Holy Cross Church – Financial Report Fiscal Year 2019.2020

When Choir Practice Requires ZOOM! ¡Cuando la práctica del coro requiere zoom!
October 8, 2020
Holy Cross Parish & School Virtual Auction
November 18, 2020
Show all

Holy Cross Church – Financial Report Fiscal Year 2019.2020

Holy Cross Church

Financial Report Descriptions

Fiscal Year September 2019 – August 2020

(Further detail is available upon request)

 

OPERATING RECEIPTS

Plate Collections ($272,766) – Includes amounts from each Saturday Vigil/ Sunday Mass “first collection,” and amounts from Easter, Christmas, and other holy day plate collections.

Second Collections ($30,818) – Includes amounts collected from each Saturday Vigil/ Sunday Mass “second collection” to assist in the operational funding needs of parish outreach, liturgy, youth, and religious education ministries. Thank you to those who continued with consistent giving.

Rental Receipts ($130,296) – Represents rental payments made to Holy Cross Church by organizations utilizing the parish’s facilities, including the Pastoral Center (i.e. rent out rooms for meetings and office space), the Siena House, and the Parish Hall ($15,490) and Parish Gym ($20,253) September 2019 through March 2020.

Fundraising ($2,558) – Due to COVID we only held our Ministry Fair.

Income/Donations from Services ($64,348) – Amounts include donations given to the parish for weddings, funerals, baptisms, quinceaneras, mass stipends, reimbursement for services from the Diocese, Youth, Liturgy & Faith Formation and revenue from parish bulletin advertisements.

Miscellaneous receipts ($196,271) – Includes our AMA rebate of $39,565, our contribution over our goal. Clinch Endowment dividends ($43,434), bank interest, donations for Easter & Christmas environments, and one time gifts ($67,000 – this total includes a onetime gift of $40,000 and parishioners who specified the donation to be used as needed during this pandemic) /donations ($40,744) mailed or given throughout the year.

Bequests (none received) – Represents gifts, donations, and bequests from estates of parishioners and friends of the church. Amounts in the past have included cash and the donations of real estate, investments, and/or marketable securities.

Bingo ($3,984) – Represents money raised from our monthly Bingo games (but, of course, Bingo has been suspended until further notice due to COVID-19. So…no such receipts in the foreseeable future)

Mission Income ($20,534) – Retail sales and donations (now suspended for forseeable future…but look for our upcoming fire sale!)

Total Receipts $721,575

OPERATING EXPENDITURES

Salaries – including payroll taxes/benefits ($332,395) – This includes salaries and related payroll taxes and fringe benefits (e.g. medical, insurance, vacation, etc.) paid to or on behalf of all religious and lay staff of the parish. The Diocese determines levels of compensation for all parish staff.

Operational Administration ($51,182) – These amounts include property taxes and payments for day-to-day operating needs of the parish, including office supplies, telephone, and postage. Security for all buildings on the campus.

Insurance ($89,916) – This includes payments for insurance (fire, liability, etc.) on the parish’s buildings and facilities, including the old high school building and Siena House.

Repairs and Maintenance ($51,832) – Includes amounts paid to ordinarily maintain, repair and refurbish the parish’s buildings, parking lots, sidewalks and fields. (This includes the camera surveillance installation throughout the campus and improving our outdoor lighting). High repair and maintenance expenses reflect our old plant and infrastructure – most buildings are between 50 and 100 years old.

Utilities ($56,636) – This includes monthly payments for gas, electricity and water/sewer/garbage for the parish and its facilities.

Parishioner activities ($41,227) – This includes costs and supplies to run our parish programs such as youth ministry, religious education, music and liturgy, hospitality events, bingo, Mission store, materials for marriage preparation and catechist formation. Also includes the tuition assistance to the school.

Diocesan Assessment ($38,496) – Assessable income for 2019-20 is all plate collection income from the 2017-2018 fiscal year multiplied by 12% (Sunday, Saturday Vigil, Christmas, Easter and Holy Days are considered part of the plate collection) Part of this assessment not only funds the Diocesan payroll but also provides legal and financial services to our parish by the Diocese. Donations mailed directly to the parish office are not subject to this assessment, nor are the second collections.

Loan & Interest Payment – ($56,169) – Residual balance with the Diocese.

TOTAL OPERATING RECEIPTS came to $721,575

While TOTAL OPERATING EXPENDITURES came to $717,853

We had a surplus of $3,722

We could not have done this without the support of our parishioners! We also were able to receive money from the Paycheck Protection Plan so our staff could maintain their positions and still be able to receive a full paycheck for two months. When PPP ended, however, we have had to furlough the bulk of our staff and curtail hours. Reserve assets have dropped by $40,000 in order to help with operating expenses. Please continue to remember us in your gift giving, year-end tax planning and…remember us in your wills and trusts! Thank you all, so much, and God Bless you.