Financial Report
Annunciation of the Blessed Virgin Mary
Parish Report for the Year of September 1, 2011-August 31, 2012
The Parish is reporting an operating surplus of $74,355 for the fiscal year ending August 31, 2012. After non-operating expenditures, we are reporting a surplus of $43,231. This compares to an operating surplus of $194,400 and a total surplus of $165,985 from prior year.
Receipts
Total receipts increased by $56,748 (7%), to $915,683, as compared to prior year. Due to the extraordinary continuing generosity of our parishioners, regular collections increased by $70,464 (11%). This increase includes contributions to the newly-launched Preservation Fund for capital expenditures, which raised $22,286. Average weekly collections increased by $1,200 over last year. The Preservation Fund began as we ended our monthly Mortgage Reduction collection with the retirement of that obligation. Donations to the new fund were actually $6,000 higher than last year’s donations to the Mortgage collection. The Annual Picnic had a very successful year; adjusting for all receipts and expenses from the prior year and the current year, the Picnic netted $54,400, a nearly $10,000 increase over last year.
Operating Expenses
Total operating expenses increased by $176,793 (27%) to $841,328 primarily as a result of increased capital investment in the Elementary School. The School continues to run more efficiently, and our improving cash position allowed us to invest in needed repairs to the School complex that totaled $126,712. Included in these projects were the replacement of the gym floor, the completion of the retiling of the school floors, additional structural repairs to the exterior walls, and technology upgrades, including an investment in the new Health Science Center. Most of these improvements will be utilized by our Faith Formation children in addition to our enrolled students. Normal operating expenses were held under control; payroll increased by $7,326, or 3%, due to normal wage increases. All other normal operating expenses did not show significant dollar increases.
Diocesan Assessment
The amount paid to the Diocese increased by $29,218 (130%), to a total of $51,593. This represents a full year of our normal assessment; we made partial assessment payments last year.
Elementary School
Total enrollment in the Elementary School reached 126 students (Pre-K through 8th grade), with 86 in our core Kindergarten through 8th grade program. This represents our third consecutive year of growth. K-8 enrollment has grown to 103 in the current school year, with 17 new students in Kindergarten. Enrollment is anticipated to continue to grow as our smaller middle school (6th-8th) grade classes graduate. Accordingly, tuition and total school receipts grew by $46,304 (15%). Expenses grew by $132,657, but the vast majority of that was in the capital projects noted above; normal operating expenses were only up by $5,945 (1%). The capital improvements have not only made the physical appearance of the school more marketable to new and current families and students, but have also enabled the investment in state-of-the-art classroom technology. The Health Science Center completed its first year, with 7th and 8th grade students combining classroom learning with a series of field trips to witness current health care professionals on-the-job.
Capital Improvements in the Church
Our improved financial position enabled us to continue to invest $55,235 in needed capital projects in the Church and the other buildings on the campus. Major projects included external wall repairs in the church, new side doors, and new heating and ventilation units for Selbert Hall.
Changes in Assets and Liabilities
Our total assets grew by $107,600, or 27%. These represent funds used for normal operating activities, funds for our capital improvement plans, as well as serving as an emergency fund for unexpected events. The only liabilities we are reporting are $32,188 in vendor bills that were paid after the close of the fiscal year on August 31.
Audit Oversight
We continue to rely on the active oversight of our Audit Sub-Committee, chaired by Parishioner Bill Swierat, C.P.A. This group has developed a routine audit process for all critical Parish and School operations and organizations to ensure the money you entrust is safeguarded.
Progress on Financial Plan 2012-2015
The Finance Committee is guided by these objectives:
· Maintain emergency funds equaling three months of operating expenses.
o We continue to maintain this cushion for emergencies.
· Invest in basic capital improvements through the “Strengthen the Foundation” program.
o As outlined above, a total of $181,947 was invested in various Church and School projects. The Parish Council has approved an additional $193,000 in projects for the current year that will be funded so long as we meet our Parish budget targets.
· Invest in program and ministry enhancements as directed by Parish leadership.
o The Finance Committee’s role is to act as fiduciaries over the money the members of the Parish have entrusted to us, and to prudently support the direction of the Parish Council and Father Gene in their mission to grow the faith and the faith community. We pro-actively stay in contact with all of the leaders of our various ministries, and encourage their requests to grow their programs.
· Continue to reduce the Parish investment in the School by growing our student body.
o The School continues to stabilize and grow its enrollment as reported above. Excluding capital, the Parish investment represented 39% of total expenses, within the Diocesan guidelines of 40%. Long-term, it is our goal to reduce this investment to 25%.
Respectfully submitted,
Larry Zielinski
Chairman, Finance Committee
Annunciation of the Blessed Virgin Mary | ||||
Parish Financial Report | ||||
September 1, 2011-August 31, 2012 | ||||
Statement of Financial Condition | Current Year | Prior Year | Difference | Percent |
Assets | ||||
Total Cash and Investments | $ 272,834 | $ 165,449 | $ 107,385 | 65% |
St. Joseph's Fund | $ 227,789 | $ 227,574 | $ 215 | 0% |
Total Assets | $ 500,623 | $ 393,023 | $ 107,600 | 27% |
Total Liabilities | $ 32,188 | $ 102,104 | $ (69,916) | -68% |
Statement of Receipts and Expenditures | Current Year | Prior Year | Difference | Percent |
Receipts | ||||
Regular Collections | $ 740,585 | $ 670,121 | $ 70,464 | 11% |
Annual Picnic, Net of Expenses | $ 41,349 | $ 50,070 | $ (8,721) | -17% |
All Other Receipts | $ 133,749 | $ 138,744 | $ (4,995) | -4% |
Total Receipts | $ 915,683 | $ 858,935 | $ 56,748 | 7% |
Operating Expenditures | ||||
Salary and Payroll | $ 230,784 | $ 223,458 | $ 7,326 | 3% |
Supplies and Printing | $ 28,143 | $ 24,927 | $ 3,216 | 13% |
Utilities | $ 26,530 | $ 29,370 | $ (2,840) | -10% |
Diocesan Assessment | $ 51,693 | $ 22,475 | $ 29,218 | 130% |
Investment in the Elementary School* | $ 319,365 | $ 233,012 | $ 86,353 | 37% |
Religious Education | $ 40,899 | $ 40,997 | $ (98) | 0% |
All Other | $ 143,914 | $ 90,296 | $ 53,618 | 59% |
Total Operating Expenditures | $ 841,328 | $ 664,535 | $ 176,793 | 27% |
Operating Surplus(Deficit) | $ 74,355 | $ 194,400 | $ (120,045) | -62% |
Non-Operating Expenditures | ||||
Capital | $ 31,124 | $ 28,415 | $ 2,709 | 10% |
Total Expenditures | $ 872,452 | $ 692,950 | $ 179,502 | 26% |
Receipts Less Expenditures | $ 43,231 | $ 165,985 | $ (122,754) | -74% |
*Elementary School Investment | ||||
Tuition and Other Receipts | $ 355,193 | $ 308,889 | $ 46,304 | 15% |
Expenses | $ 674,558 | $ 541,901 | $ 132,657 | 24% |
Investment | $ (319,365) | $ (233,012) | $ (86,353) | 37% |
