Please see page 20 for the consolidated financial statement (July 1 – December 31, 2012) with a comparison to the same period last year. This six month statement encompasses four of the months where we generally operate “in the red.”
I will now touch on a few points of interest with regards to the statement.
The most glaring item appears on the first line as Offertory Collection. As you can see, we recognized an increase of nearly 20% over the same period in 2011. Total receipts for the six month period increased nearly 13%.
Income from the Divine Gift Boutique increased nearly 32% over the same period last year.
On the expense side, after very few staffing changes, we were able to reduce salary expense by over 2%.
Under facilities expense, you will notice an expenditure of $72,222 for property and liability insurance. This expense is generally not recognized until the second half of the fiscal year. Due to much better than expected cash flow for the first six months, we were able to recognize this expense in September. By doing so we were able to take advantage of a 3% discount for early payment, thereby saving the parish over $3,000.00.
We were also able to recognize a larger portion of our tuition subsidy responsibility during the first six months of the fiscal year.
Due to a complete new line of merchandise in the Divine Gift Boutique, expenses increased substantially. Sales thus far in the second half of the fiscal year have increased nearly 100% over the same period last year.
Overall, we recognized a loss of just under $10,000.00 for the first six months of the fiscal year versus a loss of over $138,000.00 in the same period last year. All of this while recognizing numerous expenses earlier than expected. This bodes extremely well for us moving forward. And let’s not forget that we exceeded our goal for the 2012 Catholic Faith Appeal. So not only will we not have to recognize a CFA expense in the next six months, we will instead have an extra $60,000.00 returned to the parish to be used for our parish ministries.
None of this would be possible without your continued generosity. Thank you so much!
Since we are discussing finances, did you take a glance at the collection summary for last week? The offertory collection was in excess of $50,000.00. This was the first time that we have broken the $50,000.00 threshold since February of 2007. Allow me to thank you once again for your extreme generosity. As I have mentioned on numerous occasions, we generally operate “in the red” seven out of twelve months. We depend on the increased seasonal income in order to build a buffer to allow us to survive the lean summer months. As you know, our average weekly operating budget hovers around $27,000.00 depending on the time of year. During the months of May through October, we fail to meet budget and must use our surplus to operate efficiently.
Please see the registration form in this bulletin (page 19) for Family Fun & Ministry Day. Please complete the form and either drop in the offertory basket or return to the parish office by March 10. Remember that there is NO COST associated with this event, however, we must have a fairly accurate count in order to ensure that we have enough food on hand to satisfy everyone. We want you in attendance for this family-oriented day!
Tickets for the St. Patrick’s Day Party are now available in the parish office for a cost of only $25 each. The ticket price includes a full Irish buffet and an open bar complete with Irish Whisky and Bailey’s Irish Cream. (See page 21 for more details.) Please join us for this fun event while supporting our St. John’s St. Vincent De Paul Society.
Have you attended a Knights of Columbus Friday Fish Bake this Lenten season? If not, I strongly suggest you do so. The Knights offer a healthy baked alternative to the typical Friday Lenten Fish Fry. For only $12, you will receive a full meal complete with a fantastic Clam Chowder. There is also a children’s menu for only $5. Chef Marty takes painstaking detail to ensure that each piece of fish is prepared to perfection. Please support your Knights of Columbus and give it a try. You will be pleasantly surprised.
Please welcome Randy Dwayne Harrison II (born February 16 at 9:45 p.m., 6 lbs. 14 oz., 18 1/2 inches) as the newest member of our parish family. Randy II is the son of Melanie, our long time administrative assistant. Congratulations to Melanie and Randy on the arrival of your beautiful baby boy.
In His work together,
Scott Schlossberg, MBA
General Manager