October 2014

Finance Council Meeting Minutes:
 
Tuesday, October 21, 2014
 
Present: Michelle Buerger, Bill Richer, Paul Ferrell, Becky Brown, Donald Vittitow, Ron Wedding, Fr. Dan Noll, Kevin Lamping, Cheryl Gatzmer, David Gadberry, Dan Bork, Tony Pescatore, Scott King, Walter Leachman, Michael Carpenter, Frank Hsu, John Tibe, Brian Weldon
 
Not Present: Rob Twist, Joe Beavin, Calvin Schneider, Martha Casher, Wayne Rickert
 
Meeting commenced at 7:38 am.
 

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

 

• Father Dan noted how grateful he was for the continued thought, prayer and conversation and for the continued hope and trust in God.

 

• Approval of the September 16, 2014 Minutes – David made a motion to approve, Tony seconded.  Minutes approved.

 

• Finance Committee Reports: (No reports unless necessary due to the scope of the meeting)

 

• Two items on the agenda:  1) Refinancing of the bond and 2) Review of the task force for development and the plan for meeting MQHR’s long-term liabilities.

 

1. Per Scott, bond financing matures at the end of January 2015.  PNC Bank has expressed its desire to renew the financing.  The Diocese has expressed its desire to opt for an alternative direction in terms financing (i.e., tax-exempt financing).  Fund raising by each parish would be linked to the available financing, and Parishioners could receive interest in return for moving to tithe the principal of the loan.  MQHR could be looking at penalties and fees of approximately $700K if a new bond is issued.  This includes bond issuance fees and the unwinding of a swap agreement currently in place with the current bond financing.

 
Deacon Wakefield has insinuated that the Diocese will not guarantee the debt.However, he would consider looking at a tax-exempt renewal.PNC indicated that releasing MQHR School would not present a problem.Per Scott, we are waiting on PNC to take action, and Walter needs to respond to the Diocese by the end of October.
 
Numerous financial institutions have submitted proposals, which were presented to the finance council.Kentucky Bank and Fifth Third Bank have submitted proposals that look the most attractive of all the options presented to the finance council.
 

2. Task Force – Fr. Dan noted that approximately one year has passed since a decision was made on how to pay off our long-term debt.  Both short-term and long-term ways forward were presented and evaluated.  Parishioners are being called on to manage and share their possessions and finances as good stewards.  Also, replacing the development fund with annual pledges is under consideration.  Short-term highlights included the Night of Angels, receipt of restricted donations, ideas generated by the school administration and school council to raise additional funds or cut costs.

Long-term items noted included the Cornelia Nash Scholarship Fund, Mary Queen Legacy Society (6 notices for membership have been received), unspecified gifts of bequest, and the estimated savings to be realized through the Energy Conservation Plan.
           
Next Meeting – Tuesday, November 18, 2014 at 7:30 AM.
 
Meeting adjourned at 9:06 am.