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Saint Charles Borromeo Parish Financial Report – November 2019

On behalf of our pastor, Fr. Forlano, the finance committee of St. Charles Borromeo Parish would like to update the parishioners on the financial status of our Parish. It is our intention to be completely transparent and to relay the successes achieved, as well as the financial challenges we face as a parish. The role of the finance council is to provide Father Forlano with guidance in making the most important financial decisions for the parish for the long-term financial health of the parish.

St. Charles Borromeo School. We currently operate the church and school separately for accounting purposes and, while the income from the Church currently subsidizes some of the operating expenses of the school, we are pleased to report that this subsidy has significantly decreased.  (The last time the parish published a financial report in 2016, the subsidy was $366,497; for the fiscal year ending June 2019, the subsidy to the school was $290,238; our current budget has the subsidy projected at $187,430 for the fiscal year ending in June 2020). Our goal is that the school be self-sufficient through tuitions and other income generating sources in the coming years. Modest tuition increases, maintaining student enrollment, the introduction of an additional kindergarten class, and other school development programs are making this possible. It is important that this is accomplished without sacrificing educational integrity. We feel it is important to let you know that our school is on sound financial footing and its future is not in doubt.  Recent assessments by Archdiocesan consultants have provided clarity regarding the financial status of the school and guidance for future planning.

Just recently, Saint Charles Borromeo, with the recommendation and support of the Archdiocese, has instituted a Board of Limited Jurisdiction (BLJ) for the governance of our parish school. The BLJ is comprised of six committees that focus on finance, facilities, enrollment, development and other aspects of institutional advancement. The BLJ will be collaborating with the Parish Finance Council and working closely with Fr. Forlano and Sister Koreen, the school principal, to formulate and to implement a strategic plan for the long-term vitality of the school. The long-term financial stability of the school is a key factor in the overall long-term financial health of the parish. Forming a BLJ comprised of experienced lay-leaders is a big step in the right direction toward achieving this goal. Please join us in supporting this effort and thanking them in advance for their hard work and dedication.

Our Lady of Fatima Property.  The facilities at Our Lady of Fatima continue to be used for the spiritual care, adult faith formation, and pastoral care of our parishioners. Their use requires upkeep and maintenance. Father Forlano has been successful in gaining rental incomes from Catholic Social Services and a soccer academy which help to offset some of the recurring expenses, but there are some significant capital improvements, deferred for some time, that must be addressed in the future.  This is an evolving situation, and we will keep the parish community informed of the progress and challenges as they develop.

Parish Income. As one can see from the attached spreadsheet, the vast majority of income for the church is from weekly Mass donations. We are pleased to report that even with the reduction in the Mass schedule from six weekend Masses to five, there has been no reduction in total donations. (Comparing the last 6 months of 2018 to the first six months of 2019).   We should be very proud of this accomplishment as a Parish Family. But there is still much work to be done. Just like we plan and budget in our own homes for things such as retirement, college tuitions, and unforeseen occurrences, so too must we for our parish home. One of our goals is for increased donations over the coming years to build a Capital Fund and to offset rising operating expenses.  We would ask that each parishioner and family prayerfully consider what part they could play in this effort toward increased offering.

We sincerely thank you for all you do to support the parish through your time, talents, and financial commitments.  Please feel free to reach out to anyone on the financial council through st.charles@stcharlesbensalem.org with any recommendations, any questions, or further clarification regarding the attached financials.

Respectfully,

 

Members of the St. Charles Borromeo Finance Council                                                                                                        Gerald Capie, Araceli Cruz, Christopher Szal, James Wilkinson

CLICK HERE TO DOWNLOAD FINANCE REPORT

 

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