A Closer Look: Parish Finances
We invite you to look back on the financial performance of our parish for the past year which ended June 30, 2023.
When we began the Today, Tomorrow, Together Capital Campaign (TTT) in 2018-2019, we had no idea what the next few years would bring. Fortunately, through sound fiscal management on the part of our pastor, Fr. Mark, the dedication of our parish staff, and the continued generosity of our parishioners, we survived those times and forged ahead with our projects. During the past year, we celebrated the successful completion of the TTT campaign. We are now engaged in our Centennial Drive. This is a debt reduction campaign that is progressing well. We know the future, like the past, will bring challenges, both expected and unforeseen. With your help, Sacred Heart will continue successfully meeting those challenges for the upcoming year.
Highlights of the 2022-2023 year are:
We, as a Finance Committee, strive for transparency. We work to maintain a balanced budget by maximizing revenue sources and keeping spending in check.
Parish operations showed a positive bottom line for the year. Income exceeded expenses by $48,416.
Collections were up over last year by $9,036, while other ordinary income, primarily interest and investment income, dropped by $16,376.
We received bequests of $117,742 through the generosity of Michael Kerchove and Oscar Lopez. These loving and thoughtful gestures of including Sacred Heart Parish in their estates carries on forever. We are most grateful.
Extraordinary income related to the final COVID assistance programs was $81,660. This income needs to be replaced by collections, bequests and fundraising.
We spent $499,480 in our support of Seton and Alleman Catholic Schools. Sacred Heart is dedicated to ensuring that our schools remain healthy and continue to provide a quality education program enriched by the teachings of our Catholic faith.
Parish expenses increased $19,000 over last year. Facility expenses decreased $11,000 from the prior year. The cost-saving efforts of our staff and many volunteers save our parish thousands of dollars. We greatly appreciate all that you do.
We paid $12,285 to the Annual Diocesan Appeal due to the prior year shortfall of our ADA goal. We strive to eliminate this expense by meeting our current year goal.
Our parish endowment fund grew by $62,800. The fiscal year ending balance is $940,067.
We achieved a milestone this year with the opening of our $2.2 million Gathering Center made possible by your generosity. We borrowed $475,000 from the Diocese of Peoria related to the project. Interest expense associated with that debt was $5,633 for the year. Our primary focus now is to pay off the entire loan balance as soon as possible.
Challenging times continue. It is your contributions of time, talent and treasure that make this a strong parish. 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
Bill Cornelis
Dave DeJaegher
Bill Rector
DeAnn Gandia
Jim Watson/Trustee
Fr. Mark DeSutter
John DeCock
Aaron Graf
Mary Vrombaut
Connie Morris/Trustee
Year-End Report for July 2022 - June 2023
Income
Expenses
TTT Capital Improvements
INCOME
2022-23: $441,757.01
2021-22: $824,598.49
CAPITAL EXPENDITURES
Gathering Center Construction Costs
2022-23: $2,253,737.12
2021-22: $82,848.86
Interest on Diocesan Loan
2022-23: $5,632.61
2021-22: --
Rectory Demo/Asbestos Abatement
2022-23: --
2021-22: $29,590.31
TOTAL
2022-23: $(1,817,612.72)
2021-22: $712,159.32
FY Change to Net Assets
Parish Operating Budget
$48,415.66
Endowment Funds
$62,799.46
Capital Improvements
$(1,817,612.77)
FY Change in Net Assets
$(1,706,397.65)