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Finance Council

Minutes of November 14, 2006

Members Present: Tom Halloran, Fr. Dave, Al Barbanera, Marty P. Zanotti, Fr. John, Bob Pearl, Renee Estremera, Marty K. Zanotti and Doug Hill

Excused: Len Robare, Joe Dubovec

Five-Year Financial Report

The diocese has promulgated a recommended format for reporting financial data to the

parish community. This new report shows a five history so that trends maybe readily

seen. Our report for 2002 – 2006 was reviewed and will be published on December 3rd as part of Stewardship Treasure Sunday. It will also be posted to the Web Site.

Financial Policies

There is a growing problem bounced (NSF) checks and direct debit transactions.

These transactions are time consuming and costly. To assist in the resolution of this problem the council established the following policy:

All bad (NSF) checks or direct debits must be replaced in the original amount along with the processing charge incurred by the parish (currently $28). After a second occurrence, all further payments must be made by bank check or money order.

The primary source of tuition assistance for school families is the diocesan educational trust fund. Assistance from St. John Bosco is the secondary source.

With the increasing number of requests for assistance and our limited funds, the following policy is established:

To qualify for tuition assistance, an application must be filed each year with the Private School Aid Service (PSAS).

This is an independent service that provides a need analysis for each requestor.

The needs assessment is forwarded to the diocese and subsequently to St. John Bosco.

In order to be considered for assistance from St. John Bosco, an application must be filed with PSAS.

There is a processing fee for this service payable by the requestor to PSAS.

The school office will provide the application forms upon request.

IRA Donations Program

Under new legislation signed this year, Individual Retirement Account (IRA) holders

over 70 1/2 can withdraw up to a total of $100,000 during 2006 and 2007 from their ac-

counts TAX FREE if it is contributed directly to a charitable organization.

The money is excluded from taxable income and is not deductible again as an itemized deduction on

IRS Schedule A. This withdrawal would count as part of the annual Required Minimum

Distribution (RMD). Information concerning this program will appear in the bulletin. Parishioners making their offertory donations or contributing to the school renovation fund by a transfer, could write-off the total contribution against the Adjusted Gross Income (AGI) on their tax return.

Since the funds are excluded from taxable income, it could reduce the tax on Social Security and state income tax.

The 2006 – 2007 budget was reviewed determine the subsidy that the parish must provide

to the school for this school year. It shows that the reductions taken in the school will reduce that deficit again this year.

Temporary repairs have been completed on the sacristy roof. The entire roof will need to

be replaced in the spring. In the long range budget, funding must be planned for the rectory, activities center and the church roofs.

Appeal packets (about 700) have been prepared and will be distributed on the weekend of December 2nd – 3rd.

The five-year financial report will be published in that weekend bulletin. Fr. Dave will present his annual state of the parish report.

The passage of the bill eliminates smoking in Bingo halls. The implementation and enforcement policies have not been established.

The earliest implementation date would be December 7th but could be as late as June 2007.

The diocesan legal office along with the catholic Conference of Ohio are developing guidelines for uniform implementation in all parishes and schools.

Next Finance Council meeting: Tuesday, January 9, at 7:00 p.m. in the Bell Tower un- less a meeting is needed sooner.