Church of the
Annunciation

7580 Clinton Street
Elma, New York 14059

716.683.5254

Finance Committee

ANNUNCIATION CHURCH ELMA, NY

Finance Committee

Meeting Minutes –August 23, 2017

 

Attendance:

Present

Larry Zielinski, David Walsh, Jack Bergmann, Mike Skrip, Deacon Jim Jaworski, Robert Ziolkowski, Kris DiScipio, Joseph Widmer, Fr. Gene Ulrich, Robert Krolczyk

Absent

none

 

 

I   Minutes Approved of July 26, 2017 Meeting

  • Motion by David Walsh to amend minutes of July 26, 2017 to state that Church of the Annunciation Parish Salary and Review Policy was approved as written by the Finance Committee and will go into effect on September 1, 2017
  • Seconded by Robert Ziolkowski
  • Minutes approved as amended

 

II   July 2017 Financials – Robert Ziolkowski

  • Parishioner receipt revenue $65,807; total church net revenue $116,221 v. $76,745 plan
  • Net Parish expenses $50,188
  • Net cash flow $66,033 v. planned $17,088  (includes Interest/Investment income)
  • YTD FY 2016/2017 net cash flow $130,038
  • YTD 2016/2017 parishioner receipt revenue $734,317 v. YTD 2015/2016 $746,856
  • Investment/Income value increased by $3,005
  • Master Plan Building Fund balance is $549,104
  • Diocese of Buffalo returned the check of $80,592 to Annunciation Parish for attempted 

       Remediation of the Annunciation School unfunded pension liability. Ongoing discussions will 

       continue in this matter.

  • “Upon This Rock” payment to Annunciation Parish - $27,610
  • Holy Name Society made donation to Parish - $10,380
  • Youth Faith Formation revenue for July 2017 included $3,515 which is donations for Georgia 

      Retreat Trip

 

III  Fiscal Year 2016/2017 Capital Spending - Deacon Jim Jaworski

  • Rectory window replacement is planned for October 2017. Approximate cost will be $13,400.

 

IV   Church of the Annunciation Parish Master Plan Update - Deacon Jim Jaworski

  • Town of Elma Zoning Board hearing was August 8, 2017 – approved requested variance for

       increased square footage to 5,000 square feet for the Pavilion/Garage

  • Town of Elma Planning Board meeting was August 15, 2017 – reviewed architectural site plan 

       submitted by K-Arc Design. K-Arc Design will have ongoing communication to comply with Town of

       Elma Planning Board requirements

 

 

 

V  Merrill Lynch Investment Portfolio - Deacon Jim Jaworski

  • David Siwiec, portfolio manager at Merrill Lynch, recommended a change in asset allocation to a

       cash position. This is response to the Parish’s use of the Merrill Lynch portfolio to fund the cost of    

       the Church of the Annunciation Master Plan. No debt liability is anticipated for the Master Plan.

 

VI   FY 2017/2018 Annunciation Parish Budget – Robert Ziolkowski, Dave Walsh

  • Unfunded Lay Pension liability will be recalculated by the Diocese of Buffalo based on recent

       developments in management of the Diocese Pension Plan including, but not limited to current 

       offered one time buyout option for eligible participants. The revised liability will be communicated

       to Annunciation Parish.

  • Parish will request clarification of the Diocese of Buffalo Parish Assessment Calculation, specifically

       the stated total regular receipts

  • Youth Faith Formation has additional Youth Ministry funding of $30,000. However, this is

       dependent upon the same amount of successful fund raising activities as proposed by Youth Faith

       Formation

  • The planned budget net cash flow, excluding Parish Master Plan is $912. The proposed budget is a

       balanced budget.

  • Net planned Master Plan expenditure for FY 2017/2018 is $267,000
  • Kris DiScipio motioned to approve the Church of the Annunciation Parish FY2017/2018 budget. Jack

      Bergmann seconded the motion. The motion was passed.

 

VII  Finance Committee End of Term Members – Group Discussion

  • Father Gene and Larry Zielinski expressed their appreciation to Jack Bergmann, David Walsh and Mike Skrip for their terms on the Finance Committee.
  • New members will be appointed by Fr. Gene

 

Next meeting: September 27, 2017 @ 7:00 pm Parish Center

 

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