ALL SAINTS CATHOLIC SCHOOL FINANCE COMMITTEE

MINUTES

JANUARY 10, 2004

Attendance:          Carolyn Bisulca, Niki Goodman, Patrick Leavey, Margherita Radar, Jeff Schneider,

Minutes from the 12/13/04 meeting were approved.

No Financial Reports were presented because the bank statements were not yet available.

The purpose of the meeting was to review and make final changes to the 5 Year Operating Budget which will be presented to the Parish Finance Council at their January meeting.  The committee gave most of its attention in the budget to the 2005-06 School Year since these numbers will be the basis for developing the detailed yearly operating budget in the upcoming months.  In addition to fine tuning the numbers in the budget, the committee discussed issues involving tuition assistance, payments to contract employees, and the shortfall in the current year’s operating budget above what was initially projected when the budget was approved.  The following decisions were made:

1.          We agreed on a 5 Year Operating Budget that results in approximately $160K shortfall for 2005-06 school year.  The shortfall trends down in successive years however it does include a tuition increase in the 2006-07 school year.

2.          SFC is recommending that commitments to tuition assistance must be contingent on actual funds existing.  Patrick will draft a policy outlining how this will work.

3.          SFC is recommending that the school follow parish guidelines regarding payment policies to employees who provide professional services but are not salaried.  Jeff will supply the guidelines.

4.          SFC should begin work as soon as possible to quantify 2004-05 shortfall that is in excess of the original projection and to put together a plan that will close the gap.

Carolyn will setup a meeting with SAC to present the 5 Year Operating Budget for approval.

The next scheduled meeting is February 14^th.