Church of the
Annunciation

7580 Clinton Street
Elma, New York 14059

716.683.5254

Financial Report

Church of the Annunciation

Parish Financial Report for the Year of September 1, 2015-August 31, 2016

The Parish is reporting an operating surplus of $202,482 for the fiscal year ending on August 31, 2016.  After non-operating (capital) expenditures, we are reporting a net surplus of $79,156.  This compares to an operating surplus of $219,118, and a net surplus of $149,253 from prior year.

Receipts

Total receipts totaled $1,006,862, an increase of $105,740 (12%) over last year.  Regular receipts—defined as those donations received from weekly Mass donations (both in person and electronic) grew by 4% to $629,254.  Extraordinary donations—defined as one-time or periodic lump-sum donations—increased by $68,157.  Our annual picnic reported a net gain of $64,875, 29% more than last year.

The level of donations to the Parish was closely scrutinized by the Finance Committee this past year given the decline in receipts reported last year, which we attributed to the closing of our Elementary School in 2014.  The generosity of our parishioners overcame that one-year drop.

Operating Expenses

Operating expenses rose by $122,376, an 18% increase over prior year.  The majority of the increase ($89,593) lies in increased assessments by the Diocese; this is the first year where the Parish was subject to the full Diocesan School assessment charged to parishes without an elementary school.  The remainder of the increase is a result of building occupancy costs associated with the School building.  Salary and payroll expenses were relatively flat, with just inflationary increases (2%).

Early Learning Center

Our pre-school program for three and four year olds grew significantly in its second full year.  Revenues were up by over 50%, to $54,091, as a result of increased enrollments.  At the same time, expenses were held in check, rising by less than $5,000. As a result, the ELC actually contributed a surplus to the Parish of nearly $9,000.

Capital Expenses 

Improvements to the Parish facilities and grounds totaled $123,326, and increase of $53,461 over last year.  The major project undertaken was the beginning of a comprehensive replacement of the roof in the church building; additional roof work was completed early in the current fiscal year.  Minor capital improvements included a new gas fireplace insert, a new snow blower, a folding security door for the stage, and additional lock sets for the security system.

Parish Master Plan

Parish leadership has undertaken a multi-year Master Plan to upgrade our properties and prepare us for the future.  Preliminary plans include improvements to the cemetery, our storage facilities, a new pavilion, a new playground, kitchen improvements, parking lot refurbishment, and the aesthetic connection of the four corners of Parish properties.  The total plan will approach $500,000, and will be undertaken over several fiscal years.

Changes in Assets and Liabilities

Our net worth (assets minus liabilities) increased by $93,616 or 17%, to $648,140. This was primarily as a result of our reported surplus for the fiscal year.  Cash and liquid accounts were up $16,089 to $271,948.  Our investible assets were positioned conservatively, according to our investment policy, and now total $415,658.  Liabilities of $39,466 reflects unpaid vendor bills from late in the fiscal year.

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 recurring audit process for all critical Parish and School operations and organizations to ensure the money you entrust is safeguarded.

Progress on Financial Plan 2016-2018

The Finance Committee is guided by these objectives:

  • Maintain emergency funds equaling three months of operating expenses.
    • We are comfortably in excess of this guideline.
  • Create and maintain a fiscal plan to fund the Master Plan.
    • We anticipate beginning this year with $45,000 to fund the overall architectural plan, and the kitchen upgrade.
  • Invest in basic capital improvements.
    • Due to the sustained support of our Parishioners, we have been able to continuously invest in basic capital upgrades.  In addition to the roof work noted above, the Building and Grounds committee will be undertaking a comprehensive analysis of the rectory, which is in need of a variety of infrastructure improvements.
  • Invest in adult ministry programs as directed by Parish leadership.
    • We anticipate continuing to grow our investment in adult ministries to reach more parishioners at various stages of their lives.
  • Invest in youth ministry programs as directed by Parish leadership.
    • The significant investments in Youth Faith Formation and the Early Learning Center will be sustained as we build the Catholic leaders of the future.

Respectfully submitted,

Larry Zielinski

Chairman, Finance Committee

 

 


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