Finance Council Minutes

Meeting Held:  7:00pm, July 18, 2006

Present: Members: Dave Johnson, Charlie Weber, Julie May and Brian Mickelson. Trustees, Geri Jolley and John Frank.  Pastoral Council members, Joe Hajduk and Bill Schmeling.

Absent: Members: Steve Gantner, Mark Wood and Jim Steiner.  Staff,  Father Dennis Thompson and Carolyn Parrott.

Minutes:

1. Charlie Weber called the meeting to order at 7 PM and led the attendees in prayer.
2. June minutes were reviewed and approved as submitted.
3. June Financial reports were reviewed and approved as submitted. Discussion was held on the concern over the continued decline in contributions.  There is some information that needs to be updated prior to approving the year end financial statements and was moved for approval in the August meeting.
4. A brief discussion was held regarding the annual report to parishioners.  There was feedback that it should be easier to read and include graphs that illustrate our income and expenses.  Charlie provided a copy of lasts years report and requested all members review the report and provide feedback to Mark so we can approve it in our August meeting.
5. Geri brought up the discussion of the bookstore obtaining a line of credit for operating purposes.  There was discussion of the possibility of using some of our investments to support operating expenses to avoid high interest rates on a line of credit.  Geri explained that they are still reviewing their options and keep us updated.
6. John Frank reported on the trustee meeting.  John explained they are looking to use bequests made to the parish that are under $5,000 to create a cash reserve for operating funds.  The goal is to get that reserve account to $16,000.   John reminded us that it is St. Michael’s policy to allocate all bequests over $5,000 to the capital improvement fund.

John is gathering information on making the social hall a profit center.  He has been in contact with catering companies that may be willing to use the space and is working on negotiations and contract details that benefit all parties involved.

Father has not yet signed the annual contract with Side By Side and we are currently on a month to month contract.

Father will be sending a letter to Premier Bank that will illustrate our disappointment of how our loan requests have recently been handled.

The book store showed a profit of $400 last month. 

1. Charlie is looking for feedback in regards to what financial information or forms should be available on the St. Michael website.  Please contact Charlie with any input you may have.  We greatly appreciate all the work Charlie and the rest of the committee have done with the website. 

1. Election of Finance Council Officers went as follows:

Mark Wood, Chairman

Charlie Weber, Vice Chairman

Steve Gantner, Secretary

Congratulations to all of you!

1. Meeting adjourned at 8:40pm 

1. August Meeting is to be held at 7:00pm on August 15th, 2006.

Respectfully submitted,

Brian Mickelson