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Finance Committee Meeting Minutes

November 4, 2003

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

Meeting commenced at 7:00PM. 

Minutes of the October 7, 2003 meeting were reviewed. Amended to state that as of this date, the Parish Associates have yet to remit their $22,000 Family Center pledge from the 2003 Bazaar proceeds. These monies to be collected in order to pay the next Madigan construction requisition. Minutes accepted with this revision, and subsequently forwarded to Judith Thibault Forget for posting on the church website.

Fr. Tim reported that the Bishop’s November 23, 2003 scheduled dedication of the Family Center has been postponed due to a building code issue with the newly installed sprinkler system. Madigan has acknowledged in writing his subcontractor’s error, and will be correcting the issues with no additional expense borne by the Parish.

Tracy Kennedy and Shirley Brake presented the updated spreadsheet of Parishioner Gifts for the Family Center. As of October 19, 2003, we have $268,000 of Parishioner Gifts to collect – offsetting a final construction loan balance of $478,000. Combined with $66,000 of Parish Associates pledge monies from future Bazaars, our estimated residual loan balance is roughly $187,000. Tracy and Shirley reported their next step is to generate billing invoices for the direct Parishioner Gifts.

Tracy and Shirley also presented the Plaque Plate return wording requests on the spreadsheet. Fr. Tim to review the list before we forward to ZAX Signage Co.


Pat Cronin confirmed Fr. Tim’s DEF figures that no further construction payments have been made since the October meeting. Our retainage figure held remains at $96,000.

The two month October 31, 2003 financial statement was not reviewed, as Linda Mullen has been away on vacation. Fr. Tim reiterated his concern on recent collection receipts from Mass, and asked Pat Cronin to present a State of the Parish Finance Report to all Masses the weekend of November 15 & 16, 2003. It was decided not to reflect overhead expenses (and deficits) in the Parish Bulletin until we can reassess the financial reports in December.

In Other Business, Fr. Tim reported that our Fiscal August 31, 2003 Financial Report along with a letter to all parishioners will be mailed out the week following the State of the Parish Finance Report.

Meeting was adjourned at 8:20PM.
 

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