2015-2016 Financial Report

Annual Financial Report 2015-2016:View/Download

We, the Parish Finance Council are pleased to share with you, our valued parishioners, the financial
results of Fiscal Year 2015/2016. On the reverse side of this document is an Operating Summary for FY2016, which includes the approved budget for FY2017.

The sharing of this information validates our commitment to transparency. The Diocese has full access to our financial records and in the spring of 2016 an on‐site audit of FY2015 was completed by an independent accounting firm. Also, as is required, we completed our Annual Self Review for FY2016.

Please note the following financial and/or operational highlights of FY2016:

  • Collections exceeded budget by $46,568, due to the generosity of our parishioners and their response to the Increased Offertory Program which started in December 2015.
  • Unrestricted Special Gifts exceeded budget expectations by $37,887, once again due to the generosity of some dedicated parishioners who continue to give gifts of stocks and other major family gifts.
  • Operational expenses were below budget expectations by $40,586. Variances of nearly $10,000 or more can be found in Pastoral Salaries and Benefits, Catechetical Ministry, Parish Programs and Facilities.
  • The Finance Council proposed that the Parish borrow funds from SLEMS to settle the construction debt due the Diocese. A formal agreement with a schedule was signed indicating the Parish would pay SLEMS interest at a rate of 1%, which is a higher rate than funds currently earn in a deposit account. The Parish savings on interest is anticipated to be nearly $87,000 over the next four (4) years.
  • Our site was selected to participate in the Diocesan Solar Initiative.
  • Funds from the SCRIP program were used to resurface the parking lot.
  • The Bishop decided to limit charges for weddings, funerals, baptisms and quinceanera’s following the Pope’s statement that services should be without charge. This will likely have a future impact on the budget.
  • The Parish has begun to rent the Community Center again. New requirements have been put in place and the first rental took place in November 2015.
  • Additional funds received from the 2016 ADA are to be held for renovations on site facilities (ex.; the Children’s Center and the Community Center).
  • As we move forward into FY2017 there are certain challenges that we will face as a community that are a result of the Diocesan decision to close the Academy at the end of FY2016. Though the Academy building is not occupied there are operational expenses that must be paid. Some of these expenses were previously paid solely by the Academy while others were shared by SLA, SLEMS and the Parish. Those expenses that were previously paid solely by the Academy will be paid by the Parish while the shared expenses will continue to be shared by SLEMS and the Parish resulting in increased expenses for both sites.

    We encourage those of you who are new to our Parish to participate fully in our community. We provide
    opportunities throughout the year to sign up for liturgical ministries and to become involved in other
    volunteer services. Please contact the Parish office for additional information.

    We would like to thank you for all of the support you have bestowed upon St. Lawrence the Martyr Parish through your many meaningful gifts. Our Parishioners continue to give generously in support of the Annual Diocesan Appeal and to the many 2nd collection efforts in support of works of charity and justice both locally and globally.

    Should any of you have any unanswered questions after reviewing this report, please contact one of the
    members of the Parish Finance Council. They will be more than happy to answer your questions. Additionally, you may also contact Carla Gerrard by e-mail: (finance@saintlawrence.org)

    In Gratitude,
    Fr. Ernesto Orci (Pastor) Monica Argenti, Phil Dolan, Bridgit McGarry (Schools)
    Carla Gerrard (Site Accountant) Mark Tarcha (Parish Finance Council Chairperson)
    Mike Armstrong, Michael Kalt, Pedro Rincon (Current Finance Council Members)
    Dennis Azevedo, Marlene O’Donnell (Retired Finance Council Members)