End of Fiscal Year

Fiscal Year Ends: Tithing Up About 4.3%

With the fiscal year closed on June 30, 2022, the most noteworthy development is that our parish was blessed with about a 4.3% increase in Sunday offerings from our parishioners. Last year our parish saw a total Sunday offering of $2,247,483 and that increased this year to $2,344,157, a net increase of $96,674. With modest increases in tuition charged to non-parishioner families, we also saw an increase in total tuition collected this past school year.

The most notable point to make in “Other Income” is that last year’s Other Income included $540,750 in federal government Payroll Protection Plan (PPP) loan forgiveness, while this year’s Other Income included $168, 245 of Educational Assistance for Non-Public School (EANS) grants related to COVID-19 recovery efforts.

The biggest expenses reflected in Property and Utilities were major repairs related to our front parking lot ($18,000), air conditioning work in the school ($15,000) and the air conditioner for the gym ($28,000).

Because of prudent work of our parish Finance Committee, we have sufficient cash reserves in our unrestricted cash for month-to-month expenditures. We also have a three-month reserve of $1,000,000 and a building fund reserve of $400,000.

In the first and second quarters of the current fiscal year, we anticipate significant expenses related to some immediate facility needs: Roof repairs to the Upper Room, replacement of Church boiler system, replacement of smoke beam detector in the Church, repairs to Narthex/Church roof seam, replacement of rectory roof, replacement of cafeteria HVAC system, and replacement of rectory HVAC system. Our parish is blessed with sufficient funds to cover these costs, but naturally this will reduce our cash reserves, primarily in the building fund account.

Should you have any questions, please let me know.

May God continue to protect and bless our parish,

Deacon Tom Hosty, Director of Operations