FINANCIAL HIGHLIGHTS FOR FISCAL YEAR 2017
The following page summarizes the financial data for the period of 7/1/2016 thru 6/30/2017. This commentary will help you understand the parish's financial activities during the past year.
Our operating loss for last year was $81,373 compared to 2016 loss of $102,182. (Line E) vs. budgeted loss of $29,002.
Total Parish Income was $4,382,309 (Line A) compared to the last year of $4,267,436 vs. the budget of $4,493,733. Sunday and Holy Day Collections along with Christmas and Easter were $1,791,494 compared to last year of $1,777,115 vs. the budget of $1,855,000. The Sunday and Holiday Collection along with Christmas and Easter compared to last year, had a small increase of $14,379. Compared to the budget the collection decrease was 3.6%. Last year was the second full year of To Teach Who Christ Is capital campaign which we believe had a negative impact on Sunday Collections. The economy has improved significantly and we are Praying our Sunday Collections will also start to improve.
School Tuition and Fees were $2,350,327 compared to last year of $2,271,022 vs. the budget of $2,367,651. We budgeted 450 students and had an average of 451 students throughout the year. All remaining expense decreased from $490,240 in 2016 to $486,159 in 2017 and was below the budget of $502,450.
Total Parish Expenses line D were 4,463,682 compared to 2016 which was $4,369,618 compared to the budget of $4,522,735. We were able to reduce expenses by $59,053 compared to budget but compared to last year expenses increased $94,064. This is a 2% increase and is mainly due to inflation.
The School Endowment Fund had profit of $42,746 (Line F) due to stock market fluctuation.
We had income of $309,110 from Capital activities (Line G). These are the collections from the To Teach Who Christ Is Campaign. These are the funds that will be used to repair the church starting January 2.
We continue to repair the buildings and property. We spent $26,071 to repair the Gathering Place, concrete repairs $30,094, painting the school $65,357 and repaired the gym ceiling for $33,932. These funds came from the raffle and other donations. None of these capital items were paid for by the To Teach Who Christ Is funds.
Family School Association helped fund many other school expenses with the proceeds from our annual auction. Boosters helped pay for some work in our gym and we received miscellaneous donations from many of our other fine organizations. We thank everyone for his or her stewardship again this year. OLW gave $23,170 to our sharing parish, St. Mark's.
We lost $81,373 last year and currently our Sunday collections are $20,822 under budget. We are not in debt and were current on all our obligations to the archdiocese. We are in the fortunate position of having savings but are fully aware that we will continue to face challenges posed by aging facilities and growing needs. Consequently, we ask all parishioners to prayerfully consider what they can do to help Our Lady of the Wayside Parish and further assure its bright future.
It will take an increase of 7% to eliminate our yearly deficit so we can continue to do the good work of the Lord at your Lady of the Wayside Parish.
Thank you again for your continued support and may God Bless You.