Nov 2022

Pastoral Council Minutes, November 15, 2022 @ 7:00 p.m.
Present: Elizabeth Amsberry, Leo Beschorner, Michelle Even, Nathan Heitz, Val King, Elaine Lawler (via ZOOM), Mary Jo Stromberg, Steve Phyfe, Phil Paladino, Father Doug Wathier

Call to order: Nathan Heitz at 7:00 p.m. Prayer: Father Doug
Minutes from September 18 meeting reviewed and approved as written. Minutes reviewed of Finance Council, Peace and Justice Committee, and Faith Formation Commission. Parish Life Committee minutes not included. Father Doug will check on this. Building and Grounds Committee only meets twice a year. Parish commission/committee structure is defined by the Archdiocese of Dubuque.
PHASE 2:
1.      Pledge packets to be distributed this week.
2.      Pledge packets due back this coming weekend, the 19th and 20th
3.      Goal is to collect all packets by December 1.
4.      A percentage of all revenue for the parish is given to the Diocese. Excluded from this percentage is any revenue for youth faith formation. Parish is still working with the Archdiocese of Dubuque to clarify this percentage for this project.
5.      Estate sale summary: Auction #3 gross $32,695. Auction commission of $10,006 and miscellaneous expenses related to auctions of $7046 have been paid. Total proceeds from estate are approximately $313,000.
6.      We need 1/2 of the cash in hand and commitment for the total in order to begin the project. We are closer to this goal at this time than we anticipated.
Finance Council
1.      We reviewed the letter from the Archdiocese of Dubuque notifying us that the Central Endowment Fund suffered a loss of approximately 15.65% during the six months ending September 30, 2022 and the parish will not be receiving an interest payment at this time. The Finance Council decided we will not take out any funds from this account now and will wait until April 2023 in hopes the market has improved by then.
Staffing:
1.   Will Kurtt will begin as Building and Grounds Manager on December 1.
2.   No Faith Formation candidates at this time. Angie Beck with the help of Laurie Masters and Mariah Stauffer are managing the programs for now.
3.   Positions posted through Archdiocese, electronic job boards for ministry positions, and at colleges.
4.   There are several openings for Faith Formation candidates in the archdiocese, some in locations that may be more appealing than Waverly.
As there were no further items for discussion, we adjourned at 7:25.
No meeting in December. The next meeting is January 17, 2023. Minutes prepared by Val King

Finance Council — Nov 15, 2022
Present: Steve Phyfe, Becky David, Kelly Flege, Becky Willson, Joe Barber, Fr Doug Wathier. Also present: Deacon Phil Paladino, Dixie Jacobs.

• Monthly Financials: Offertory is about $7,000 above budget, and expenses are below budget due to staff vacancies and a warm fall helping utility expenses. We have $607,000 in unrestricted savings. The first half of taxa will be paid this month; we have enough in checking to cover this expenditure.
  
• Faith Formation Endowment: The endowment, invested through the Archdiocese, suffered a loss of 15.65% ($66,356) during the 6 months ending Sept 30, 2022. It had a loss of 2.35% ending May 2022. Despite these losses the fund has earned approximately 2% annualized over the last 5 years. A 4% withdrawal from the endowments growth was budgeted for this fiscal year ($17,223). The withdrawal can only be scheduled either in Nov or Apr. Becky D made a motion to not do a withdrawal in Nov, and review this in Mar. Kelly seconded the motion; the motion passed unanimously.
  
• Bequest Update: The auctions are complete. The estate attorney will has the final taxes and bids to pay, then the estate should be closed in 6-12mo. The parish netted $310,012, which is designated for our building project.
• Phase 2 Building Update: The campaign is going well. Over $300,000 has been pledged. Once we have at least 50% in-hand and the remaining balance in pledges, the construction drawings will be drafted and a meeting with the Archdiocesan Building Commission scheduled.
• Staff: We have a possible candidate for the building & grounds position. We are still advertising for the faith formation position. The finance council had and executive session.

Jan Meeting: Phase 2 update, monthly finances, budgeted withdrawal of endowment.  Meeting adjourned.

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