Christ Our Hope 2013 Financial Report
Dick Vacca, parishioner and volunteer
Thank you Fr. Magnano for giving me the opportunity to present this year’s financial report for Christ Our Hope Church for the year ended June 30, 2013.
My name is Dick Vacca. I have been an active member of this parish since its inception and have also proudly served on the finance council since its formation.
Before I forget, included in this week’s bulletin is an insert (a one page document) that shows highlights of parish activity for the year ended June 30, 2013. Please review this document.
As most of you know, we recently celebrated the third anniversary since the opening of Christ Our Hope Church. We have now completed three financial reporting periods.
The history of this parish started with the initial campaign fundraising drive for the construction of the Church (also known as Phase I). Funds raised for this phase of construction currently total $3,571, 610. The Church was opened during the month of August, 2010.
Construction of the Pastoral Center (also known as Phase II) raised $1,648,900. The Pastoral Center opened in March, 2013.
The records show that during the first two years of operations, we faced many financial challenges. This was so because as a new start-up parish it took the element of time to develop a parishioner base that generated a sufficient level of cash flow to meet and pay expenses on a timely basis. Fortunately, however, financial assistance was received from the Archdiocese subsidizing clergy salary and benefits, rent and utilities. This financial assistance kept us financially solvent. In addition, expenses were kept to a bare minimum. This was made possible by the many volunteers that stepped forward to commit and give of their time, talent and treasure. This same volunteer system exists to this very day. Many of these dedicated volunteers are here in Church today. We extend our heartfelt thanks to all of you.
I will now talk briefly about this year’s financial report. This report shows the tremendous progress that has been made over a three year period. Total parish collections for the year ended June 30, 2013 totaled $363,342, parish expenses totaled $230,271 leaving an excess of income over expenses of $133,071. For more detail, see the financial insert in this week’s bulletin.
To show the growth of the parish and by way of comparison, the total parish collections for each of the three reporting periods were as follows:
- The first reporting period (2010-2011 a part year) total parish collections of $138,000
- The second reporting period (2011-2012 a full year) total parish collections of $255,000
- The current reporting period (2012-2013 a full year) total parish collections of $363,000
This is a very impressive increase in parish collections and we hope this trend continues. It is the responsibility of all of us to make sure this happens.
Specifically excluded from the parish collections and the financial report for the year ended June 30, 2013 are the following:
- The Annual Catholic Appeal raised $76,760. The rebate to the parish totaled $56,760. This money was designated and used specifically for the Totem Fireplace project in the Pastoral Center.
- Also excluded was the financial assistance received from the Archdiocese. This assistance will terminate at the end of 2013. We will then be on our own to keep this parish financially sound, alive and well.
- Also not included is a provision for depreciation. The finance council is well aware that reserves must be established for the eventual replacement, betterment and improvements the Church and Pastoral Center will require in the future.
Let me now briefly talk about the current year which will end June 30, 2014. Here is what we know at this time.
- The financial assistance from the Archdiocese will terminate at the end of 2013.
- The Pastoral Center will have one full year of operating expenses compared to roughly three months in the prior year.
- To assist Fr. Magnano (in my opinion very much deserved and needed) a parish coordinator was hired. The salary and benefits paid for this position will be a new line item on the financial reports.
To conclude, as a representative of the finance council I extend my heartfelt thanks to all of you for your dedicated commitment and giving of time, talent and treasure to support the mission this great parish provides in the Heart of Downtown Seattle.
Thank you and God Bless!