Effective Financial Planning and the Finance Council
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1 Effective Financial Planning and the Finance Council Al Erickson, Catholic Finance Corporation Mike Laughery, Catholic Finance Corporation Judy Logan, Catholic Finance Corporation August 4, 2015
2 Agenda Introductions Role of finance council Fiduciary duties (reporting & compliance) Strategic duties (pastoral planning) The finance council meeting
3 Parish Structure Archbishop 2 Lay Trustees Vicar General Pastor Finance Council Staff & Leadership E.g.: PBA, Principal, DRE, Pastoral Minister Pastoral Council Advisory Councils
4 Parish Finance Councils Every parish must have a finance council (canons 537 & 1280) Consultative in nature, advising pastor Central to annual budget process Monitors actuals to budget Source: Archdiocese of Saint Paul and Minneapolis Clergy Bulletin, May 4, 2011, Volume XIX, Number 1, Revised
5 Parish Finance Councils Aware of financial controls Oversees parish investments Assists in annual financial report Assists in audit requirements Consulted in matters that require a proxy Source: Archdiocese of Saint Paul and Minneapolis Clergy Bulletin, May 4, 2011, Volume XIX, Number 1, Revised
6 How Parish & Finance Councils function Differ from a Civic Arena: Civil Model Democratic Process Representation Decision Political: Win/Lose Defined and controlled outcomes Discussion, Concussion, Percussion An event Church Model Discernment Process Mission of Church Recommendation The will of God Steps in the journey Dialogue, Reflection, Contemplation A way of life Source: Information provided by the office of Parish Services
7 Roles in Parish Governance Parish Staff Pastoral Council Finance Council Advisory Councils Pastor s Role Oversees daily operations Presides over Presides over Supervises administrator or principal (who they report to) Membership Hired or appointed Selected through parish discernment process Appointed Appointed Focus Day-to-day ministry Long-range pastoral planning Long-range financial planning Long-range educational planning Source: Information provided by the office of Parish Services
8 Roles in Parish Governance (Continued) Parish Staff Pastoral Council Finance Council Advisory Councils Areas of Responsibility Matters pertaining to their job description or specific area of parish life Matters pertaining to the life of the parish: visionary Matters pertaining to budget, facilities, or development Matters pertaining to school and/or catechesis Relationship to Pastoral Plan Assists as a resource Develops, monitors, and evaluates plan Assists as a resource Develops policy and direction Source: Information provided by the office of Parish Services
9 Roles in Parish Governance (Continued) Parish Staff Pastoral Council Finance Council Advisory Councils Relationship to Pastor Accountable to the pastor Consultative to the pastor Consultative to the pastor Consultative to pastor via business admin & principal Method of Decision Making Discernment, consensus, or as directed by manager Discernment or consensus as appropriate Discernment or consensus as appropriate Discernment or consensus as appropriate Outcome Program implementation Options for mission/vision, leadership plan Clarity to all parties on financial boundaries Options for mission/vision, leadership or policies Source: Information provided by the office of Parish Services
10 Fiduciary duties of the finance council Monthly financial reviews Cash forecasting/cash flow review Budgeting Compliance with Archdiocesan reporting Compliance with civil laws
11 Monthly financial reviews Purpose Format summary versus detailed
