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The operating results for the first ten months of the current fiscal year, portrays a favorable result when compared to the prior year of $107,431 and to the current year budget by $66,249. The following is offered as an explanation of the operating result.
Church Revenue - the inflow of revenue fell short of budget by $7,328. Regular offertory collections received were below budget by $398, but ahead of the prior year by $9,258. Religious Education Program is behind budget by $8,278 and below prior year revenue by $5,631 this is primarily due to a drop in participant enrollment from the prior year.
School Revenue - In comparing the current year to the prior year, we see an increase in school revenue of $11,031 or 2.7%; this is due to a reduction in the enrollment when compared to the prior year, offset in Social & Donation activity by $45,317 when compared year to year which is a result of reduced computer and lottery expense of $23,254 from the prior year. When comparing to budget there is an unfavorable deviation of $49,091 related to how the budget was constructed utilizing a higher school enrollment.
Church Operating Expense - actual expenses are favorable to budget by $73,451 or 7.7%, which is attributable to lower than expected heating and utilities costs and deferral in spending of maintenance related activities. Although included in this expense is $17,000 in payments to the Archdiocese of Philadelphia for parish debt which was in arrears, also included is the cost of the boiler replacement on the Church of $25,000 and a partial payment toward the relocation of the Baptismal Font.
School Operating Expense - comparing the current year to the prior year activity we experience an decrease of $45,935 over the prior year, contributing factors are that in the prior year we incurred the removal cost of the school oil tank which amounted to $27,000, in addition we have experienced lower utility cost and demand for heating oil than the prior year to date.
Parish - Church & School - the net operating result thus far in the fiscal year is a net gain of $111,411 compared to a budgeted gain of $45,162 or a favorable deviation of $66,249. The generation of revenue is a concern in the religious education program and the parish school, which have both experienced a drop in enrollment from the prior year. The Cares Program is in its second year and is generating a breakeven or loss, if we factor in allocated overhead costs it is definitely a loss operation.
Parish Debt - as of this report the parish debt to the Archdiocese stands at $417,083, this is comprised of the principal on the mortgage ($32,578) and other debt made up of parish assessment, insurance and pension costs ($384,505).
Looking ahead as the funds become available from donations to the HOF/VOH campaign, we can then proceed with the activities that were identified when the pledges were being requested.
St. Maria Goretti Finance Council
Submitted 5/18/2010
Church Revenue - the inflow of revenue fell short of budget by $7,328. Regular offertory collections received were below budget by $398, but ahead of the prior year by $9,258. Religious Education Program is behind budget by $8,278 and below prior year revenue by $5,631 this is primarily due to a drop in participant enrollment from the prior year.
School Revenue - In comparing the current year to the prior year, we see an increase in school revenue of $11,031 or 2.7%; this is due to a reduction in the enrollment when compared to the prior year, offset in Social & Donation activity by $45,317 when compared year to year which is a result of reduced computer and lottery expense of $23,254 from the prior year. When comparing to budget there is an unfavorable deviation of $49,091 related to how the budget was constructed utilizing a higher school enrollment.
Church Operating Expense - actual expenses are favorable to budget by $73,451 or 7.7%, which is attributable to lower than expected heating and utilities costs and deferral in spending of maintenance related activities. Although included in this expense is $17,000 in payments to the Archdiocese of Philadelphia for parish debt which was in arrears, also included is the cost of the boiler replacement on the Church of $25,000 and a partial payment toward the relocation of the Baptismal Font.
School Operating Expense - comparing the current year to the prior year activity we experience an decrease of $45,935 over the prior year, contributing factors are that in the prior year we incurred the removal cost of the school oil tank which amounted to $27,000, in addition we have experienced lower utility cost and demand for heating oil than the prior year to date.
Parish - Church & School - the net operating result thus far in the fiscal year is a net gain of $111,411 compared to a budgeted gain of $45,162 or a favorable deviation of $66,249. The generation of revenue is a concern in the religious education program and the parish school, which have both experienced a drop in enrollment from the prior year. The Cares Program is in its second year and is generating a breakeven or loss, if we factor in allocated overhead costs it is definitely a loss operation.
Parish Debt - as of this report the parish debt to the Archdiocese stands at $417,083, this is comprised of the principal on the mortgage ($32,578) and other debt made up of parish assessment, insurance and pension costs ($384,505).
Looking ahead as the funds become available from donations to the HOF/VOH campaign, we can then proceed with the activities that were identified when the pledges were being requested.
St. Maria Goretti Finance Council
Submitted 5/18/2010
Parish Financial Council
St. Maria Goretti Parish
Financial Report to Parishioners
July 1, 2009 thru April 30, 2010
Financial Report to Parishioners
July 1, 2009 thru April 30, 2010