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Finance Committee Meeting Minutes
Our Lady of the Lake
Finance Committee
Meeting Minutes
June 26, 2003
Present: Patrick Cronin, Fr. Tim Brewer, Tracy Kennedy, Joseph Cloutier
Meeting commenced at 7PM. Minutes of the May 20, 2003 meeting were accepted as presented. Discussion commenced, and it was decided to pursue posting meeting minutes on the Our Lady of the Lake website. To coordinate preparation for future postings.
Joseph Cloutier presented the Third Quarter 5/31/03 financial statement for review. It shows an actual net surplus from operations at $5,957 as compared to an $11,405 deficit reported on an accrual basis in the weekly Parish Bulletin. Another annual Gift-in-Kind from our snow plow purveyor of roughly $10,000 is the primary reason for this unexpected, beneficial windfall. It was decided to adjust the bulletin figures by an even $9,000 on the positive side with a short narrative explanation. Patrick Cronin to follow up on providing the narrative to the Church Office, while Joseph Cloutier will go over the Bulletin statement details with the office personnel.
Fr. Tim recommended a small petty cash account be set up for the Religious Education Department, and factored into future budgets. Funds would be available whenever miscellaneous supplies, or needs, arose. The Committee agreed to the recommendation with the suggestion not to establish a separate checkbook. That way our record keeping remains consistent with the Diocese. Joseph Cloutier agreed to prepare a statement for the August meeting reflecting these petty cash needs. It was also discussed that a similar arrangement may need to be considered for the Music Director.
Patrick Cronin provided Tracy Kennedy with Parish Family Center Gift Record feedback following the presentations made to the Parish on 6/7 and 6/8. Patrick agreed to contact Carol Adams at the Diocesan Office to obtain updated Forward in Faith Status Reports since the ones we have dates 3/21/03 so that our records are accurate for the Memorial Plaque. Fr. Tim executed ZAX Signage’s Quotation Order Form so that production of the plaque can commence following an 8/31/03 targeted deadline to Parishioners to let us know how they would like their plates to read. Patrick to follow up on an appropriate Bulletin announcement with the Church Office.
Fr. Tim reported that our DEF balance was presently $307,236. Our targeted DEF balance before borrowing on the Diocese Construction Loan is roughly $110,000. It is expected that July construction requisitions will put us into a borrowing position within the next month.
In Other Business, Fr. Tim reported a $2,000 Stewardship Gift from St. Rosa Lima Church in Northborough. Fr. Tim to follow up on sending the appropriate thanks to our friends at that Parish.
Meeting was adjourned at 8:35PM.
Our Lady of the Lake
1400 Main Street, Leominster, MA
01453
Phone: 978.342.2978
Fax: 978.342.8738
Email: ourladylake@choiceonemail.com