Endowment Board October 2016 Minutes

Sacred Heart Larned Endowment Board

Meeting Minutes 10-16-2016

The board met Sunday, October 16, 2016 in the Parish Center.

Members present:

Father Warren Stecklein

• Dana Bauer, President

• Ray Moeder, Treasurer

• Cindy Colglazier

• Judy Damm

• Stan Durler

• Brian Hammeke

• Troy Langdon

The meeting was opened in prayer by Father Warren.

Minutes of the previous meeting were read and need to reflect that the Treasurer’s Report was not correct as it omitted the $40 payment to the Secretary of State for the annual filing. Dana also recommended the Board clarify minutes of the 10/25/2015 meeting minutes. The Board cannot change the by-laws, however, we did clarify the Board’s understanding of the fifth paragraph of the Articles of Incorporation to use the funds for “the benefit of the furtherance of Catholic education.”  He went on to explain that by-laws can only be changed by a vote of the Parish with approval by the Diocese.  Motion was made by Brian and seconded by Ray to approve the correction.  The vote was approved unanimously. 

Treasurer’s Report:  Ray presented a statement of cash flow for 07/01/2016 to 09/30/2016.  Balance of the fund was $418,544.73 as of 9/30/16.  Motion by Cindy and seconded by Judy to approve the report as presented.  Motion was approved unanimously.

Old Business:

Ray nominated Judy to be secretary for the board.  Troy seconded the motion and nomination was approved by the board.

Ray presented signature cards for Edward Jones accounts to board members to be signed.  He will obtain signature cards for First State Bank for Board Officers and Father and those not having an account with First State Bank will need to present identification.   

Ray is working on the handout that will be sent to parishioners that explains the purpose of the Endowment Board.  Discussion followed on what needs to be included in the handout.  It was proposed that information about what endowment funds are used for specifically should be included.  The memorial book should also be included with information about adding names to the memorial book.  Ray will tweak the current proposal and send to board members for approval.  The handout should be sent to parishioners before our next meeting. 

The memorial book information is up to date. 

New Business:

Filing for not for profit status with Kansas Secretary of State is paid up until 06/30/2017.

There was discussion about how the Endowment money is used and what it should be use for.  Dana explained that there is no corpus on our Endowment Fund.  We can use donations and interest from the fund while maintaining a minimum corpus of $100,000.   Father informed the board that Ben Ramsey, a member of the PSR Board, is keeping track of PSR funds and now has concrete documentation on how money is being spent.    It was suggested that the PSR Committee present a budget and what their needs are for the next year so that we can determine a level of funding needed and the ability to meet their needs. 

The board discussed moving monies from the Edward Jones corporate account back to the investment account.  Dana will invite Lloyd Davis with Edward Jones to our next meeting and make a decision at that time. 

Ray discussed analysis reports from Edward Jones and asked that he be permitted to purge the old reports (more than 12 months old). He would keep all statements which detail the investments, their earnings and expenses.  Troy moved to allow the purging and Brian seconded the motion.  Motion passed unanimously. Ray asked if any members were interested in seeing monthly financial statements.  Brian and Troy indicated they would like to see them and Dana will contact Pam to email them the statements. 

Next meeting:  Sunday, January 15, 2017, 12:15pm, Parish Center (note change in time due to Altar Society soup luncheon.)

Respectfully submitted,

Judy Damm

Secretary