
to using Excel as in past years.
Capital Needs
The main sign on the front lawn of the church will be removed, refinished and reset soon.
The new sign will have lettering on both sides and when reset, it will be perpendicular to
Lynn Street. This will improve visibility for people approaching the church from either
direction on Lynn Street. The cost is estimated at $1,350. Two large shrubs on the sides
of the front stairs near the sidewalk have already been removed to compliment this effort.
An electrician is currently reviewing various system deficiencies and will be making
some repairs/upgrades soon.
Fr. Stanley reported that the organ keyboard is showing signs of age (about 27 years old)
and has been repaired recently. Other minor repairs may be required in the future. This
is not an immediate concern, but a full replacement is likely warranted within the next 10
years. This would be a major expense and a candidate for a dedicated capital campaign.
Next Meeting
The next meeting will be Monday, February 5, 2007, at 7:00 PM.
The meeting was adjourned at approximately 8:15 PM.
Submitted,
Tom DiPaolo