First Quarter Financial Report - Fiscal Year 2020-2021 July 1 thru September 30, 2020
As we finish the first quarter of Fiscal Year 2020-2021, we continue to face the challenges of reduced income and tight budget management due to Federal and State Covid-19 restrictions. Our offertory collections are at 80% of budget, or $59,599 below budget. Total revenue is at 83%, or $60,583 under budget. In order to compensate forthe reduced revenue, our expenses are $50,022, or 86% under budget.
Immaculata School, on the other hand, is doing very well. School revenue is $28,733 over budget, placing it at 108% for the first quarter, that is primarily the result of having obtained $27,944 which is a portion of the Paycheck Protection Program (PPP) loan received in May 2020. We anticipate that the PPP loan will be forgiven. Enrollment has increased and classes started on Sept. 8th both in classroom and online. Expenses are well maintained at $71,786 below budget (75%). The renovation construction which began when classses ended in June is now complete. Parishioners and interested families were invited to tour the renovations and witness the new technology improvements on Nov. 8th, from 10:00 to 11:30.
Parishioners continue to meet their Capital Campaign pledge obligations. Our current cash balance is $439,234, however, we still have a few outstanding invoices from our school construction to be paid, as well as our regular principal and interest payments on our loan. We have postponed any major maintenance projects until our financialposition improves. Our next big project will be the replacement of the Church roof and we cannot delay this too much longer. We are already experiencing some gutter and flashing damage on the north side of the roof which needs immediate attention.
The Finance Council recently evaluated and recommended four local charities to help us securely administer our Good Samaritan Fund and honor the intent of our donors. Under the current pandemic conditions, it is no longer feasible to administer charitable distributions from our office, nor do we perceive an ability to do so in the near future. For more details, please see Fr. Cook's "Pastor's Message" on the Church website and E-Newsletter.
Our year-end holy season is rapidly approaching and for many of us it will be a different experience with less travel and online gatherings. We wish all of you joyous and healthy holidays with your loved ones. God bless you and thank you for your continued support.
Finance Council Chairman
Annual Financial Report - Fiscal Year 2019-2020 July 1, 2019 thru June 30, 2020
The 2019-2020 fiscal year was a challenge for Immaculate Conception Parish, but we weathered the storm fairly well. Our offertory collection was down $160,874 from the prior year and $177,487 below budget. This was offset by Unrestricted Donations and Support of $230,653 vs. a budget of $178,114 due primarily to a bequest of $157,235 from former parishioners Mickie and Frank Zamborsky. With the closure of our church and postponement or cancel-lation of activities due to COVID-19, our operating expenses were down $287,110 from the prior year and $162,484 (9.8%) below budget. We applied for and received $123,520 from the Federal Paycheck Protection Program (PPP) which may be a forgiveable loan. While we ended the fiscal year with a budget surplus of $57,178, had we not received the PPP Loan, Inmmaculate Conception Parish would have ended the fiscal year with a deficit of $66,342.
We began construction of Immaculata School improvements right after school ended in June and hope to be com-pleted by August 21st. This will allow time for our teachers and staff to move back into their classrooms and offices before classes start Sept. 8th. Expenditures from our Capital Campaign fund totaled $952,144 with the bulk of expenses going toward principal payments against our loan as well as upgrades for Immaculata. We installed a new fire alarm system and completed significant technology upgrades. Our Capital Campaign loan balance as of June 30 was $422,601.
Immaculata's revenue was $60,351 below last year and $37,033 over this year's budget. Expenses were $18,957 below last year and $37,032 over budget. A PPP Loan for the school of $132,489 was critical to breaking even. Enrollment has increased from 108 this past school year to 123 K-8 students registered YTD for the upcoming school year. We usually get additional Pre-K registrations in August and will finalize Immaculata's budget around mid-August.
For FY 2020-2021, we continue to face a precarious financial situation due to the pandemic. We have reduced our operating budget by postponing or eliminating some items that may have typically been included in prior budgets, but were considered excessive given the current economic climate. Our budgets will be "working budgets" as we plan to evaluate them each quarter and made adjustments as economic conditions improve. As we continue to refine and update our parish and school budgets, we ask that you welcome Fr. Torres and pray for our priests and staff. God bless all of you and stay healthy.
Finance Council Chairman
July 1, 2020-June 30, 2021 Church & School Budgets
We are dealing with unprecedented times in our lives as we emerge from “Stay At Home” conditions and seek a return to life prior to the COVID-19 pandemic. We are all wondering what the “New Normal” will bring. As we approach the end this fiscal year and prepare budgets for next year, we must address new challenges and pray for God’s blessings. Masses have started again on a limited basis following CDC and NC government guidelines and attendance is slowly growing as we become more comfortable.
