Fiscal Year 2020 Report and Budget for Fiscal Year 2021
Dear Friends in Christ,
In addition to speaking at all the Masses this weekend, I also wanted to provide you with a written summary of the past fiscal year as well as a budget overview of the current fiscal year and where we currently stand. I want to thank our new Finance Chair, Jim Dougherty, CPA, for accepting this position to fill the void of our beloved Bob Weidle, who plans to relocate to the Eastern Shore with his wife Joyce. Jim and his wife Christine have been active parishioners since joining our parish in 1983. I have come to know Jim through his service with our Thanksgiving and Christmas outreach to those in need. As part of the parish leadership team, Jim is supported with the financial oversight of the church and school finances by our two Parish Corporators, Rick Long and Jim Hamilton, CPA, as well as the other members of our Finance Committee: Willie Nichols, Patrick Reid, and John Schmuff. Although a parish our size should have a Business Manager, we cannot afford to have such a position. I am happy to wear that hat as part of my pastoral responsibilities as pastor of St. Joseph Church & School. I am supported on a weekly basis by our Bookkeeper, Renee Hoy, and the part-time service of Norma Wagner, CPA. I am proud of our record and the fact that we have run a balanced budget during the years of my service here, except for the fiscal year ending June 30th, 2020. This of course, was due to the significant impact the pandemic has had on our offertory and other sources of income.
In reviewing the pie charts for Fiscal Year 2020 (July 1, 2019-June 30, 2020) you will see that our operating income was $2,034,032, while our expenses were $2,102,967. Parish expenses for the past fiscal year included $62,000 in direct cash support, primarily for tuition assistance to our St. Joseph School families, as well as $185,459 of direct school subsidy for the maintenance and oversight of the school buildings by the parish Facilities Manager as well as common areas utilized by the school. With our total expenses exceeding our income, we ended with a deficit of $68,935. For the current fiscal year, we have set our income level at $1,765,507, with expenses at $1,736, 873. We are currently running an estimated deficit of $10,000. Our fall stewardship appeal last month was aimed at reversing the 7% decline in offertory year over year. For all those who have continued to support our offertory program and still more who have increased their offertory to the Lord, I am most grateful. If you have any questions, please don’t hesitate to contact the office and either I or someone from the parish leadership team will answer your questions.
Respectfully in Christ,
