I am presenting to you our Income Statement for eleven months, from September 2011 (beginning of the Fiscal Year) to July 2012 (last month). (Click on the document on your left.)
Af few things to consider:
1. The first thing that will hit us may be the deficit of $ 120,909.21 that we have in our report. We did have extraordinary expenses (fixing the roof) during the last year that caused part of the increase on the expenses side. We still have more fixing to do... The Archdiocese of New York has been kind enough to provide for a subsidy to the parish for the amount of $ 156,000 for this year. However, we cannot continue being a weight to the Archdiocese. We need to become self-sufficient. If we take the $ 60,000 of extraordinary maintenance from the expenses, we are still $ 60,000 under. Since we cannot fire any of our employees (we need them to service the parish and the community), we will need to increase our collection.
2. Next, you will be able to see that our regular collections amount to about $ 300,000 so far. This is an average of about $ 6,000 per Sunday. Fr. Joseph did a lot to increase the collection. In five years he was able to integrate many parishioners and doubled the collection. I think we can continue boosting it.
3. Barbara Giriat is a great asset to our staff. She tries very hard to look for deals and get best prices. We try to run a slim operation, taking into account the amount of use that our facilities get.
4. In addition to our annual deficit, we have a loan for past repairs of the Church. We owe the Archdiocese around $ 380,000. That debt accumulates interest. So, we are also paying those interests. You can see that so far, this year, we have paid $ 8,663.67 in interests alone. That is a lot of money!
I am quite confident that our community can and will face up to the economic challenges ahead of us. The Lord is doing beautiful things and he will provide. I am very happy to serve you.