We have prepared our Church budget and at this time we are projecting a balanced budget for the coming fiscal year. To balance our budget, we postponed or eliminated some budget items that may have typically been included in prior budgets, but were considered excessive given the current economic climate. This will be an “interim budget” as we will evaluate it after the first quarter and make adjustments as economic conditions improve. We identified several spending areas that we are deferring until we feel comfortable that offertory collections are recovering, and any postponed donations start to return; we hope to be back to normal going forward. Hopefully you are able to help. For the three months including March-May 2020, our offertory collections were running 26.4% behind the same three months of 2019. June revenue has improved with the return to public Masses. Several parishioners attended Mass the last few weekends and brought zip-lock bags holding three months of envelopes. Thank you!!
We usually do not finalize Immaculata’s budget until August when many of the Pre-K students finalize their enrollment. Speaking of enrollment, we have good news: at this point last year we had 108 students enrolled in K-8th, and through mid-June this year we have 116 registered, with a number of additional families considering enrollment. We have started construction on the school updates and are excited with the progress. We hope our exciting upgrades will lead to even more families considering enrollment at Immaculata!
As we continue to refine and update our parish and school budgets during the coming fiscal year, we ask that you pray for our priests and staff. God bless all of you and stay healthy.
Finance Council Chair
Semi-Annual Financial Report FY 2019-2020
This report includes financial information for the first half of Fiscal Year 2019 - 2020, the six months ending December 31, 2019.
Church: Our income was ahead of budget driven primarily by Unrestricted Donations and other Support. Offertory was down at 46% of annual budget. Unrestricted Donations and Other Support came in at 120% largely due to the generosity of our former parishioners, Francis and Mildred Zamborsky, who remembered Immaculate Conception in their will. We are most grateful to them and keep them in our prayers. Rental income was slightly above budget at 107%; however, as of the end of August we will no longer receive rental income from the St. Joseph Center. Our expenses were in line at 50% of annual budget. Facilities and General and Administrative expenses were slightly over budget, while other areas were under budget.
Immaculata School: Income was at 51% of annual budget, and expenses are being well managed at 46%. Our new Principal and teachers are in place and excitement is growing. The “Fiesta for Education” fundraiser dinnerauction is scheduled for May 9th in the gym. Thank you for your support.
Building Maintenance and Improvement: We replaced the outdated fire alarm system in the School, refinished the hardwood floors in the church and chapel, and replaced the aged copy machine in the church office. We received a rebate from Duke Energy of $5,745 for changing our church lighting to LED.
Capital Campaign and Diocese Loan: In October we made an additional $500,000 payment toward our loan on the St. Joseph Center which reduced our interest payments by almost 50%. This should save us over $65,000 in interest payments over the next few years. Most parishioners are keeping up with their pledge payments, but some are in arrears and may not be fulfilled.
Other: Performance on our endowment investments was very good as both the stock and bond markets had an outstanding year. Our DSA and Priests’ Retirement and Benefits collections were under our assessment goals and the shortfall was paid from our offertory income. Hopefully this performance will improve for 2020 - 2021. Our Forward in Faith, Hope and Love (FFHL) balance remains at $137,364 as these funds were not used during the period.
If you would like to a copy of the full report, please visit our website at www.immaculateconceptionchurch.com or call the church office at 6936901.
Finance Council Chair
Immaculate Conception Parish Annual Financial Report
Fiscal Year 2018-2019 July 1, 2018 thru June 30, 2019
We are pleased to share financial information for our parish for the fiscal year that ended June 30, 2019, and note the following:
FY 2018-2019 saw much change at Immaculate Conception Parish. In June, we learned that the Capuchin Friars would no longer be serving our Parish, and we would be served by Diocesan priests. As the school year ended, we saw the need to hire a new Principal and 3 teachers. All are now in place and we have balanced budgets for the next fiscal year.
Our revenue was slightly above budget (2%) primarily due to unrestricted donations and bequests. In May, we received a bequest from former parishioner James Ulcher totaling $65,712. Operating expenses were also over budget due to the shortfall in the Priests Retirement and DSA collections. We ended the fiscal year at $10,000 over budget. Improvements to our main sanctuary included new LED llights and upgraded sound system.
Immaculata School on the other hand, ended the fiscal year under budget by $41,394 primarily due to parishioners' donations from our Immaculata Sunday special collection. In May 2019, we received a bequest of $52,500 from former parishioners Dick and Win Hunt. We also want to give a special "thank you" to all who helped make Malachi's Playground a reality.
Our Capital Campaign continues to grow. In May we received a very generous $250,000 challenge pledge from an anonymous donor. This gives us a total of $1,868,688 in pledges to date, with payments received of $728,492. Thank you all for your support.
Thank you again for all that you continue to do for your parish.
Finance Council Chairman