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St. Agnes Parish
FY23 Financial ReportDear Parishioners:
The accompanying statement represents the financial condition of Saint Agnes Parish for the year ending June 30, 2023. It also highlights our financial budget for the 2024 fiscal year. This annual report is presented by the Parish Finance Council which provides financial oversight and advice to our Pastor on money matters for the Parish. We hope that it will help you understand how your contributions and gifts to our Parish are used and accounted for and will encourage your continued generosity.
St. Agnes Parish ended the 2023 fiscal year with an overall net loss of $79,476. This resulted from a significant decline in our Offertory and Grand Annual collections. Our parish expenditures were lower than the prior fiscal year through a better allocation of common collaborative expenses between our two parishes. We were also fortunate to obtain a grant that covered the cost of our security upgrades. In the 2024 fiscal year, we will launch the Increased Offertory Program, an initiative to grow our regular weekly collections. As of June 30, 2023, reserves (including cash, investments, and money due to us) were $867,757 compared to $968,959 in the previous year.
The parish completed several significant capital improvement projects costing $150,872. The boiler in the Church was replaced. Upgrades were made to the sound system and lighting at the Church. Much needed security improvements were made on our parish campus. In the following fiscal year, we will work on making some minor upgrades to the boiler as well as removing asbestos that was found in the boiler room. Work also needs to be done to secure its external exit and repair the old coal storage area. The Lower Church will be converted into a secure space for use as an Adoration Chapel and area for Reconciliation and counseling.
The Grand Annual collection takes place on the weekend of October 27-28, 2023. This collection remains a very important source of income for our parish. Once again, we are requesting that each working person donate $350 to the first part of the Grand Annual Collection. We hope that those who are able, will respond by being even more generous.
During the year, our dedicated staff and volunteers have launched several new programs to meet the needs of our faith family. We are extremely thankful and grateful for all their efforts. 150 years ago, the Catholic Faith found a home in Arlington. We are confident that St. Agnes Parish is well positioned to nurture and grow this faith in response to new trends and a community that has never forgotten the importance of worship and service.
Respectfully in Christ,
Fr. Marc Bishop, Patricia Cullinane, Christopher Doyle, Shawn O’Rourke, Valeria Ramdin, Theresa Tanner and Michelle Walata. -
Actual Actual Budget Fiscal Year 2023 Fiscal Year 2022 Fiscal Year 2024 REVENUES Offertory $598,022 $597,225 $663,000 Grand Annual 110,534 114,977 125,000 Religious Education 23,134 13,972 23,500 Sacramental Offerings 83,073 100,277 90,000 Gifts and Bequests 57,585 64,704 55,000 Catholic Appeal Rebate 18,993 16,784 20,000 Other Income 101,642 11,484 22,200 Unrealized Market Gains and Losses 30,481 -140,879 0 Interest Income 73,958 110,300 74,300 Total Revenue 1,097,422 888,844 1,073,000 EXPENSES Compensation and Benefits 547,571 574,137 547,000 Clergy Compensation and Benefits 65,715 91,959 94,000 Office and Administrative 67,226 65,649 68,620 Household 24,088 20,166 25,000 Utilities 79,099 84,365 85,400 Insurance 56,852 60,857 61,000 Buildings and Grounds 82,146 96,997 83,200 Pastoral and Liturgical 57,634 49,851 57,300 Central Ministry Tithe 41,524 46,370 41,600 School Support 0 50,000 0 Miscellaneous 4,171 4,253 4,880 Total Expenses 1,026,026 1,144,604 1,068,000 Net Operating Income / Loss 71,396 -255,760 5,000 Less - Capital Improvements 150,872 34,877 Net Income / Loss -$79,476 -$290,637 Other Financial Information: Cash and Investments $867,757 $968,959 Current Liabilities $48,435 $70,161 Note - During Fiscal Year 2023 the Parish completed additional capital improvement projects of $150,872: a. Church boiler for $73,625,
b. Church sound system for $18,047,
c. Church lighting for $12,995,d. Rectory renovations for $15,984, and
e. Security improvements $30,221.Note - During Fiscal Year 2023 the Parish received a grant of $60,442 to improve security of which $30,221 was expended in Fiscal Year 2023 with the balance to be paid in Fiscal Year 2024. Finance Council Members Fr. Marc Bishop, Patricia Cullinane, Christopher Doyle, Shawn O'Rourke,
Valeria Ramdin, Theresa Tanner, and Michelle Walata.