Holy Trinity Parish Financial Review 2017-2018

While reviewing the financial situation of the parish for the past fiscal year, there were three areas on which focused was placed:

  1. The first is our loan repayment from the remodel. The parish is on target to pay off the loan. Please keep your pledge payments coming in for the capital campaign. We look forward to paying off the loan and recharge our building fund by the summer of 2020.
  1. There are certain numbers involving our Insurance and Liability Costs that should be spelled out more specifically. Total utilities and insurance costs on the former Immaculate Conception in Wellsville come to $12,259.33 per year. The total we are spending on the school building each year is $46,004.24. As of this writing (10/23/18), we are in the bargaining phase of selling ICC, but there are neither offers nor current interest on the school. This $46K reality should lead all of us to prepare for some change on the property. Will we eventually be able to sell? Do we tear down the old section of the school and try to afford the newer? At this point, we are simply facing the reality that something needs to be done.
  1. The final area concerns our weekly collections. This past year the weekly collection goal was set at $6,600 needed per week. The parish averaged around $4,500 for the past fiscal year. For the past year, expenditures exceeded revenue by $295,884. Part of this was the loan repayment, but we also had to start dipping into our savings accounts. We do still have savings, but the ideal is to only use the interest on these accounts and not touch the principal. The budget for the 2018-19 fiscal year has been cut as much as possible at this point. With the remainder of the loan repayment (most of the difference from last year: $329,900) and the budget cuts amounting to over $22K, we have brought expenses down from $834,122 to $478,914.24. With no rental income on the school (which was over $78K this past year), we are foreseeing a $66, 373.24 loss this coming year.
Plan for the future:

 Our new weekly collection goal is $6,500 per week. If we do not reach this goal, we will have to start dipping more and more into our savings, which at the current collection average of $4,500 per week, our savings will be depleted in five years. If you are already giving as much as you are able, thank you. If not, consider an increase. But what will really help is to get more people to come to our parish. Ask yourself: Who left the parish that should really be here? Who used to come to Mass that you no longer see? Who is registered but never comes? Who are unchurched friends with whom you want to share the source of your own hope and faith in life? Let us work together to open wide the doors of our church, to fill the pews, and multiply our ministry.

Please click on the following pages for the Financial Report.

Page 1 of 2017/2018 Financial Report

Page 2 of 2017/2018 Financial Report