A Closer Look: Parish Finances
Our Sacred Heart Finance Committee would like to share with you a summary of our financial performance for the year which ended June 30, 2022. In our continued spirit of transparency, we present this detailed review.
While this year’s report does not reflect the financial prosperity we had last year, we remain encouraged. The year ended with a loss, meaning that expenses exceeded income by $269,949 before accounting for our TTT Capital Campaign donations and expenditures. We will work hard to make sure that next year we return to a financial result that is “in the black.” We are incredibly grateful for the continued generosity of our parishioners, the leadership of our pastor, Fr. Mark, and the hard work of our parish staff.
Overall parish income was $1,070,129 without TTT donations, which is $61,336 below budget projections. Total income was less than last year by $21,218 when TTT donations are excluded. Offertory collections were the same as last year. Included in total income is $61,000 of extraordinary income from the forgiveness of a PPP Small Business Loan. This program has ended. It will be important to replace those funds with other sources, primarily collections from parish members.
Realized parish expenses for the year totaled $1,116,396. This is $9,923 less than budget, due to much-needed repairs which were not part of the TTT campaign, return to normal activities, increased utility costs, and inflation. General expenses were up $41,000 from last year. Details of these expenses are shown in the accompanying report.
Two of Sacred Heart’s major expenses are the subsidies we provide to Seton Catholic School and Alleman Catholic High School. Over $486,000 is dedicated to ensuring our schools remain healthy and continue to provide a quality education program enriched by teaching our Catholic faith.
After a couple of years when many of our ministries have been restricted due to health and safety precautions, we look forward to welcoming volunteers who offer their time and talents to keep our expenses low. Please consider helping with the Garden Committee, the Cleaning Crew, Art and Environment Committee, Facilities Advisory Committee, and the Altar and Rosary Society. We also thank the Catholic Order of Foresters who generously save us thousands of dollars each year. Many thanks to all who graciously volunteer.
Our “Today, Tomorrow, Together” capital campaign raised $894,598 in 2021-2022. With $2,924,375 in funds raised in total over the last four years, our campus proudly reflects the improvements made possible by your generous support. Your gifts have allowed us to complete tuck pointing of the church exterior, complete restoration of our beautiful stained-glass windows, replace the HVAC in the Lee Parish Center, relocate the rectory into the Lee Parish Center, and demolish the old rectory. We are now focused on completing the final part of our campaign which will provide an addition to the church to meet current and future needs.
In this time of uncertainty, your continued financial support has been vital to our ability to address the needs of our parish and school. We thank you for your support and your sacrifice.
We are grateful for the opportunity to serve the parishioners of Sacred Heart. Please continue to pray for God’s blessings on our parish.
Sacred Heart Finance Committee:
Linda Wolbers / Chair
Fr. Mark
DeAnn Gandia
Bill Cornelis
John DeCock
Dave DeJaegher
Aaron Graf
Connie Morris / Trustee
Bill Rector
Jim Watson / Trustee
Mary Vrombaut
