The Parish Finance Council is pleased to provide the Annual Financial Report of St. Mary-St. Catherine of Siena Parish for fiscal 2018-2019.
We are grateful for the continued energy of our Parish thanks to the members of the community who engage in the life and support of the Parish. We welcomed 149 new registered parishioners, celebrated 66 baptisms and 20 weddings and had an increase in the number of students in religious education. The more people that connect with the Parish, whether newly arrived or newly supportive, the stronger and more dynamic our Parish will become.
God has gifted each of us with talents and skills and we welcome and encourage you to share those in whatever way possible with the Parish. Only a fraction of all the registered families have established giving plans or become active in our many ministries and social activities. We are working on several initiatives to engage busy members which include: our new on-line newsletter, increasing the number of parishioners using on-line giving and re-launching the young adult group.
Your financial generosity to the weekly and monthly Offertory, as well as the Grand Annual Collection, is the foundation of Parish operating budget. While the Parish staff and Finance Council work diligently to manage our expenses and budget, health and property insurances costs have risen dramatically in the last few years, the need for Food Pantry assistance has increased along with food costs, our old buildings require significant on-going maintenance, and there are always unexpected expenditures.
Running a Parish is costly. After finishing 2017-2018 and 2016-2017 with operating surpluses of $31,390 and $21,728, respectively, we finished this fiscal year with an operating deficit of $82,975. Major factors that contributed to this deficit were: Grand Annual down $21,791, Sacramental Offerings down $9,902, Gifts & Bequests down $30,850 and Monthly Offertory down $9,348 versus 2017-18. Our budget for 2019-20 projects another deficit. Our expenses have increased and if contributions do not do the same, we will unfortunately need to take further measures to reduce Parish services and activities.
This was a unique year in that we launched the Inspiring Hope Campaign in the Fall to fund the interior painting and restoration of the artwork of our beautiful church, and various other ministries in the Archdiocese. Through the generosity of 126 parishioners, we were able to raise in excess of $600,000 in gifts and pledges – of which $125,000 will fund ministries in the Archdiocese. The remainder of the funds will stay with the Parish. It is important to note that these funds are legally restricted to this capital project and cannot be used for operating expenses. The project will be getting fully underway within the next month. As we move forward with this project and begin to see it come to fruition, we would ask that those who have not contributed or are new to the Parish consider contributing to the effort.
Despite the operating deficit, our Balance Sheet remained strong with $1.2 million in Net Assets as contributions from the Inspiring Hope Campaign more than offset this year’s operating shortfall. (A complete set of financial statements, including a detailed Balance Sheet, is available on our Parish Website, StmaryStcatherine.org.
Capital projects during the year included the completion of the Marilyn Doherty room along with an update to the security system at the Parish Center and a small upgrade to the sound system in the church. We still have a long to-do list of projects but getting bids has proved difficult for retaining walls at Parish Center and Food Pantry. There is also masonry work needed at the Church.
The Good Shepherd School renewed its lease for the next five years, continuing to strengthen our Parish community. The Parish is grateful for the ongoing support from parishioners and the Charlestown community for the Harvest on Vine Emergency Food Pantry. In addition to semi-monthly distributions of food and fresh produce to the ever-increasing number of those in need, Harvest on Vine was able to provide a food distribution to government workers during the government shutdown.
The Parish Finance Council is deeply appreciative of your past support and would earnestly ask that you consider increasing the level of your of financial commitment to the Parish so that we can return to a balanced operating budget without impacting any of our wonderful Parish services.
Rev. James Ronan (Chair), Nancy Higgins (Vice-Chair), Brian Fleming, Dennis Hanson, Maureen Moore, Tom Mosel, Robert Rooney, Kevin Walsh, James Santosuosso (Ex Officio)