Dear Parishioners, +JMJ
The Code of Canon Law requires that pastors make a financial disclosure regarding parish finances once a year. On a weekly basis we show in the bulletin how the collections measure up to the budget. But in this week’s bulletin you have the major financial disclosure for the year. As I mention financial highlights in the next few paragraphs, you can refer to the “Functional Statement of Activities” which is in this bulletin, as well as a the balance sheet from the end of the fiscal year, and a list of major maintenance projects for the fiscal year 2017-2018.
Perhaps the most dramatic financial accomplishment was the continued reduction of the parish subsidy of the school. By the end of the fiscal year, the subsidy was reduced to 26%. Student receipts reached $147,209, which includes Ed Choice state scholarships for a number of families. I’m happy to report that for the first time all tuition was paid. This was the first year we did not have to write off unpaid tuition. We received a mandated services reimbursement of $41,093. That’s money the state reimburses us for all the time teachers put into state-mandated activities, such as taking attendance and calculating grades at the end of each quarter, etc. In this amount is included a $10,460 reimbursement for services for students who require special academic intervention (called Jon Peterson scholarships). Then there is the “other school income” of $30,743. This amount includes the golf outing (funds always earmarked for tuition assistance), $16,450 donated from our first Alumni Association mailing, and $6789 from the sale of old school computers and desks. In the list of maintenance projects for the school, you can see improvements to the front entry, security doors for classrooms, school office upgrades and new desks and chairs for a couple classrooms.
I’m grateful that Sunday and holiday collections were just over budget at $434,880. For the current fiscal year we budgeted an increase of $300 per weekend, given our need to give employees a cost-of-living increase in salaries, and given the general increase of expenses overall.
From the enclosed balance sheet you can see that at the end of the fiscal year we had $7076 in our local outreach and mission fund. We used the mission fund this year to help the Hands of Hope Pregnancy Center, Habitat for Humanity, the Sheriff’s Department and the Northwest Community Services department that provides help for poor people all throughout Paulding County. From the balance sheet you can also learn that at the end of the fiscal year we had $14,705 in our checking account, $223,581 in the diocesan deposit and loan fund, and $27,331 in the maintenance fund.
We have two endowments in the parish. The total school endowment is $123,330. The school endowment committee meets at least once each year to look at the status of the endowment and determine how to use the interest from the year. Based on which instruments within the endowment are reaching maturity in a given year, the endowment provides anywhere from $2000-$7000 to put towards the school.
The second is the vocation endowment, which is at $107,047. Our vocation endowment committee meets once a year to look at the status of the endowment, and determine how to use interest from it. 10% of the interest earned every year has to be put back into the endowment, to ensure growth. The remaining 80% can be used only towards activities that promote or support vocations from our parish. (This is the endowment created from a significant bequest of Doris Phlipot.)
From the bottom line of the functional statement of activities, you can see that our total expenses for the year were $13,779 overbudget. We incurred various unexpected repair expenses throughout the year; and we received various unexpected, generous donations. Both of these play into the final bottom line. The shortfall in fundraising for the repair of the parking lot in Payne was $17,485. This definitely contributed to the negative bottom-line.
Overall, we are in good shape financially, despite the fact that we are managing buildings on three campuses. And we are continually looking for ways to make things more efficient and effective. I continue to be grateful for and amazed at people’s generosity towards the church. Thank you for prayerfully considering before the Lord each year what portion of your “treasure” to give! May the Lord always guide us to be good stewards of the “temporal goods”, as they are called in the Code of Canon Law.
Have a blessed week!
In cordibus Jesu et Mariae,