Dear Fellow Parishioner,
With the summer coming to a close the Parish Finance Council (“FC”) will be holding its first meeting of the new fiscal year on Monday evening September 18th at 6:30pm in Guinan Hall. All parishioners are welcome to attend. The focus of this meeting will be finalizing a parish budget for the upcoming fiscal year, and reviewing the financial results of the past fiscal year.
A brief overview of the June 30, 2023 financial results that will be reviewed at the meeting follows. Please go to the parish website, under Finance Council, to view the referenced financials.
Statement of Financial Position: The FC has taken over collection responsibility for the remaining outstanding pledges of the capital campaign. The Statement of Financial Position reports the parish has $330K of parishioner pledges receivable. These pledges, when collected, will be used the pay down the construction loan. The FC currently projects a loan balance of $831K that will need to be refinanced. This represents a $172K reduction from the projection developed back in February.
Liquidity for the parish remains very tight so reducing the loan balance, reducing the interest cost, is a priority. The FC will also be reviewing the alternatives for refinancing the outstanding balance on the construction loan prior to next fall’s loan maturity.
Parish Operating Results: Fiscal Year Ended June 30, 2023: As the FC reported back in February, the parish continues to suffer a significant deficit from operations. The fiscal year Statement of Receipts and Disbursements shows the cost of parish operations exceeded parish operating receipts by almost $127K. This is an unsustainable trend! While the parish was able to reduce operating costs by almost $38K this was not nearly enough to offset a 13% decline in offertory receipts.
The parish did experience an increase non-operating gifts which were primarily utilized to repay a portion of the construction loan. When you include construction loan interest expense, projected parish cash needs in the upcoming fiscal year suggest that parish offertory receipts must increase by almost 30% to sustain our financial position.
Parish Financial Outlook: Under Father Ian’s leadership we gained a beautiful new church and chapel. He reduced parish expenses and kept our spiritual community together through the COVID pandemic. With our new pastor, Father Paul Holland, S.J., we are well positioned to advance our faith. He will be seeking the engagement of the entire parish community to increase the flock. We are all invested in the spiritual wellbeing of our parish, so please be open to his calling.
The Offertory Renewal Program that the Parish Pastoral Council is embarking upon this month is intended to educate parishioners on all the parish services the weekly offertory supports. Our parish community, just like our individual household, can only be maintained through our financial support. As your FC Chair I believe the continued spiritual growth of our parish community is dependent upon our willingness to listen, learn and generously commit to our parish’s Offertory Renewal Program.
Faithfully,
Paul J. Huston
Finance Council Chairman
Accountability Sunday, December 5, 2021- Annual Reporting to Parishioners
Letter from the Bishop on Accountability Sunday
Annual Parish Financial Activities Prepared According to Diocese Standardized Reporting Model
Financials for the 6 months ended 12/31/2020
Balance Sheet Prev Year Comparison
Statement of Receipts and Disbursements
Download a copy of Financial Reports by clicking on the links below.
Balance Sheet Prev Year Comparison 2019
Statement of Receipts and Disbursements 2019
Finance Council Members 2022 - 2023
Rev. Richard D. Murphy (Administrator)
Paul Huston, Chairman
John Schmeltzer, III, Parish Trustee
Sue Stone, Parish Trustee
Frank Gilbride
Don McGuire
Elissa Moran
Michael Nedder
William Shea
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St. Michael the Archangel Parish
469 North Street Greenwich, CT 06830
203-869-5421
Parish Office Hours:
Monday through Thursday 9:00am - 3:00pm
Friday 9:00am - 1:00pm