Parish Finances

As part of our initiative to provide greater financial transparency to our parishioners below is an assessment of the Church’s results of operations for the three months (“2nd Quarter 2012”) and six months (“Year to Date 2012”) ended June 30, 2012.  The results of operations reflect the operations of the church which includes expenses incurred by the church for its various ministries.

Three Months Ended June 30, 2012

The Church had revenues in excess of expenditures of $135,760 for the 2nd Quarter 2012 which is primarily due to cash receipts being greater than expenses.

Loss from operations for the 2nd Quarter 2012 amounted to ($22,815).  The loss from operations is due to expenses from operations of $163,876 exceeding cash receipts from operations of $141,062.  Receipts from operations primarily include fair share, candles, general donations, Sunday tray collections and facilities rental.  Receipts from operations are recorded when the cash is received.  Expenses from operations primarily include compensation and benefits, archdiocese assessment, facilities, insurance, utilities, and Church and office supplies.  Expenses are recorded when services are rendered.

During the 2nd Quarter 2012 the Church also received special events revenue of $2,736 and incurred interest expense on the mortgage of $25,562. The special events revenue resulted from collections received from our concert fund raiser in the fall of 2011.  The Festival netted $181,400 which a portion of the proceeds will be used to pay down the mortgage.  The great efforts of our parishioners through volunteering their time and giving donations made the 2012 festival the most successful ever.

Receipts from operations for the 2nd Quarter 2012 did not cover the Church’s expenses from operations since cash receipts from fair share and general donations did not materialize. Expenses from operations are monitored and compared to the budget by the Church’s executive committee.

Year to Date June 30, 2012

The Church had revenues in excess of expenditures of $66,990 for the Year to Date 2012 which is primarily due to cash receipts being greater than expenses.

Loss from operations for the Year to Date 2012 amounted to ($65,813).  The loss from operations is due to expenses from operations of $345,713 exceeding cash receipts from operations of $279,901.  Receipts from operations primarily include fair share, candles, general donations, Sunday tray collections and facilities rental.  Receipts from operations are recorded when the cash is received.  Expenses from operations primarily include compensation and benefits, archdiocese assessment, facilities, insurance, utilities, and Church and office supplies.  Expenses are recorded when services are rendered.

During the Year to Date 2012 the Church also received special events revenue of $9,750 and incurred interest expense on the mortgage of $58,348. The special events revenue resulted from collections received from our concert fund raiser in the fall of 2011.  The Festival netted $181,400 which a portion of the proceeds will be used to pay down the mortgage.  The great efforts of our parishioners through volunteering their time and giving donations made the 2012 festival the most successful ever.

Receipts from operations for the Year to Date 2012 did not cover the Church’s expenses from operations since cash receipts from fair share and general donations did not materialize. Expenses from operations are monitored and compared to the budget by the Church’s executive committee.

In order for the Church to fund its operations and service its debt, fair share collections and general donations must significantly be increased.  The Church also needs to significantly reduce its mortgage, since the interest and principle payments use approximately $10,000 per month.