Last week, we began our explanation of the finances of the parish. We talked about the accounting division between the parish and the school and that our total income for the past year was 1.4 million dollars. Now the bad news! We spent the entire amount.

   Our total income on the parish side was $421,683.00. Our major expense for the parish outside of the school expense were salaries, benefits, and rectory expenses which totaled $176,565.00. Costs associated with our celebration of the Liturgy were $34,819. Our share of the plant operation (divided between the school and the parish) was $66,237.00. We have given to the Diocese $285,584 which is 11% of our collections to support the work of the Diocese of Cleveland. This means that our cost for running the parish was $330,594.00.

   Our school has receipts of $963,810. To administer the school which includes administrative salaries and various expenses totaled $241,541. The instructional expenses of the school (which includes teachers salaries, taxes, and the various expenses totaled $626,863. Our library and student services were $30,792.00. The plant operation which includes salaries and the school share of the utilities was $144,904.00. Thus the disbursements for the school were $1,046,765 while the receipts of the school were $963,810. This meant that the school ran a deficit of $82,955.00. This amount was covered by the parish. Thus at the end of the year, the parish and the school had a deficit of $20,982. This amount was covered by borrowing from the principal if our endowment.

   In summary, due to low enrollment and a steady decline in our collections, we were not able to remain in the black. Due to the hard work of the late Fr. Reichlin, we have an endowment which has allowed to dip into it to carry us through the last part of the fiscal year.

   If you would like to see the financial report  of our parish and the other parishes in our cluster for last year, please go to our website and click the link to Vibrant Parish Life.