A Letter From The Parish Finance Council
December 6, 2020
Dear Brothers and Sisters of Our Lady of Mount Carmel,
The Parish Finance Council (“PFC”) and I present the financial report for the fiscal year from July 1, 2019 to June 30, 2020. You will see that we have recorded an operating loss of $176,549 versus a loss from the prior year of $4,049.
Compared to last year, operating revenues were lower by $148,338 directly due to the impact of Covid-19 closures and restrictions. Lower attendance of parishioners that would normally contribute either cash or checks during services including Easter had a material impact on revenues. Parishioners who are enrolled with Faith Direct contributed ~$215,000 in 2020, the same amount as 2019. Operating expenses were $24,165 higher in 2020 versus 2019 mainly attributed to increases in Charity ($25,763) and Capital Expenditures ($12,216), offset by reductions in the Archdiocesan Assessment ($15,444) and Repairs & Maintenance ($13,876).
Our endowment, which is largely invested in a balanced portfolio of ETF investments, did not escape the impact of Covid-19 and experienced a loss of $60,619. The endowment resulted from parishioner gifts and bequests over the years and is drawn upon when needed. Over the last several years, we have been drawing upon the endowment to help the Church meet its operating expenses. During 2020, given the extent of the Covid-19 impact on the Church, we withdrew $225,000 from the endowment account. We have had to withdraw an additional $50,000 from the endowment in July 2020 to support the Church and expect to withdraw additional funds throughout the current financial year.
Every year we strongly encourage parishioners to provide “restricted use” donations where possible, designating a specific cause or purpose (e.g. Religious Education program, church buildings and grounds repairs and maintenance). The “restricted use” funds are not subject to the annual Archdiocesan assessment of 18%, i.e. 100% of the benefit goes to OLMC for the specific use designated. We are currently evaluating the cost to repair the boiler system that some parishioners may wish to designate for use of their “restricted use” donations.
And finally, we ask all parishioners to consider changing their form of gift giving from cash and/or checks to direct debit or credit card through the Faith Direct platform. Using Faith Direct does not cost you any more than you already donate. It is easy to enroll, and you have complete control of your donations. Faith Direct is more secure because it eliminates the handling of checks and cash. You can turn it on and off or increase/decrease the amount you give as you please. The website and mobile App give you instant access to your donations, tax statements and more, and is very “user friendly.” Enrolling in Faith Direct may go a long way in securing the financial future of our beloved parish.
Any parishioner that may wish to ask questions to the PFC about the financial performance of the Parish or the contents of this letter can do so by sending an email to parishfinancecouncil@nullolmc.us.
Sincerely yours in Christ and Our Lady of Mount Carmel,
Parish Finance Council: Fr. Ashley Harrington, Tom Izzard, Dolores Miller, David Oaten, Mike Bruno,
Chip Clingham, Daniel Lee, and Philip Reicherz
www.olmc.us/parishfinancecouncil
Our Lady of Mount Carmel Church Financial Summary July 2019 – June 2020
