Financial Report
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Reports
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Financial Report to the Parish
Fiscal Year 2022 (+)
July 1, 2021 – December 31, 2022
Dear Brothers and Sisters,
After six months as pastor of Blessed Sacrament, I want to share with the parish my initial observations regarding finances. I do have an appeal of you at the end of this report and ask you to stay with me to the end.
The Christ light permeated our church and school this Christmas through festive décor, beautiful devotions and worship, abundant generosity to neighbors in need, and the joyful spirit exhibited by many souls who participated in our Masses, ceremonies and activities. Now that we are back in Ordinary Time we are reminded that the light of Christ that we encountered at Christmas is ours to share.
Blessed Sacrament is a place for many to encounter Christ in worship, religious formation, service programs, and social activities. I am very heartened by the many ways that we continue Christ’s mission, and very thankful to the many people who make that mission possible through generosity of service and resources.
Immediately below is a summary report of the last three fiscal years, along with a snapshot of operations for the first half of our current fiscal year. (Because of the decreased income and lower expenditures over the last three years (after effects of Church scandal and COVID), as well as unpaid capital improvements over the next five months, it is difficult to draw exact conclusions when comparing this year’s running totals against the previous years.) NOTE: Blessed Sacrament School, which enjoys exceptional vitality and financial strength, is not included in this report.
On the expense side, I observe that our operating expenses are rising only modestly, even as the parish approaches a return to pre-pandemic levels of activity. After the first six months of this fiscal year we are $27,000 under budget on expenses and, unless there is a large unanticipated capital improvement, we will remain under budget for the year.
We have a large parish complex with several buildings. Over the last five years the parish spent an average of $130,000 per year on capital improvements (with the high being $270,000 and the low $41,000). During FY 22 we spent $158,000 on capital improvements which included roof work, lighting and window replacement, and a new concrete walkway at the church. Since the buildings are old and the expense is very hard to predict, we are embarking on a study to help us plan and budget long range repairs, replacements, and improvements.
Blessed Sacrament receives many generous donations restricted for specific purposes which allows us to have a robust social concerns ministry. Our charitable contributions and outreach totaled $53,000 last year which represents 4% of our offertory. I am very happy to announce that our charitable contributions and outreach have increased during the current fiscal year.
The most troublesome observation for me comes with looking at the income stream through offertory collections. Parish offertory collections during the aftermath of the scandals and the height of the pandemic were adversely affected. As we emerge from the pandemic, with the added expenses of increased programming, we have a long way to go to attain the level of giving of former years. Offertory collections which averaged $33,600 per week in the three years prior to the pandemic are now averaging less than $24,000 per week (a drop of $9,000 per week costs the parish more than $450,000 over the course of a year). As you can see from the chart below, collections and unrestricted donations have not covered parish operating expenses since FY18.
The parish is blessed to receive very generous contributions outside of our offertory collections both from active parishioners and bequests. Our average contributions have increased by more than $100,000 per year which has helped the parish to continue its active ministries despite the reduction in offertory. I am particularly thankful for the level of support received from Christmas and end-of-year contributions in 2022. But, of course, December only comes once a year and, unless our regular contributions pick up, our current operating surplus for the year will evaporate by June.
Since special contributions and bequests are unpredictable, I appeal to all parishioners to support the parish with regular offertory contributions. No regular contribution is too small. Giving through parish envelopes or through the collection basket is very much appreciated. However, setting up automatic giving through the on-line Faith Direct platform is especially helpful as it gives the parish predictable support in order to plan, budget for, and perform our mission. There has been a large loss of Faith Direct givers over the last couple of years. I am asking everyone to check their Faith Direct account to ensure that it is still active, that the credit card and other profile information is correct, and that it reflects the level of support you wish to give the parish in this inflationary period. Thank you for checking.
I have the overwhelming sense that Blessed Sacrament parishioners are very proud of their parish and school and want to support our mission. But it happens that we may not think very often about the importance of our level of regular financial support. For anyone who has intentionally stopped regular giving, please let me know how we can gain your trust and support. And for all of those who are currently supporting—thank you! Blessed Sacrament church and school blesses the lives of many within and beyond our faith community. Please consider your support of our Christ-centered mission for all those we love and serve.
God bless you and your families,
Rev. Gary R. Studniewski,
Pastor
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