– GENERAL FUND

TREASURER’S REPORT – GENERAL FUND

This report summarizes our financial condition through May, 2007, in our General Fund. The overall total of our four budgeted categories of Income are generally positive, as offerings remained strong through May. In the area of Flowers, we have received $870.00, compared to the budgeted amount of $625.00. This figure includes the additional gifts for Easter Flowers, but due to the additional expense for these flowers, we are in deficit in the flower area by $230.00. Additional gifts to the flower area of the budget would be helpful. In the area of Investment Income, we have received $1,186.24 from the Diocese, compared to our budget of $2,083.35. We are awaiting our dividend report in early July for the second quarter of the year. In the area of Plate income, we have received $4,356.71, compared to our budget amount of $1,250.00. Pledge giving has increased this month, and we have received $54,666.98, versus our budget amount of $54,165.00. With Special Income and offset amounts, our total Income through May is $63,932.78, compared to our annual budget amount of $58,123.35.

In the Expense areas, we remain under budget in most line items. In the area of Personnel Expenses, we have spent $42,732.11, compared to our budget of $50,437.45. For Physical Plant expenses, we have spent $14,600.72, compared to our budget of $13,760.40. In the Program area, we have expenses through May of $11,556.31, versus our budget of $11,242.85. With special expenses and offset areas, our total Expenses are $70,321.89, compared to our budgeted amount of $75,440.70.

Therefore, we are ahead in our budget of Income, and we are keeping expenses under budget. We have a net deficit of $6,389.11. However, we had projected a net deficit through May in the budget approved at the Annual Meeting of $17,317.35. Please keep Pledges up to date as we proceed through the summer months, when attendance and offerings are usually below average.

CAPITAL INVESTMENT FUND ACCOUNT – POOLED INVESTMENT FUND

Our current balance in the Capital Investment Fund Account at Voyager Bank (old Capital Fund Account) is $38,829.26. This account is an interest-bearing checking account. This is the highest balance we have had in nearly six months, primarily because we have not had to transfer any money to the General Fund to pay bills or honor payroll obligations since early February.

Our primary Investment Account is the Pooled Investment Fund of the Diocese of Minnesota. All restricted and unrestricted memorial monies, and all endowment gifts, are invested in this fund. The earnings have been very strong over the past year, averaging a 12% return. Our current balance is $175,597.55, which includes our first and second quarter withdrawals from dividends earned to support the General Fund, and the gift from the J. Rollin Lander memorial for the new altar linens and vestments. We will receive the second quarter report and dividend of the Pooled Investment Fund in early July, and I anticipate our balance will be around $180,000.00. Contributions and Memorial Gifts are always welcome to the Capital Investment Fund and the Pooled Investment Fund. Please note that NO memorial monies have been used in the General Fund to pay basic bills or payroll obligations since 2001.

Respectfully submitted,

Beth Davis, Treasurer William Gray, Bookkeeper