Project Description

This weekend you’ll find an insert containing a summary of the parish’s financial statements (2017-18 YE Report to the Parish (1)) for the year ending June 30, 2018.  I include this summary every year in an effort to be as transparent as possible about parish finances.  Your offertory contributions and tuition payments provide the vast majority of our parish income, and you deserve to know how it’s being managed.

 

Here are some highlights to which I’d like to draw your attention:

  • The front side of the insert shows a summary of our Statement of Activities, which details income and expenses for the past year. You’ll see that the parish generates net income, which is used to subsidize the school.  This is one important way that all parishioners invest in the educational mission of the school and keep tuition affordable.
  • As I mentioned last year, the level at which the parish is subsidizing the school is too high to be sustainable. Indeed, we had to make a withdrawal from savings in order to meet some capital expenditures this year.  We have decreased this subsidy considerably (by about $150,000) compared to the previous year, and our budget for the current fiscal year has made another significant decrease in this subsidy.  By the following year, I expect to be able to submit a balanced overall budget, which is what is necessary in order to subsidize the school at a sustainable level and build back up our savings.
  • The biggest item of concern on the income side is that our offertory income has dropped from last year, after several years of steady increases. Envelope usage has remained pretty consistent, so I’m not quite sure why the offertory has decreased.  We will continue to keep an eye on this to see if this pattern continues.
  • Overall, we run a pretty lean budget, with expenses tightly controlled. Special credit goes to our Principal Steve Hoffman, our Business Manager Mike Selsor and our Property Manager Gary Mason for their diligent work in managing our expenses so diligently.  The majority of our expenses are employee salaries.
  • The back side of the insert shows the giving patterns from our offertory envelopes. As you can see, the parish depends on a relatively small number of parishioners (<30%) for a relatively large proportion of our offertory income (>70%).  Hopefully this chart will be helpful for your family as you discern your stewardship of treasure.
  • Finally, the back side of the insert shows the charitable work that we are able to perform as a direct result of the money you contribute in your monthly envelopes designated for the poor. Your generosity with these envelopes is overwhelming, and I’m so humbled every year as I compile this part of the report.  Throughout the year, we use this money to provide direct assistance to parishioners and non-parishioners who approach us for help, as well as with local agencies to whom we refer those with needs we can’t directly meet.  We also use this money for tuition assistance for families who require more help than they are able to get from the state voucher program.  (It always feels very good to be able to assure families that our parishioners make it possible for us to give them the aid they need.)  At the end of the year, we take the money that you’ve donated that hasn’t yet been spent and donate most of it to charities on your behalf, with the residual going into our tuition assistance endowment.  I hope you feel as proud as I do when you read this section of the report.

In addition to our staff members, I’m so blessed by the parishioners who serve on our Finance Council.  (The 2017-18 Finance Council included Eric Karaman, Liz Rulli, Shawn Stevens, Mitch Walorski, Leslie Yates and Luis Zapata, with John Dunham and Rose Savastano joining us for the 2018-19 fiscal year.)  Not only have they reviewed these year-end statements, but they offer me so much guidance on a whole host of issues that pop up throughout the year.  They are extraordinarily generous with their time and expertise, and I am truly grateful.

 

I know that you work hard and make a lot of sacrifices for our parish, so please know how seriously we take our financial management responsibilities.  I hope you’ll take some time to review this report, and feel free to come to me with questions at any time about any of it.