2024 Financial Report Summary
Dear Parishioners,
It is my pleasure to present our financial report for the fiscal year ending June 30, 2024. With the guidance of Father Bill Bruning, our Parish Administrator Matt Golubski, and the dedicated members of the Parish Finance Council, we have successfully navigated a transformative year for our parish.
I am pleased to share that our financial operations yielded a profit of $13,405, a significant improvement over last year’s operating loss of ($75,279). This marks a positive swing of $88,684, underscoring the progress we’ve made.
Financial Overview:
Our total operating receipts reached $1,568,883, reflecting an increase of $206,743 or 15.18% compared to last year. Notably, ordinary collections rose by $139,088, a robust 11.32% growth, bringing the total to $1,367,730. These increases allowed us to address rising operational expenses, which were up $118,059 year-over-year.
However, our Other Income and Disbursements category shows a substantial loss of ($2,373,803) for this year, compared to a profit of $353,161 the previous year. This is primarily due to the ongoing construction of our Fiat Center. During the fiscal year, construction expenses totaled $2,938,446, compared to just $253,782 last year. Contributions for the Fiat Center reached $564,643, slightly down from $606,944 in the previous year.
When factoring in both our operating profit of $13,405 and the Fiat Center construction expenses, the net result for the fiscal year is a loss of ($2,360,398). While this is a considerable figure, it reflects our parish's investment in the Fiat Center—a facility that will serve our community and our mission for decades to come.
Impact on Balance Sheet:
As required by Archdiocesan policy, construction costs are reported on a cash accounting basis, which has significantly affected our balance sheet. This year, we saw a reduction in total assets of ($1,208,340). To cover the construction costs, we secured financing, and our loan balance as of June 30, 2024, stands at $1,135,111. The loan carries a five-year repayment schedule with an initial interest rate of 5.5%.
Looking Ahead:
As I prepare to retire from the Finance Council at the end of the year after eight rewarding years of service, I leave with confidence in the financial health of our parish. We do face future challenges, most notably the repayment of our Fiat Center loan. However, I am confident that through the continued generosity of our parishioners, we will meet this challenge and secure a bright future for our parish.
Father Bill and the entire Finance Council are deeply grateful for the unwavering support you have provided, especially during the past five years as we undertook the construction of the Fiat Center. Your generosity has been instrumental in making this vision a reality.
Thank you for your trust and commitment to our parish.
Sincerely,
Vince Nowak
Finance Council Chair