12 Statement of Financial Position Statement of Financial Position 20XY-XZ 6/30/20XY 6/30/20XZ Change Cash: Church checking Primary 135, , (19,289.34) Capital Appeal checking 23, , , Investment Savings 202, , (121,942.21) Petty Cash Church , , (93,172.58) Restricted Account: Parish Endowment-principal 382, , Parish Endowment-earnings 62, , , Endowment Receivable 395, , , , , Receivables Contribution Receivables 0.00 Prepaid Expenses 3, (3,862.24) Tuition Receivables 14, , (6,316.00) 18, , (10,178.24) Fixed Assets: Land 1,750, ,750, Buildings 5,076, ,081, , Accum Depreciation (1,495,466.30) (1,495,466.30) 0.00 Equipment/Furniture 320, , Total Fixed Asset 5,652, ,657, , Total Assets 6,873, ,800, (72,780.87) Current Liabilities: Accounts Payable 23, , , Payroll Accrual 114, , (42,242.47) Designated - Parish 460, , (151,109.04) Designated - School 24, , , , , (71,296.22) Maintenance Reserve Deferred Liabilities 144, , (97,543.39) Long term Liabilities: Catholic Aid 2,995, ,162, (833,800.47) Endowment Loan 395, , ,391, ,557, (833,800.47) Equities: Net profit or loss balance 25, , , Prior years fund balance 2,689, ,715, , ,715, ,645, , Total Liabilites/Equity 6,873, ,800, (72,780.87)
13 Statement of Activities Statement of Activities For the Period Ended April 30, 20XZ 20XY/20XZ 20XX/20XY 20XY/20XZ Budget YTD Actual YTD Actual Variance YTD Budget Variance General Operations Envelope/Plate Collection 1,011, ,005, , ,044, (32,883.43) Endowment Earnings (Loss) 25, , (13,104.94) - 25, Other 62, , , , (136.85) subtotal 1,960, ,239, , ,107, , Salary and benefits (389,381.95) (397,608.89) 8, (411,919.10) 22, Interest Expense (134,371.37) (134,371.37) - (146,949.60) 12, Other (142,677.69) (134,812.43) (7,865.26) (132,150.90) (10,526.79) subtotal (666,431.01) (666,792.69) (691,019.60) 24, Net: 1,294, , , , , Fundraising (Net) Cornfest 22, , , , , Spring Dinner 14, , , , Other , (1,564.54) 5, (4,464.84) 37, , , , , Maintenance (95,681.38) (94,560.10) (1,121.28) (111,388.05) 15, Church Programs (Net): Liturgy and Worship (34,206.66) (26,490.68) (7,715.98) (24,707.90) (9,498.76) Food Shelf 11, , , , Youth Formation 7, , (421.19) 1, , Youth Ministry (4,507.43) (1,062.51) (3,444.92) (1,666.50) (2,840.93) Sacramental Prep 2, , , Adult Formation (1,948.27) (1,331.81) (616.46) - (1,948.27) School Tuition 566, , (44,127.51) 532, , Fundraising 33, , (8,287.82) 44, (10,783.91) Angel Fund 5, , (31,348.28) 21, (15,950.21) Other 8, , (1,443.35) 19, (10,417.65) subtotal 614, , (85,206.96) 617, (3,180.10) Salaries and benefits (772,814.62) (919,808.42) 146, (772,095.40) (719.22) Other (125,802.91) (130,055.20) 4, (175,004.40) 49, subtotal (898,617.53) (1,049,863.62) 151, (947,099.80) 48, Net: (283,888.13) (349,927.26) 66, (329,190.30) 45, School Programs (Net): Hot Lunch (10,729.22) (10,712.85) (16.37) 0.10 (10,729.32) Athletics 2, , , Total Revenue 2,031, ,215, (183,207.04) 2,025, , Total Expenditures (1,942,481.05) (2,086,025.58) 143, (2,054,753.00) 112, Net Revenue over Expense 89, , (39,662.51) (28,879.41) 118,230.30
14 Statement of Activities Church of St Anywhere Statement of Activity Fiscal Year 20XY, Period 7 (01/01/20XY to 01/31/20XY) Description Income: Period Budget Period Actual YTD Budget YTD Variance Amount Last Year YTD Sunday Giving 129, , , ,333 (36,741) 944,264 1,640,000 General Operations 1,543 2,167 99,998 89,166 10,831 75, ,000 Social Hall , ,500 1,500 Faith Formation - Youth 3,228 1,000 89,945 91,500 (1,555) 94,521 97,500 Faith Formation - Adult , ,022 1,500 School 166, ,133 1,464,462 1,439,952 24,509 1,406,104 2,055,575 Total Income 301, ,883 2,592,401 2,594,702 (2,301) 2,523,010 3,991,075 Budget Annual Expenses: General Operations 51,277 64, , ,297 5, , ,891 Building and Grounds 27,495 22, , ,615 (1,321) 150, ,412 Archangel Hall ,974 1,808 (165) 1,339 3,100 Liturgy 1,030 1,834 6,674 10,573 3,899 6,809 18,615 Music 7,672 9,158 72,720 68,454 (4,266) 58, ,793 Pastoral Ministry 2,438 2,467 18,322 17,783 (539) 33,205 30,240 Faith Formation - Youth 11,052 20, , ,599 5, , ,334 Faith Formation - Adult 6,136 6,699 43,554 45,296 1,742 36,247 77,294 School 189, ,750 1,461,107 1,427,612 (33,495) 1,397,308 2,400,300 Total Expense 296, ,717 2,345,686 2,322,037 (23,649) 2,242,506 3,919,979 Net Surplus/Deficit 4,273 (4,834) 246, ,665 (25,950) 280,504 71,096
