Queen of the Apostles
July 2013-June 2014 Financial Report, August 5, 2014
2013-14 Fiscal Year Results: Queen of the Apostles finished the 2013-14 fiscal year in good financial condition. Total income exceeded operating expenses by $65,230. In addition, we completed $19,000 in capital projects (including $8,000 for building demolition and associated land improvements, and $7,000 for the office area HVAC unit replacement). Also, we ended the fiscal year with a cash balance of $430,000. Our programs and ministries have continued to grow due to our increasing parish population. There are now 988 registered families in our parish (compared to 943 last year and 885 two years ago).
Our offertory for the 2013-14 fiscal year was $720,724 versus our budget of $673,000 (or 7% better than budget). Also, our other income (such as Faith Formation fees, interest income, and non-offertory gifts) totaled $31,225 which resulted in total income of $751,949. For the fiscal year, our expenses totaled $686,719 (or $65,230 less than our total income). This positive cash flow was achieved through effective cost management by our church staff and an accurate budgeting process. Refer to the following table for a comparison of actual results for the past two years versus the 14-15 fiscal year budget. Also, please note that the table excludes any donations made towards the capital campaign for our new church.
Comparison of Income & Expenses
(Budget and Actual Data for 3 Year Period 2012 -2015)
2013-14 Fiscal Year Significant Financial Accomplishments:
- Queen of the Apostles averaged $13,432 per week offertory ($533 per week increase).
- We completed $19,000 in capital projects (including $8,000 for building demolition and associated land improvements, and $7,000 for the office area HVAC unit replacement).
- Our cash balance (total checking and savings) now exceeds $430,000. This has been accomplished in addition to $79,000 in capital projects over the last two years.
- For our DSA campaign, 195 donors have paid $37,167 to date with another $14,753 pledged for a total of $51,920 (which represents 74% of our goal of $70,062).
- Our FFHL campaign has a total of $2,424,295 in pledges from 379 donors (for an average of $6397 per donor). This total brings us to 61% of our $4,000,000 goal.
2013-14 Fiscal Year Areas for Improvement:
- Queen of the Apostles did not meet our goal for the 2013-14 Priest Retirement Campaign. We were $10,613 less than our goal of $22,181 (with the shortfall being paid from our cash balance). This is an important campaign which needs our full support in the coming year.
- Our participation rate for the 2014 DSA Campaign is lower than in past years. To date, the 2014 campaign has 195 participants (with $51,920 paid or pledged) compared to 271 participants in 2013 (with $67,529 paid).
- We presently have 379 families participating in the FFHL / capital campaign (or 38% of parishioners). To build our new church, we need a better participation rate.
2014-15 Fiscal Year Financial Objectives and Goals:
- Fully support our expanding ministries and programs. This represents the single largest budget increase for the last two years.
- Maintain our facilities in a quality manner. Continue capital improvements in accordance with our 5 Year Capital Plan.
- Maintain our commitment to fund the parish at its current level or greater (through our weekly offertory). Also, continue to fully support the capital campaign for our new church through sacrificial giving during the next 5 year period.
- Develop a plan to increase participation in the FFHL / capital campaign. We presently have 379 families participating (or 38% of parishioners). To build our new church, we need a better participation rate.
Thank you for your continued generosity and support. Please contact any member of the Finance Council if you have questions:
Charlie Boyd, Chairperson 704-825-4669 firstname.lastname@example.org
Dave Charzewski 704-824-7198 email@example.com
Rick Houser 704-824-4889 firstname.lastname@example.org
Greg Hoehne 704-689-4550 email@example.com
Angelina McArthur 704-675-5091 firstname.lastname@example.org
Brett Wood 704-675-5091 email@example.com
Michael Vasko 704-829-6749 firstname.lastname@example.org
Dorothy Wilson 704-478-0147 email@example.com.
Ryan Schrift 814-233-7151 Ryan.Schrift@lpl.com
Annual Report to Parishoners June 2014 (PDF link to annual report)