Fiscal Overview: Year Ending June 30th, 2021 Susan Lambert, CPA The Parish of Saint Mary has navigated well the Covid-19 Pandemic from a financial perspective. Much of this is a direct result of the faithfulness of the parishioners and their participation in the Offertory Recovery Program as well as good counsel from trustees, finance council members and other stakeholders. Here are some of the highlights:
Offertory Recovery Program: $92,268.00 increase realized in weekly offerings;
Government PPP Loan/Grant: $101,863.00 increased revenue;
Faith to Move Mountains Rebate & Bequest/Legacy Gift: $180,000.00;
Forward In Faith Parish Trust: $180,000.00 established as a result of the FTMM Case Statement and a Legacy Gift to begin to provide for long-term parish financial stability;
Overall Expenses: $121,496.00 higher than previous year due to deferred building repairs, increased care of grounds (especially excessive snow removal) and maintenance supplies (covid related);
The overall financial condition:
Accrual Method is used as mandated by the Diocese of Trenton;
Mortgage Principal Payments: $31,211.00 (Millennium Project/Church Mortgage) paid in full;
Catholic School Co-sponsorship: $55,823.00 (previous unpaid balance) paid in full;
Forward in Faith Trust Cash Transfer: $180,000.00
Revenue over Expenses: $283,105.00 - $267,034.00 = $16,071.00 cash on hand 30 June 2021
Vendor Payables Balance: $84,082.00 (unpaid invoices as of 30 June 2021);
Building Loan (2016) for residence: $825,000.00 principal & interest payments begin November 2021 ($7,966.26) with a balloon payment October 2026; Small Business Administration 2021 EIDL: $150,000.00 loan was received for parish co-vid emergency. This money was loaned at the not for profit rate of 2.75% fixed with a 30 year payoff. The interest has been deferred for the first and second years. It is anticipated that our parish will pay off this note during the Fiscal Year 2026-27;
Budget projections for the Fiscal Year Ending 30 June 2022 anticipate a deficit of $32,808.00. Much of this can be attributed to no additional PPP grant, no one time gifts that were realized in the offertory recovery program and increased fixed costs;
Considerations
Continued modest increase of Sunday Stewardship Offerings will assist to offset operational budget deficit;
Continue to encourage participation in the online giving program to stabilize revenue;
Bequests and Legacy Gifts will continue to provide the parish long-term financial stability;
Continue maintenance projects and equipment repairs to care for facilities and increase operation efficiency.
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