Church of St Peter/St Joseph’s Chapel/Our Lady of the Rosary
Income and Expenses for the Year Ended August 31, 2016
|St Peter||St Joseph||OLR||Total|
|Votives, shrines, stole fees||106,507||6,120||33,718||146,345|
|Donations & bequests||21,956||-||40,007||61,603|
|Total Operating income||$630,988||$169,962||$100,003||$900,953|
|Salaries & benefits||465,016||75,410||61,601||602,027|
|Office & Altar||96,226||3,341||21,223||120,790|
|Repairs & maintenance||78,031||5,028||41,645||124,704|
|Rent, taxes & fines||-||369,038||-||369,038|
|Cathedraticum & School Tax||72,549||23,840||70,054||166,443|
|Total Operating Expenses||$907,085||$484,154||$264,686||$1,655,925|
|Other Income (Cell tower rental & Investment income for OLR)||3,249||679||118,745||122,673|
|Total Net Surplus/(Deficit)||$4,644||($50,574)||($45,938)||($91,86|
St. Peter-Our Lady of the Rosary Parish
Income & Expenses for Fiscal Year 2016 (September 2015 – August 2016)
The trustees of the parish and members of the Finance Council met with pastor Father Jarlath Quinn in early November 2016 to review the financial results for the fiscal year (FY) ended August 31, 2016. The financial results include the St. Peter’s Church, St. Joseph’s Chapel, and Our Lady of the Rosary (OLR).
The attached statement of income and expenses breaks out those numbers by each location within our parish. Here is a summary of the parish’s financial results:
Parish revenues from operations totaled $900,953. Parish expenses for the same period totaled $1,655,925, thus creating an operating deficit of $754,972.
The parish earned additional income of $122,673 on investments and cell tower rentals for OLR. This income reduced our net loss to $632,299; this means the parish spent $632,299 more than it took in during the year.
The Archdiocese of New York loaned the parish $540,431 during FY 2016 so we could pay our bills. This brought the parish net deficit for the year to $91,868. As a result, our parish’s indebtedness to the Archdiocese now totals $1,348,000.
The trustees and the members of the Finance Council believe that this significant operating loss is not sustainable and that parish expenses must be brought in line with operating revenues.
Parish revenues include collections taken up at every Mass or paid through ParishPay, offerings for votive candles, poor boxes, shrines such as the Pieta, and fees for baptisms, weddings and funerals. Parish revenues also include CCD tuition and fees for those celebrating their first Holy Communion or confirmation and income from the annual 50/50 raffle, net of any payout, and other fundraising events.
Most expense line items are self-explanatory. Some helpful comments are below:
Rent expense and real estate taxes totaled $359,000 for St. Joseph’s Chapel. Rent for the chapel was $23,200/month including real estate taxes. The rent expense line item also includes $80,000 of back taxes as required by the lease agreement and $9,250 of fines for not having an appropriate permit for public assembly. Note: As of September 1, 2016, the real estate taxes on the chapel increased to $28,000/year of which $14,000 was payable immediately; the other $14,000 will be paid over fiscal year 2017. Thus rent expense & real estate taxes will total at least $292,00 for FY 2017.
Repairs & maintenance includes $17,000 for work on the front doors to St. Peter’s Church in the fall of 2015. We also spent $320,000 for major emergency repairs on St. Peter’s Rectory façade in the summer of 2016 but that work was financed with a loan.
Cathedraticum and School Tax
Cathedraticum: All parishes must pay the Archdiocese 8% of prior year collections (i.e., collections for fiscal year 2015).
School Tax: The parish must also pay 7% of prior year collections to the Archdiocese to support Archdiocesan schools.