Dear Parishioners of St. Charles Borromeo,
The members of the Finance Committee and Father Forlano would like to share with you the financial status of the parish. To that end, please find attached the revenue and expense reports for both church and school for the last two fiscal years - 2022 and 2023.
Sunday Collections and Other Collections are lower in the second year. We are hopeful, with your help, to get back to where we were in early 2022. The increased offertory campaign initiated in October 2021 generated a significant increase in Sunday collections for about six months. It is to be expected that collections decline in the second year after the campaign. We are grateful to our parishioners who increased their offering in 2021 and 2022 and have remained faithful to that commitment. We ask anyone who is new to the parish or who was unable to increase their offering in 2021 to consider an increase in giving this year. An increase in giving between $5 and $10 per week for each family would address the significant budget deficit the parish reported in 2023. The deficit was driven primarily by significant increases in the cost of utilities and maintenance for both church and school. Revenue from socials and donations are up on the Church side primarily because of a very successful Latino Festival in the summer of 2022 and the great success of the St. Charles Thrift Store that continues to grow. The major school fundraisers, including the Home and School auction and the Golf Outing, were not as profitable as in previous years due to expense increases across the board. The pastoral council is already working on creative ways to build community life that will also support the parish operations. Please keep your eye on the bulletin for new events and initiatives. We had two very generous bequests from parishioners over the past two years ($100,000 and $50,000). That difference accounts for a significant drop in parish income from 2022 to 2023. While bequests cannot be “budgeted”, any bequest adds significantly to the parish’s bottom line. Please consider remembering Saint Charles Borromeo when drafting your will.
Cutting expenses and finding cost saving opportunities continue to be our focus. Note that church and school decreased administrative costs significantly from 2022 to 2023.
School revenue, helped in large part by a modest tuition increase and by maintaining our student enrollment, has remained almost the same even though in 2022 we had the benefit of the PPP2 program and $170,017 of loan forgiveness. Delivering a superior educational experience for our students remains a top priority for the parish. At the same time, having a targeted goal for decreasing the parish’s subsidy to the school to sustainable levels over the next several years will be a priority of the new school administration. Thank you to all who contributed to the Roof Replacement Campaign. We have almost reached our goal of $75,533. The next season of school fundraising will be dedicated to major technology upgrades. Supporting any fundraising efforts of the school will have a positive impact on the parish’s balance sheet. We are grateful for the St. Charles alumni and our parish families that continue to support the mission of Catholic education in our parish.
In summary, with income down 17.2% and expenses up 19.3% attributable primarily to inflationary pressures, St. Charles is running a budget deficit for the first time in recent memory, i.e., spending more than is being taken in through collections and other revenue streams. Assets on the balance sheet, however, allow the parish, in the short term, to continue operating without compromising the level of pastoral care we have enjoyed. The finance committee will be recommending ways to close and to reverse the budget deficit and seeks the support of the St. Charles faithful while the parish, like each and every family unit, feels the effects of the economic downturn.
Father Forlano and all the members of the finance committee seek to be fully transparent regarding our current financial situation. Please feel free to reach out to any member of the finance committee or Father Forlano with any questions or suggestions. Please call the parish office. We would be happy to speak with you.
The St. Charles Borromeo Parish Finance Committee
Jerry Capie, Molly Quinn, Araceli Cruz, Christopher Szal, Fr. Forlano, Jim Wilkinson