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.
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 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.
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.
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:
Chairman, Finance Committee
Download the 2015-2016 Financial Report.
Download the 2017 Parish Budget