Annual Financial Report

 
Fellow Parishioners,

We would like to present to you a summary of our financial position for the 2018-2019 Fiscal Year, which ended June 30, 2019.  Attached to this letter are summary financial statements.  We encourage you to read these carefully and discuss any of your questions or concerns with us.
Thank you for your generosity!  Last year was a year of great accomplishment and change for our parish and we appreciate your continued support.  Significant financial related achievements include:  Establishing an additional exit from the southwest side of the Church property to Shannon Road ($223,898.48); addition of a ceiling acoustical material in the Church Narthex to reduce sound attenuation ($39,485.00); and additional work on Video/Sound Equipment ($13,047.76).
 
The original $3,000,000 loan has been further reduced.  We also were able to make two loan principal reduction payments of $300,000 on January 16 ^th and $213,000 on April 25 ^th, in excess of our regular loan payments.  Since inception in December 2013, the loan has been reduced by $2,357,374.25, leaving a principal balance of $642,625.75 as of June 30th.  Thank you for your very positive response to our Online Giving program which creates continuity in our Offertory and Building Fund donations!  
 
Statement of Financial Position (Balance Sheet)
 
Assets: St. Mark Assets include cash in our savings account, representing a three-month reserve of ongoing expenses, cash in our General checking account, provided by Offertory collections, and utilized for operating purposes, a Restricted checking account funded by pledges and Building Fund donations to be used only for debt reduction, and Other Restricted Cash to be used only for purposes specified by the donors. The other primary Asset is the value of our land, buildings, and equipment.
 
Liabilities: represent the amounts we owe others or are for specific earmarked purposes.  Liabilities include the current balance of the loan required to complete the New Church, and the remaining amounts to be expended for specified purposes from the Other Restricted cash donated by generous parishioners. 
 
Equity: is the amount of Assets (what we own and have on hand) exceeds Liabilities (what we own).
 
Statement of Activities (Income Statement)
 
Revenues: includes Offertory contributions, Restricted contributions from Pledges and Gold envelopes to be used for loan payments and Restricted contributions specified by the donor for specific purposes. Also, include are Religious Education fees and fundraising proceeds, and other contributions generated from Mass intentions, Weddings, Funerals, Candle donations, Flowers and Decorations, items for resale and fees for trips and tours.
 
Expenses: is comprised of Employee compensation and benefits. Priests Residence includes meals, utilities, and phone. Office Administration includes office supplies, internet, phone, postage, copier maintenance, and support, computer maintenance and support, compliance fees and bank fees; Maintenance, Utilities, and Insurance for the entire property, consumable supplies, building equipment, and repairs and contract cleaning services. Programs are for Liturgical expenses, Sacramental expenses, Choir and Music, Religious Education and other education expenses and Instructional Materials.  Diocese Assessments is made up of Chancery Assessment based on Offertory collection, Priests Assurance Association, Priests Salary subsidy, and Catholic Schools Assessment. Other expenses are primarily made up of monthly support to ICS, a donation to the Catholic Foundation and St. Christopher Catholic Church.  Mortgage Interest is the amount of interest paid on the New Church loan and Restricted expenses are the amount expensed on specified purposes requested by the Restricted Contribution donors.
 
Operating Income:  represents Net Income after eliminating Restricted Revenue, Restricted Expense and Interest Expense, effectively the amount of Revenue less Expense used for operating purposes.  Our Net Operating Income for 2018-2019 was $319,468.79 vs. $351,338.69 the previous fiscal year.  During this past fiscal year, we reduced the mortgage principal balance by $744,679.69.  As the New Church Pledges are near being paid off it becomes necessary to utilize Operating Income to supplement the monthly Mortgage payment.