Church of the
Annunciation

7580 Clinton Street
Elma, New York 14059

716.683.5254

Finance Committee

ANNUNCIATION CHURCH ELMA, NY

Finance Committee

Meeting Minutes –November 28, 2018

 

Attendance:

Present

Joseph Widmer, Kris DiScipio, Larry Zielinski, Terry Rupp, Dottie Austin, Alethea Sokero, Deacon Jim Jaworski, Henry Koziol, Mike Scrip

Absent

Shaun Beckwith, Fr. Gene Ulrich

 

  1. Minutes Approved of October 24, 2018 Meeting- Motion was made by Alethea Sokero and seconded by Kris DiScipio to approve the minutes to the October 24, 2018 Annunciation Finance Committee (AFC) meeting, motion carried and minutes approved by all. 
  2. October, 2018 Financials—Kris DiScipio 
  • Net Cash Flow  
    • October - Total Parish Net Cash inflow of $38,502 vs. ($150,884) plan or $189,386 favorable variance primarily attributable to the timing of capital expenditures (favorable variance of $147,867); and significant donations as noted in the “Net revenue” section below.  YTD 10/31/2018 Net Cash Flow = $66,193; Prior Year YTD = $173,177.
    • Cash Available at 10/31/2018 - $1,030,071 (includes 3 mo. reserve for FY 2019 plan of $280,000 and reserve of $600,411 for Master Plan Building Fund… remaining $149,660 is unrestricted and available for unplanned parish expenditures). 
    • Net revenue (Revenue Report) 
      • October total Parish revenues - $110,659 vs. plan $78,023 or $32,636 favorable  variance                                YTD 10/31/2018 Net Parish revenues = $225,130; Prior Year YTD = $206,180.
      • October Parishioner donations - $84,363 vs. plan $68,470 or $15,893 favorable variance was primarily attributable to $10,000 receipt of Galasso Foundation donation and a $5,000 unrestricted donation from a parishioner.  
      • Favorable variance in October for “other revenues” of $16,743… was primarily due to receipts from Holy Name Society of $10,000 to be used for Master Plan and $2,500 to be used for 2nd AED purchase for Selbert Hall. 
      • October’s Investment Income was $160; YTD October 2017’s investment income = $570.
    • Net Expenses  
      • October Church Expenses $45,422 vs. plan $196,133 or $150,711 favorable variance, which is primarily due to timing of capital expenditures... (Only incurred $3,083 capital expenditures vs planned amount of $150,950). YTD 10/31/2018 Net Church Expenses = $87,609; Prior Year YTD = ($22,962)
  1. Capital Update (Master Plan and Routine)– Deacon Jim Jaworski
  • Capital projects for current fiscal year: 
      • Parish sign replacement scheduled for spring
      • It was noted that Faith Formation is in need of reliable internet streaming in Langley Hall
    • Master Plan Update
      • MP financial report review
      •  

Revenues collected to date = $242,260, Planned at $391,199 ($148,939 uncollected)

Expenditures to date = $54,375, Planned $892,225 ($837,850 to be expended)

    • Pavilion - They expect to have final drawings done this week; internal spacing was adjusted (particular to the kitchen and water/septic system); considered reducing cost of utilities by opting for propane instead of natural gas; plan on solidifying specs and numbers next week and then have it go out to bid. Estimate spring groundbreaking; estimated funding need of 1/2 of the planned expenditures between February and March.
    • Cemetery – 
      • Jim noted they are receiving more calls for memorial benches… still running ads for the cemetery and columbarium with local parishes such as St. Vincent’s, St. Gabe’s, Pompeii, etc…. Cemetery pre-sales offer a 10% pre-construction discount…veterans also receive a 5% discount. 
      • It is expected that approximate $250,000 will be needed in the next couple of months for the cemetery and columbarium construction
      • lawn and landscaping is scheduled for spring completion.
      • Jim noted that the old gravesites will be digitalized. 
      • Columbarium footers are in/completed… back wall will be poured within the week… columbariums have been completed/finished and will be delivered in two weeks… Ceilings are scheduled to be installed during the middle of January 2019.​​

  1. Audit Question Follow Up from Last Meeting –General Discussion With All
    • IT Security - efforts continue to form a committee within to deal with IT issues… looking to bring in IT consultants from Our Lady of Victory Services next week to review and assess all IT systems including connectivity for Internet services (noted that the assessment was free of charge)... other IT concerns brought up during the meeting include financial liability/exposure, inappropriate use of Internet (blocking websites to safeguard against inappropriate usage),  and capability/restrictions/risk of providing electronic banking to the parish office (M & T and Merrill Lynch accounts).
    • Cash Counting Process after Mass 
      • Money/checks are collected in church from the weekend masses, secured in bags, walked over and dropped into the Parish Center’s safe. 
      • Monday - the cash counting team retrieves the money from the safe, count the cash/checks twice, the foreman enters the final/approved count into the computer and prepares the bank deposit ticket. Deposit is transported By Father Gene to the bank. 
      • There are two counting teams which rotate every other week…counting process takes approximately 2 hours to complete.
      • Problems noted from current process: need a back up to the foreman; need another set of eyes to check physical count and input into the system (audit process).
    • Cash Counting Machine - Noted that there are some machines that separate counts by denominations. It was determined that these machines were overkill to the current process, expensive and in general a bad idea.  
    • Electronic Contribution Promotion – 
      • There is a definite need to market/promote this service to our parishioners
      • Users are able to print off a receipt from their computer in order to drop in Sunday basket as proof of attendance to Mass
      • Parishioners have an option to use credit cards to set up their contributions (weekly/monthly quarterly).
  1. Other Business
    • The annual financial report for FYE 8/31/2018 will be sent out to the finance committee for review and to provide feedback to Larry before finalizing and releasing to Annunciation parishioners and the Diocese.
    • The Youth Faith Formation (YFF) position continues to remain vacant. Alethea recently met with Melissa from YFF and suggests that we resolve YFF’s technology issues by outsourcing these IT services.  This should free Melissa up and allow her to devote more of her time on program services instead of dealing with IT technical problems. 

 

 

Next meeting:  January 23, 2019@ 7:00 pm in the Parish Center 

 

Respectfully submitted by Joe Widmer

 

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