Mass Schedule

Saturday 4 pm, Sunday 9 & 11am
Other Local Area Mass Times

2015-2016 Parish Finance Report

Posted 23-Oct-2016

2015-2016 Parish Finance Report  Click here to open-or read below


St. Catherine of Alexandria

Westford, MA

Annual Financial Report to Parishioners for the Fiscal Year ended June 30, 2016

Dear Parishioner,

The Annual Financial Report for the fiscal year ending June 30, 2016 is attached for your review. If you have any questions or comments about the report, please contact any member of the Finance and Administration Council.

During FY2016 St. Catherine’s and St. Anne’s Parishes continued working together in Collaboration. Each parish budgeted their direct local expenses, for items like buildings, select staff and supplies, as they had in the past. We were alerted by the Archdiocese there would most likely be discrepancies in our actuals vs budget for the first several years of collaboration. St. Anne’s has experienced similar proportional effects. Fiscal 2016 was the first year there was a significant financial effect of collaboration.

Shared expenses arising from collaboration, for items such as clergy, pastoral associates, and the music program were allocated to each parish. This apportionment is primarily based on the recommended Archdiocesan allocations, the major factor of which is each parish’s revenue. The application of this formula resulted in 70% of Shared expenses being allocated to St. Catherine’s.

Operating Budget: In FY2016 St. Catherine’s had several unplanned, but necessary items, which had an impact on the financial results.

Total Income- Income was over budget by 7%. This is due mostly to a generous increase to offertory and the grand annual over the forecasted amount.  We took advantage of the positive income to complete several projects.

Expenses were over budget in several areas.

    

Salaries & Benefits   Our parish Business Manager positions were changed for the last third of the

fiscal year to a collaborative Finance & Operations Director position, which was expanded to full time, and a

Finance Assistant/Stewardship Director position. Due to a new requirement from the Archdiocese, the last week of all June’s salary and benefits was accrued in the last fiscal year. This was a new system and was unbudgeted. In past years these costs would have been charged to the period they were paid in.

Maintenance, Contracts, Supplies and Building Maintenance- We replaced the rotting garage doors on the garage. We added a new assistive listening system to the church for the hearing impaired. These were unbudgeted projects made possible by your generosity.

Capital Improvements- We were able to add a heating-A/C unit to the conference room and the St. Vincent de Paul Center. We expanded the rectory parking lot, making it safer, and added a paved walk from the rectory to the adjacent parking lot. We were able to update our collaborative phone system with a state of the art system. The old system was 20+ years old. The new system allows for easier and better access for parishioners. St. Catherine’s expense for the system was $20,318. Due to your generosity we were able to purchase the system outright as a one-time expense.

The former Columbarium was repaired, most of which was covered by insurance, and converted into the new St. Vincent de Paul Center.

St Catherine of Alexandria Cemetery report (back page) Financials for the cemetery have remained consistent even with the unpredictable nature of forecasting burials.

Fortunately, as a result of past generosity by parishioners at St. Catherine’s, we have adequate financial resources to meet both the current financial and Spiritual obligations of the parish.

         

The Pastor, staff and the Finance and Administration Council all recognize and accept their responsibility to ensure that the resources you entrust to us are spent wisely and to further the spiritual Mission of the Parish.

We wish to thank every member of our parish family for your continuing support and pray that we will meet both the financial and spiritual needs in the upcoming year.

               Yours In Christ,    

              

               Saint Catherine Finance and Administration Council

             

                Tom Sangiolo, Chair, Tom Brown, Kevin Donaruma, Ken Hanley, Joanne Mavroides

             

St. Catherine of Alexandria Parish Year End Report    July2015-June2016

2015-2016

2015-2016

2016-2017

Actual

Budget

Budget

Income

Offertory

843,787

800,000

840,000

Grand Annual

165,991

155,000

160,000

Sacramental offerings

31,448

27,080

30,000

Catholic Appeal Rebate

13,138

0

0

Rel Ed Income

108,337

107,900

108,000

Bequests

1,000

480

1,200

Insurance Claims

24,280

20,000

0

Other Income

26,085

15,800

25,907

Total Income

1,214,066

1,126,260

1,165,107

Expense

 

Salaries & benefits

608,042

581,497

646,983

Clergy stipends & benefits(assigned & unassigned)

90,000

86,849

89,352

Office

70,016

70,166

67,631

Books & Supplies

29,913

29,064

29,096

Household supplies & Food

19,302

17,260

19,084

Utilities & Insurance

101,321

100,617

106,472

Main. contracts, supplies, grounds & bldg maint

147,922

135,992

110,844

Pastoral: altar supplies, music, charitable works

48,438

40,832

48,830

New Phone System Installation

20,318

0

0

Central Ministry Tithe

87,358

87,360

87,155

Total Expenses

1,222,630

1,149,637

1,205,447

Net Parish Operating Deficit

(8,564)

(23,377)

(40,340)

Net Mission Trip  Income

8,475

Total Net Income (Deficit)

(89)

St. Catherine of Alexandria Parish Balance Sheet

Assets

Cash Checking/Savings accts

247,845

Youth Mission Trip checking

75,730

Funds Due

13,360

Deposit in transit

6,714

Total Assets

343,649

Liabilities

Accounts Payable

7,622

Rel Ed Deferred Revenue

52,933

Accrued Vacation

24,767

Total Liabilities

85,322

Equity

Beginning balance

258,415

Net Deficit current year

(89)

Total equity

258,326

Total Liabilities & Equity

343,649

St. Catherine of Alexandria Cemetery year-end report July 2015-June 2016

Jul '15 - Jun 16

 

Jul '15 - Jun 16

Jul '16 - Jun 17

Actuals

Budget

Budget

Income

 Sale of Lots

29,650.00

13,200.00

18,000.00

Openings

22,800.00

30,000.00

24,000.00

 Foundations

2,642.00

4,008.00

4,008.00

Donations Other

8,889.00

4,000.00

5,300.00

Interest Income

9.81

12.00

9.00

 PC Interest/Dividend Income

0.00

1,200.00

0.00

Market Gain  Investment

-5,551.39

1,200.00

0.00

Total Income

58,439.42

53,620.00

51,317.00

Expense

Salaries & services

5,416.00

2,280.00

4,020.00

Water & sewer

878.75

600.00

600.00

Ground Maintenance Contracts

28,575.00

30,000.00

27,000.00

Building Maintenance & supplies

854.00

1,800.00

1,260.00

Loam, fertilizer, plants & supplies

1,958.00

1,440.00

1,680.00

Openings & Foundations

15,958.00

15,000.00

13,800.00

Total Expense

53,639.75

51,120.00

48,360.00

Net Income

4,799.67

2,500.00

2,957.00

 

 

 

 

 

 

 

 

 

St. Catherine of Alexandria Cemetery

               Balance Sheet

Assets

Checking Account

53,247.65

Common Investment Fund Savings

124,844.90

Dividend Receivable

1,237.05

Total Current Assets

179,329.60

Equity

Initial Cash Balance Offset

2,631.49

Fund Balance

171,897.65

Net Income

4,800.46

Total Equity

179,329.60

Total Liabilities & Equity

179,329.60