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).