Finance and Asset Council Feb 2021

Net Assets increased by $50K as Weekend Collections far exceeded operating expenses and major expenditures (church roof and livestream equipment ($41K)). School Dedicated has small balance left after our payments to St. Brigid School for education support ($44K). Will close out this fund this year.

2. The January Financial Report was sent to you earlier via email. In January, our Weekend Collections continued to exceed Budget! YTD through January we are ahead of budget by $175K and we continue to see this trend in February and closing the gap vs last year YTD. January expenses were lower than Budget across most expense categories. Employee related expenses were more favorable vs Budget this month as a result of having two maintenance employees on short term leave due to minor surgeries. Mike returned this week. Rick is expected to return by early March. We also had lower utilities, office supplies and maintenance expenses. Christ Mission Appeal continues. We are somewhat “stuck” at 90% of our target of $205,735. There will be additional communications in March to help close this gap.

3. FYI… Last week we paid out $115K in grant payments as part of our Christian Service outreach ministry. Btw.. this is our 40th year with over $2.9MM paid out.

4. Ask if any questions.

1. Intro – School building built in 1954 – there are 9 classrooms, restrooms (2) and corridor combine is approx. 10,000 sq ft.. Met with Building Committee and agreed to do a building assessment. TRC have provided a proposal to do an “as is” assessment of roof, mechanical, plumbing, heating, and electrical. Also will id code compliance deficiencies and provide assessment report of their findings including photos, and recommendations. Cost for Phase 1 (base case) is $5K. Start in Mid March and complete in 2-3 weeks from start. early April.

2. Describe Phase 2. TRC and Parish will also reach out to United Way and other community leaders (Mayor Dunker) and service providers for possible partnerships.

3. Last Friday, Fr. Rob and I along with the Building Committee conducted a walkthrough of the church & parish buildings and grounds. Overall facilities are in very good shape. Highlighted a couple of ongoing items a) testing of fire sprinkler system b) concrete repair / replace for main parish entrance and church sidewalk (covering basement) – pursuing estimates from Sugar Construction c) church pews – refinishing.

1. Review Major Expenditure spending. Have approx. $300K in fund after covering the church roof replacement. We also have $245K that will be available from the PPP Loan proceeds.

2. Excluding school building, major project spending forecast of $415K:

Ø Church pews – also original (1966) – repair and refinish – building committee concurs; Not include is cost of deep polishing of Terrazzo floors; church carpet will follow

Ø Church doors (main entrances) only – original 1966 – show significant wear & do not close and seal properly. Propose spring / summer 2021

Ø Roof over kitchen, hall & gym as well as Parish Center roof – both are Durolast and were installed 2004 & 2006 respectively – ~20 year life

Ø School building related projects – roof , windows, & bathrooms – the ~$235,000 combine is a guess – firmer #’s will

1. Church has been with Chemical Bank for many many years. We seen no benefit since merger with TCF. Costs have gradually increased, no longer sponsors church bulletin; turnover in branch personnel are all contributing factors to our move to a new banking partner.

2. Discuss recommendation to Fifth Third.

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