71 Central St. Stoneham, MA 02180

Parish Fiscal Year-End 2018 Actual vs Budget

  2018       $   %
  ACTUAL   BUDGET   VARIANCE   VARIANCE
REVENUE              
Offertory & Commitments $1,049,564   $975,000   $74,564 (1) 7.65%
Grand Annual Collection 80,038   110,000   (29,962) (2) -27.24%
Flowers & Candles 26,249   25,000   1,249   5.00%
Sacramental Offerings 138,359   138,900   (541)   -0.39%
Tower Rental Income 34,471   34,470   1   0.00%
Gifts and Bequests 75,817   17,000   58,817 (3) 345.98%
Religious Education 142,922   120,000   22,922   19.10%
School Tax Income from other Parishes 15,555   15,550   5   0.03%
Interest Income 7,576   0   7,576   100.00%
Other Income 28,059   7,200   20,859 (4) 289.71%
Building Fund Donations/Pledge Receipts 16,571   50,000   (33,429) (5) -66.86%
TOTAL REVENUE $1,615,181   $1,493,120   $122,061    
               
EXPENSE              
Compensation - Priests & Religious $141,685   $136,200   $5,485   4.03%
Compensation - Lay Employees 576,063   630,000   (53,937) (6) -8.56%
Benefits and Payroll Taxes 122,215   130,000   (7,785)   -5.99%
Liturgical Supplies/Parish Community Expenditures 64,705   49,200   15,505 (7) 31.51%
Telephone and Utilities 110,284   91,000   19,284 (8) 21.19%
Maintenance and Repairs 88,473   111,500   (23,027) (9) -20.65%
Office Supplies 28,777   26,000   2,777   10.68%
Religious Education (Salaries, Benefits & Expenses) 120,080   120,090   (10)   -0.01%
Professional Fees 7,864   7,600   264   3.47%
Household Expenses 81,415   60,000   21,415 (10) 35.69%
Postage, Printing, and Envelopes 13,296   17,500   (4,204)   -24.02%
Books and Pamphlets 10,048   8,800   1,248   14.18%
Property and Liability Insurance 22,274   23,000   (726)   -3.16%
Furniture & Equipment 2,797   13,500   (10,703) (11) -79.28%
Capital Improvements on Parish Property 103,292   150,000   (46,708) (12) -31.14%
Central Ministy Tithe (IFRM) 58,033   60,000   (1,967)   -3.28%
Catholic Appeal Assessment 21,738   25,000   (3,262)   -13.05%
TOTAL EXPENSES $1,573,039   $1,659,390   ($86,351)    
NET INCOME (LOSS) $42,142   ($166,270)   $208,412   -125.35%
               
Footnotes:
(1) An Increased Offertory Campaign was launched in October 2017 resulting in an increase of offertory contributions.
(2) The launch of the Increase Offertory Campaign during the traditional Grand Annual Appeal timeframe resulted in a reduction
     in donations to the Appeal.
(3) Donations received towards various ministries, Parish Renovations, Tree of Life, and memorial donations. A conservative
     approach is taken in budgeting for donations.
(4) Other income includes unbudgeted reimbursement from new copier contract, market gain from Qualter Fund Investment,
     bulletin profit sharing, and other misc. items.
(5) Payments received on outstanding Mortgage Debt Reduction Campaign Pledges was less than expected.
(6) Reduction in overall compensation paid including benefits, musicians, hourly staff, etc.
(7) Includes expenses for clergy receptions, family ministry expenses, charitable works, and bereavement ministry.
(8) Increase in cost of utilities, includes payments made towards new LED lighting receptacles and new phone system.
(9) Reduction in cost of repairs due to capital improvements being made to buildings.
(10) Costs greater than budgeted for household supplies.
(11) Costs allocated to Household Expenses versus F&E.
(12) Improvements to Church, Parish Center and Rectory have not all been completed.
 
Notes:
Cash Balances at 6/30/18...Checking Account $604k; Savings Account $429k
Outstanding Bills at 6/30/18...$34k
There are no outstanding load balances at 6/30/18.
Major capital expenditures made during fiscal year 2018 included continued renovations to rectory house including rubber roof,
walkway and landscaping.
Renovation to lower church including painting of sacristy and entryways, new countertops, etc. and painting of the exterior of the
parish center. Cost ~$103k.