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Building Maintenance and Improvement: We replaced the outdated fire alarm system in the School, refinished the hardwood floors in the church and chapel, and replaced the aged copy machine in the church office.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