Dear Parishioners:
In the bulletin today, you will find an abbreviated copy of the Annual Parish Financial Report for the Fiscal Year of July 1, 2019, through June 30, 2020. In September, our parish auditors and parish finance council reviewed the report. The parish trustees approved it, and it's been duly sent to Bishop Tobin.
It reports that our parish budget revenue declined $86,500, which is about 11% of our annual budget revenue. From March 15 through June 30, the weekly collection fell over $50,000. This decline is directly related to the COVID-19 Pandemic and the subsequent lockdown. It also reports that we've reduced our expenses by $98,000.
Our parish school report shows a loss of $60,000 due partly from the lost revenue from the extended day program due to the closing of school during the lockdown. As a result of the COVID-19 Crisis, we had to cancel the school's chief fundraiser, the Annual OLM School Spring Fling. This fundraiser annually raises nearly $100.000 for the school.
Thankfully, we could participate in the Paycheck Protection Program when the Trump Administration allowed non-profits and church organizations to seek this assistance. We received a $120,000 loan for the Church and a $281,000 loan for the school. These PPP loans are only to cover the expense of payroll, pension, medical and utility costs. They are listed on the balance sheet as liabilities as of June 30. We intend to seek forgiveness for these loans, and we are currently in the process of completing the required application.
Our weekly budget is decreasing, but I am optimistic that the more people returning to weekly Mass will help stem this loss. We are thankful for those parishioners who continue to support the parish. Also, we thank the additional fifty parish families who signed up for online giving. In a parish of some 2,000 registered families, only about 500 regularly contribute to the parish.
The good news is that our faithful parishioners continue to support OLM generously. Over $50,000 was raised for the school by the recent raffle. These funds help tremendously with our increased expenses and health and safety upgrades for the school.
I am grateful to the many families who have so generously responded to the Annual Parish Collection. As of this week, we have raised just over $50,000. Annually we raise over $100,000 for this vital collection. I am confident that we will reach that amount with your generosity and support once again this year.
Please take the report home and review it. If you have questions or concerns, please contact either myself or our OLM Business Manager, David Cote. I offer my thanks to David for his expert assistance in preparing these reports and managing the parish and school. I also wish to thank our parish auditors, finance council, and trustees for their support and invaluable input and advice on fiscal matters.
The report highlights that fewer people practice the Faith, and thus fewer people financially support the parish. Meanwhile, our maintenance costs, along with insurance, utilities, and other fixed expenses, continue to rise. Therefore I am deeply grateful for your commitment to the Faith and your continued weekly support of the parish.
Moving forward amid the Pandemic, I remain confident that more people will return to the regular practice of their Catholic Faith. We've added another Mass to our weekend schedule, and I encourage those who can safely attend to please join us for weekly Mass.
Monday, we celebrate Columbus Day. It is a day that has become controversial for some people. Many suggest he is not worthy of such an honor, and his statues have been attacked and removed. There is great disagreement about the truth about Columbus. I encourage you to read a new book, Columbus and the Crisis of the West by Robert Royal. It reveals the scholarly truth about Christopher Columbus. Royal, director of the Faith and Reason Institute, also wrote the excellent book 1492 and All That. It, too, is worth a read to learn more about Columbus. Happy Columbus Day!
Stay safe. Be Well. Do Good! God Bless. Go Pats!!!! See you at Monday Devotions!