Welcome

Directions

 Finance
     Committee 
     Meeting Minutes

 Mass Schedule

 

 Weekly Bulletin

 Parish Staff

 Parish 
     Registration

 Useful Links

 Parish Center
      Progress

Finance Committee Meeting Minutes

May 4, 2004                                    

Present: Patrick Cronin, Fr. Tim Brewer, Joseph Cloutier, Shirley Brake, and Tracy Kennedy

Meeting commenced at 7:00PM. 

Meeting minutes of January 6, 2004 were approved as presented.  Minutes from the February 25, 2004 meeting have yet to be prepared, and shall be reviewed at the next scheduled Committee meeting.

Joseph Cloutier presented the Eight Month April 30, 2004 financial statement for review.  It shows a $7,150 deficit on Collection revenue of $259,328 before paying out $6,857 outstanding for Workers Compensation to the Diocese, and $4,503 due to the Priest Retirement Fund.  Pat Cronin to contact Jerry Jasoume to verify the workers compensation bill. 

Fr. Tim reported that the search is continuing for a new Music Director.

Fr. Tim also reported that invitations are being mailed to for Bishop Reuger’s June 12^th Dedication of the new Family Center.  All Finance Committee members are encouraged to attend.

Pat Cronin presented an updated Cash Flow Reconciliation for the Parish Family Center project as of March 31, 2004.  It shows that our final construction loan balance could peak at $453,090 once the final $83,590 is paid to Madigan.  Pledge collections are anticipated at $313,713, which appears to result in a residual loan balance of roughly $139,377.  These figures shall be presented to the Strategic Planning Committee.

Fr. Tim also reported that $3,070 has been collected to date on the invoice mailing to “Nongiving” parishioners.

Shirley Brake reported that she and Tracy Kennedy are in the process of catching up on reconciling Parishioner Pledge invoices.

Fr. Tim also presented the Bishop’s Fund Campaign update on our goal to reach $44,917 for 2004 compared to the $43,482 goal in 2003.  Our direct mail piece mailed to all Parishioners during Holy Week, and the In-Pew solicitation during the weekend of April 24-25, has yielded 268 gifts to date totaling $35,101 compared to 225 gifts at this time one year ago totaling $26,740.  Last year’s campaign finished at 272 gifts totaling $30,785, so we do stand a good chance at reaching goal with continued effort.

Pat Cronin presented an update on our Parish Employees Pension Plan with the Diocese.  The 9/01/03 – 8/31/04 statement period reflects a $21,113 under-funding in Our Lady of the Lake’s account with the Diocese.  Pat Cronin contacted Jerry Jasoume in the Diocesan Office to get clarification on the statement.  Mr. Jasoume stated that our matching the 2003 contribution of $3,990 again in 2004 will be adequate since our first vested employee is still seven years from retirement.  Mr. Jasoume states that we are not seriously underfunded, and that at present, the whole plan is under serious reconsideration relative to changing benefit levels.  We agreed to match the 2003 contribution of $3,990, even though the 2003/2004 pension plan expense was reflected at $6,803.77.

Meeting was adjourned at 8:15 PM.

Next scheduled meeting is Tuesday, June 15th at 7PM.
 

Our Lady of the Lake
1400 Main Street, Leominster, MA 01453
Phone: 978.342.2978           Fax: 978.342.8738          Email: ourladylake@choiceonemail.com