January 2015

Finance Council Meeting Minutes:

Tuesday, January 20, 2015

Present: Rob Twist, Fr. Dan Noll, Joe Beavin, Frank Hsu, Bill Richer, Ron Wedding, Becky Brown, Michael Carpenter, Scott King, Walter Leachman, Brian Weldon

Not Present: Calvin Schneider, Wayne Rickert, Paul Ferrell, Tony Pescatore, John Tibe, Martha Casher, David Gadberry, Cheryl Gatzmer, Donald Vittitow

Meeting commenced at 7:37 am.

• Prayer – Scott began the meeting with communal prayer and reflection by those present at the meeting.

• Father Dan Noll comments/updates – Fr. Dan wished everyone present at the meeting a Happy New Year and expressed his thanks for the work of the Parish Finance Council. He also reserved comments for later throughout the meeting.

• Approval of the November 18, 2014 Minutes – Joe made a motion to approve, Rob seconded. Minutes approved.

• Finance Committee Reports:

1. Education Life Center refinancing update – Scott provided the bond refinancing update – the bridge loan closed and was booked as of 12/17/14. Scott also noted two emerging issues: 1) Bond counsel has changed – Ian Koffler is no longer with Dinsmore and Shohl; Dirk Bedarff steps into this role in Ian’s absence. Dirk has extensive experience. 2) At issue is whether or not the Swap agreement has been registered under federal guidelines – if not, then the Swap must be financed separately. This may result in higher debt service payments.

2. Long-Term Debt task force revisions – Fr. Dan presented a summary of the task force meeting on December 2, 2014. The summary included the current state of MQHR long-term liabilities, other Parish debts and obligations, the challenges we as a Parish are facing and our goals we are striving to meet. As Fr. Dan noted, we are “Planning to plan”.

- Five-year forecast presentation – no update at this time.

3. Facilities & Maintenance – Work is underway and continuing. Lighting work is moving forward, albeit slowly. Carpeting and tile work in the gathering area is on deck after the lighting work is complete. $30,000 Grant was approved – a big thank-you to Jill Heink for her work in this endeavor.

4. Governance – no update at this time.

5. School Finance – current enrollment stands at 423 students. The budget process is kicking into gear and the budget will be based upon enrollment of 400-405 students for the 2015-16 school year.

6. 2015-16 Budget Time Line – Walter presented a draft of the 2015-2016-time line. Due to work constraints, Paul Ferrell have resigned from the PFC. Scott asked for volunteers to replace Paul on the budget subcommittee and Frank Hsu agreed to take Paul’s place on the Budget Subcommittee.

• Stewardship Financial Pledge info update – Walter presented an Offertory Pledge Analysis to the PFC. Pledge balances unpaid at this time total approximately $197K. We are currently at 596 pledges, totaling approximately $1.75MM.

• Planned Giving – Walter and Fr. Dan will have a follow-up meeting with Jeff Schriefer.

• December month-end financials/variance reports – Any questions please see Walter.

Next Meeting – Tuesday, February 17, 2015 at 7:30 AM.

Meeting adjourned at 8:43 am.