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Dear Parishioners:
The accompanying statement represents the financial condition of Saint Agnes Parish for the year ending June 30, 2024. It also highlights our financial budget for the 2025 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 2024 fiscal year with net operating income of $619,038, the result of a very substantial bequest received during the year. Your support of the Increased Offertory Campaign has helped us grow our weekly offertory collection, stabilize our income, and propose an aggressive budget for the current fiscal year. Our online giving portal provides an easy, safe and convenient way to make your offertory contributions. As of June 30, 2024, reserves (including cash, investments, and money due to us) were $1,401,602, compared to $867,757 in the previous year.
The parish completed several capital improvement projects costing $50,608. Major doors that provide access to the Church are now controlled by electronic locks, a camera monitoring system is in place and AEDs have been installed in key locations. The Church steeple was also repaired. Projects being considered for the current fiscal year include the creation of an Adoration Chapel (Mercy Chapel) and upgrades to our Church seating. The Grand Annual collection takes place on the weekend of October 26-27, 2024.
In addition to supporting our major projects, this collection still remains an important source of operating 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. Your generous response to the Offertory Campaign has enabled us to launch several new programs to meet the growing needs of our parish family. Our dedicated clergy, staff and volunteers continue to explore opportunities to help us become missionary disciples sent to transform the world through prayer, study, generosity and evangelization. We look forward to another fruitful year at our Medford Street campus.
Respectfully in Christ, Fr. Marc Bishop and the Finance Council
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Actual Actual Budget Fiscal Year 2024 Fiscal Year 2023 Fiscal Year 2025 REVENUES Offertory $780,353 $598,022 $821,000 Grand Annual 96,346 110,534 125,000 Religious Education 24,303 23,134 24,900 Sacramental Offerings 101,805 83,073 97,000 Gifts and Bequests 551,522 57,585 57,000 Catholic Appeal Rebate 22,821 18,993 23,000 Other Income 34,178 101,642 14,100 Unrealized Market Gains and Losses 53,606 30,481 25,000 Interest/Dividend Income 97,325 73,958 73,000 Total Revenue 1,762,259 1,097,422 1,260,000 EXPENSES Compensation and Benefits 603,035 547,571 649,750 Clergy Compensation and Benefits 101,982 65,715 102,000 Office and Administrative 70,737 67,226 71,200 Household 25,556 24,088 26,750 Utilities 91,715 79,099 95,200 Insurance 53,766 56,852 58,000 Buildings and Grounds 94,309 82,146 97,000 Pastoral and Liturgical 59,690 57,634 61,750 Central Ministry Tithe 38,618 41,524 39,000 Miscellaneous 3,813 4,171 4,350 Total Expenses 1,143,221 1,026,026 1,205,000 Net Operating Income / Loss 619,038 71,396 55,000 Less - Capital Improvements 50,608 150,872 Net Income / Loss $568,430 -$79,476 Other Financial Information: Cash and Investments $1,401,602 $867,757 Current Liabilities $13,850 $48,435 Note - During Fiscal Year 2024 the Parish completed additional capital improvement projects of $50,608: a. Church steeple repairs for $9,988,
b. Additional AEDs for $4,400,
c. Security improvements for $36,220,