From Father Steven - October 6, 2024
Dear Brothers and Sisters,
Every year we present the current Fiscal Annual Report to provide financial transparency to our parishioners. The following page provides the 2024 Annual Report which was prepared by the Finance Council. The report provides costs for the last two years and establishes the 2025 budget. The parish fiscal year ends in June so the 2025 budget was prepared for the period of July 1, 2024 to June 30, 2025.
At the top of the report is the income summary. Income for 2025 is projected to be $1.17 million which is a slight decrease from $1.24 million last year. The categories are largely self-explanatory. The annual report does not include special collections for organizations such as the Church in Latin America, Relief efforts, and the Vatican. These funds were forwarded directly to the Archdiocese for proper distribution. Additionally, funds collected for Saint Vincent de Paul are also excluded, as they are sent directly to the organization each month.
Last year we incurred expenses of $1,178 Million and we project expenses to be slightly less at $1.172 Million for this year. Last year we increased our Employee Compensation and Benefits cost due primarily to hiring a full-time position and a part time employee for a limited time to help us in the parish. For this year we are estimating a decrease in that line item to balance our payroll. We are fortunate to have three priests serving our communities which is reflective in the Clergy Compensation category. Additionally, maintenance expenses rose because several projects that were previously delayed were addressed last year. As homeowners know, there are often costly maintenance tasks that go unnoticed, such as the replacement of the chiller (AC), which will exceed $100,000! Last year we were assessed by the Archdiocese school tax, which all parishes contribute to unless they have a school. Since we had a school until recently, we never had this expense. This contribution is a percentage of our Mass offertory and aids in subsidizing schools in need, such as those in inner-city areas. In the past, IC School benefited multiple times from this fund. Lastly, the increase in fundraising expenses is primarily due to the car raffle we held in June. Although we plan to break even in our day to day operations, the total net income is projected to be a loss of $161,000. However, we have that money saved in the bank and it will cover the loss. Currently have a total of $1,323,315 in our bank accounts.
The financial stability of our parish is possible due to several factors. First and foremost is your generous support through parish collections, donations, and gifts/bequests, which we are always grateful. Every contribution, large or small, significantly benefits the parish. Secondly, our staff and finance council are committed to responsible stewardship of our expenses. Finally, numerous volunteers donate their time and talents to repair, renovate, and beautify our buildings. For example, landscaping companies like Green Leaf and WF Landscape care for our church grounds, while Metrowest Painting handled the façade painting, among others. Please remember to say a prayer for all those who generously contribute their time to support our parish.
God Bless,
Fr. Steven
