Finance Reports
2021-2022
2021-2022 Parish Financial Report
The Parish Finance Council is pleased to provide the Annual Financial Report of St. Mary-St. Catherine of Siena Parish for fiscal 2021-2022. (A complete set of the financial statements is available on our Parish Website, StmaryStcatherine.org)
We remain extremely grateful for the extraordinary generosity of both our parishioners and the Charlestown community at large. Despite a drop in
attendance since the pandemic- down 34% over the last three years- average weekly offertory is up 3%, allowing us to end the fiscal year in a financially
stable position with net operating income of $44,790 as of June 30, 2022. Unfortunately, similar to your own investment accounts, the Parish had an
unrealized loss of $181,688 in our investment accounts. This contributed to a net deficit of $122,480 for fiscal year 2022.
The primary source of our funds – offertory collections – is up compared to last year. Our total offertory for the fiscal year is $410,334, about 14 percent higher than the year before. The Grand Annual collection is also 14%, or $11,787, more than last year. Many of our parishioners have switched
to online giving through their online bill pay, the same way you would pay your utility or phone bills. If you have not already done so, please consider
donating in this way. Every donation helps ensure a healthy and vibrant parish.
Gifts, and especially bequests, are items that can vary significantly from year to year. However, these unplanned items can be critical to the financial
success of the parish. This year, we received major one-time gifts and bequests totaling $106,394. Last year, these items totaled $86,955. While this
represents an increase, these types of gifts cannot be reliably projected for budgeting purposes.
Our community’s continuing response to the pandemic is perhaps best illustrated by the incredible support of our most visible ministry, Harvest on
Vine Food Pantry. Recognizing that the ongoing economic impact from the pandemic has increased the need for food assistance, our parishioners and
other members of the community, along with city and state grants, stepped up and contributed over $332,124, almost exactly matching the total of
$336,719 from the year before. It is incredibly heartening to see that we, as a Christian community, are truly living the words of the gospel.
Not surprisingly, all major operating expense categories, including the costs associated with the food pantry, increased over 10% in the aggregate over
prior year. Your support of our Parish has allowed us to withstand this increase. With inflation still a major factor, your continued support will be
critical to enable the Parish to maintain all of its vital ministries.
In 2020, we completed the interior painting and restoration of our beautiful church. This undertaking was our largest capital project in recent years.
The initial phase of the Inspiring Hope campaign raised most, though not all, of the funds necessary for the restoration. In addition, because many
campaign pledges extend over a 5-year period, we obtained a loan from the Archdiocese to ensure that we could complete the project on time. We are
thankful to report that based on the continued pledges, and the use of funds from our savings, we have paid off the loan early. The remaining payments to this campaign will reimburse the funds transferred from savings, and allow the Parish to pursue various accessibility enhancements to our
beautiful Church. If you have not had an opportunity to contribute to this magnificent project, please consider a gift at this time with a notation of –
Painting.
This past June saw our beloved Pastor, Fr. Ronan retire. Without his leadership for the past 18 years, we would surely not be in the position that we
are currently in. We look forward to welcoming Fr. Sheridan and continuing to build this tremendous faith community.
Normally at this time, the Parish is in the middle of its Grand Annual collection. The decision was made to move this to the spring. However, for tax
reasons, parishioners may wish to make their contributions before the end of the calendar year. Such early contributions are both welcomed and deeply appreciated.
The Parish Finance Council is deeply appreciative of your support, especially this year when many people experienced financial hardships. Even with
the rising costs of insurance, utilities, and the overall cost of goods and services, our budget for 2022-2023 is projected to break-even. In order to make that happen, we would earnestly ask that you consider increasing the level of your financial commitment to the Parish so we can maintain a balanced operating budget while continuing all of our Parish ministries that help so many in our community. Stay safe and well.
Parish Finance Council
Fr. John Sheridan (chair), Kevin Walsh (Vice chair), Alexandra Cook, Brian Fleming, Dennis Hanson, Nancy Higgins, Maureen Moore, Tom Mosel,
James Santosuosso (Ex-officio
2020-2021
2020-2021 Parish Financial Report
The Parish Finance Council is pleased to provide the Annual Financial Report of St. Mary-St. Catherine of Siena Parish for fiscal 2020-2021. (A complete set of the financial statements is available on the links in the red button below).
We remain extremely grateful for the extraordinary generosity of both our parishioners and the Charlestown community at large during what has been one of the most challenging period in our lifetimes. Despite the ongoing impact of the pandemic, we ended the fiscal year in a financially stable position with net income of $23,667 as of June 30, 2021. In addition, the fiscal year ended with net assets totaling $69,225, which reflects a $100,000 increase over net asset last year.
Despite resuming in person celebration of mass, the primary source of our funds – offertory collections – is down compared to last year. Our total offertory for the fiscal year is $359,086 falling short of the prior year by approximately $86,000. Moreover, this year’s Grand Annual collection, while strong under the circumstances, is almost 8% below budget and $21,860 less than last year. In order to help stem the drop off in weekly offertory collections, we ask that you strongly consider switching to on-line giving if you have not already done so. We also ask that you prayerfully consider participating in the Grand Annual collection this year. Every donation helps ensure a healthy and vibrant parish.
Gifts, and especially bequests, are items that can vary significantly from year to year. But these unplanned items can be critical to the financial success of the parish. This year, we received major bequests totaling $41,057 along with other gifts and income totaling $59,965. Last year, these items totaled $214,257, which is a decease year over year of more than $113,000.
Our community’s continuing response to the pandemic is perhaps best illustrated by the incredible support of our most visible ministry, Harvest on Vine Food Pantry. Recognizing that the ongoing economic impact of the pandemic has increased the need for food assistance, our parishioners and other members of the community stepped up and contributed over $336,719, an increase of $84,000 or approximately 33%! It is incredibly heartening to see that we, as a Christian community, are truly living the words of the gospel.
Not surprisingly, all major operating expense categories, including the costs associated with the food pantry, increased by 9%-10% in the aggregate over prior year levels. The confluence of increased expenses and reduced income has put a financial strain on the parish. With your support, the parish will continue to thrive as together we figure out what the new-normal looks like for our parish and the larger Charlestown community.
Last year we completed the interior painting and restoration of our beautiful church. This undertaking was our largest capital project in recent years. The initial phase of the Inspiring Hope campaign raised most, though not all, of the funds necessary for the restoration. In addition, because many campaign pledges extend over a 5-year period, we obtained a loan from the Archdiocese to ensure that we could complete the project on time. We continue to pay down this loan when pledges are paid. If you have not had an opportunity to contribute to this magnificent project, please consider a gift at this time with a notation of – Painting.
The Parish Finance Council is deeply appreciative of your support, especially this year when many people experienced financial hardships. Due to rising costs of insurance, utilities, and the overall cost of goods and services, our budget for 2021-2022 projects an operating deficit. For those of you who are able, we would earnestly ask that you consider increasing the level of your financial commitment to the Parish so we can maintain a balanced operating budget while continuing all of our Parish ministries that help so many in our community. Stay safe and well.
Parish Finance Council
Fr. Ronan (Chair), Kevin Walsh (Vice chair), Brian Fleming, Dennis Hanson, Nancy Higgins, Maureen Moore, Tom Mosel, Bob Rooney, James Santosuosso (Ex-officio).