Overall, the Parish has been operating at a deficit given lower collections, and trailing school costs; however, thanks to two very generous donations the Parish is able to meet its commitments. The parish has a balanced budget, small amount of reserves, and a monthly analysis of the financials are completed by outside accountants and the Finance Council. Renting our Guardian space will help address the facility-related, trailing school costs which pose a challenge to sustaining adequate reserves. Efforts continue to boost collections as our vital source of revenue (nearly 60%). Trailing school costs following closure of the Assumption School have reached the point, as expected, requiring Archdiocesan support to supplement the considerable Parish investment. All financial obligations to the Archdiocese have been met; however, loans given “in subvention” may require repayment under special circumstances.
The recent surge seen in collections is very encouraging. Know that your generosity is most-needed and appreciated!