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Finance Committee Meeting Minutes

September 16, 2003

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

Meeting commenced at 7:40PM.  Pat Cronin and Fr. Tim gave the Committee a brief account of the inaugural Helping Hands Ministry meeting held earlier in the evening in an effort to coordinate a Parish volunteer team to curtail our housekeeping needs and expense.  

Minutes of the August 5, 2003 meeting were accepted as presented.  Pat Cronin reported that Judith Thibault Forget is now posting our monthly minutes on the church website.

Fr. Tim reported that $746,000 has been paid to date on our $935,000 Family Center contract with Madigan.  Borrowings under the $512,000 Diocesan Construction Loan total just over $302,000 with $188,089 remaining to pay Madigan.  At this point, we are tracking to end with a $164,000 residual loan balance with fundraising efforts at their present state.

Joseph Cloutier presented the fiscal 8/31/03 preliminary financial statement for review.  Adjustments were made to include $9,462 of accrued, but unpaid expenses, to our bottom line (excluding $2,326 due for the Catholic Free Press) so that the most accurate results possible can be presented to the Parish.  As a result, a $15,449 operating deficit will be reported on total revenues of $437,026.

Overall for fiscal 2003, Parish revenues reached an all time record high of $437,026 compared to $432,723 in fiscal 2002.  The increase was due primarily to increases in our religious education fees.  Mass collections were actually down from $397,000 in 2002 to $393,000 in 2003.  While our collection revenues are not down as dramatically as some other parishes have indicated in light of the Church crisis, Fr. Tim re-emphasized the importance of promoting our Stewardship Program in 2004 in order to get revenues where they need to be to cover our overhead.

Joseph Cloutier presented a preliminary Operating Budget for fiscal 8/31/04.  It shows that total Parish Expenses will exceed $496,000 including $25,000 out of $35,000 total interest expense projected on the Diocesan construction loan ($10,000 netted from projected snow-plowing expenses which we are hopeful will be gifted by the provider for the third consecutive year).  With revenues needing to increase almost $60,000 over last year’s $437,000 level in order to break even, Fr. Tim asked Pat Cronin to make a presentation to all masses the weekend of September 27 and 28^th.

Tracy Kennedy presented the current Parish Family Center fundraising report – showing that only 40% of pledgers responded to our June – August written requests for their preferred wording on the storybook plaque plates.  Fr. Tim reiterated the Building Committee’s intent not to rush the Plaque for the planned 11/28/03 Family Center Dedication – rather, to take the necessary time to contact everyone involved.  It was decided to mount new response sheets at the back of the Church over the weekends of September 21^st and 28^th with corresponding bulletin pleas in order to increase response.  In addition, Pat Cronin to contact Donald Paine to coordinate the gifts-in-kind name list for the Contractors’ Plaque. 

Meeting was adjourned at 9PM.  

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