15 Cash forecasting Parish Name Cash Forecasting Week beginning: 8/20/20XX 8/27/20XX 9/3/20XX 9/10/20XX 9/17/20XX 9/24/20XX 10/1/20XX 10/8/20XX 10/15/20XX 10/22/20XX Church Checking-operations Beginning Balance: 101, , , , , , (31,922.70) (17,768.70) 32, (15,714.70) Income Weekly Deposit 12, , , , , , , , , , ACH Deposit 22, , , Christmas/Easter Liturgy/Youth/Rel.Ed/Sr/Other Parish Fundraising 35, School Deposit 8, , , School Fundraising 3, , , Subtotal 34, , , , , , , , , , Expense Payroll and Benefits 47, , , , Accounts Payable-see detail 7, , , Youth/Rel Ed/Shared/Vol/Adult ed 2, , , Priest 3, , , Liturgical 1, , , Administration 2, , , Utilities 7, Maintenance 5, , , School 13, , , Mortgage 2, , Assessment 20, Insurance 10, Subtotal 36, , , , , , Capital Expenditures Asbestos 10, Boiler 30, Subtotal , , Financing Ending Weekly Balance: 99, , , , , (31,922.70) (17,768.70) 32, (15,714.70) 31,914.30
16 Key Performance Indicators Forward looking Ability to have an impact Ability to track People Households Mass Attendance Electronic givers School enrollment Faith formation enrollment # of RCIA participants Sacramental prep/% of eligible parishioners Percent of households giving Cohort survival ratio
17 Key Operational Indicators Operational Indicators Average giving/household Sunday giving vs. budget Expenses YTD vs. budget Net debt service as a percent of contributions Operating rev/operating expense ratio Total rev/total expense ratio Parish personnel expense as percent of operating expenses School op revenue to school op expense ratio School investment as percent of operating revenue School investment as percent of Sunday contributions Cost per student Personnel expense as percent of school expenses Operating surplus/deficit YTD
18 Budgeting Process Timing Role of staff/business administrator Role of finance council
19 Common budgeting problems Focus on one year Little or no connection with mission or ministry Ignoring current economic/demographic realities No provision for reserves No capital improvement plan (C.I.P.) Separation of operations from building projects Unrealistic revenue and expenditure assumptions
20 Strategic (pastoral) planning
21 Long range pastoral planning Track actual historical revenues and expenses by major category Determine the percentage of change for each budget category from one actual year to next Determine the projected change for future years Adjust for expected/anticipated needs
22 Long range pastoral planning Base your projections on the reality of the actual numbers: What you know What you think What you hope What you guess The percentages convert to dollars in the budget forecast Project out 5 10 years
23 Key Drivers
24 Comparative analysis
25 Holistic Capital Budgeting Operating Budget Capital Reserve Depreciation Repairs & Maint Capital Budget C.I.P. Cemetery 25
26 Be prepared
27 Agenda What to include Fiduciary Strategic What not to include Personnel Day to day management
28 Tips for running the meeting Have an agenda Stick to the agenda Be prepared-anticipate questions Set ground rules
29 Questions?? Thank you for your time and attention! Call us at (651)
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