Financial Report 2018

For the full Financial Report in PDF format - click here

Dear Parishioners:

Your offertory contributions ensure that the temporal needs of Saint Mary of the Mount are met so that our spiritual lives may soar within and beyond our beautiful faith community. Your Pastor and Parish Finance Council are grateful for your stewardship and accountable to you for complete transparency. This year’s Financial Statement provides you with a summation of revenue and expenses and includes helpful graphics to simplify the overall picture of money required to manage our church property, pay our clergy and lay staff, and fund various ministries.

Also shown are operating projections for the 2018-2019 fiscal year. The church fiscal year spans July 1 through June 30, meaning that the last fiscal year representing 2017 – 2018 began July 1, 2017 and closed on June 30, 2018. The forthcoming budget year began July 1, 2018 and will end June 30, 2019. Both sets of financials (the 2017-2018 Actuals and the 2018-2019 Budget) are provided for your review. The pie chart visualizes expenses incurred this past fiscal year.

Given the disturbing content of the Pennsylvania Grand Jury Report, it is reasonable to question the use of your monies and to want assurance from your pastor and Finance Council that prudent judgment - without exception - has been applied to the use of your donations. On behalf of the Council, Father and I want to express our dedication to being good stewards of your assets. We take the role of our fiscal leadership seriously and seek to earn your trust daily. Council meets monthly to discuss the Parish’s fiscal health and to make sound, and often, difficult decisions. While we are not a rich church, we are blessed to be on firm ground. We pray for more offertory dollars, but that said, our collections are on a firm trajectory. God continues to provide for what we need - through you! Our key fundraisers, the Fashion Show and Fish Fry, augment the offertory with additional dollars that help us to pay the bills.

Before closing, we would like to make a few observations about the financials. You’ll see that generally speaking, it costs approximately $700,000 / year to keep our Parish functioning. Our beautiful old gothic building requires up- keep, and during this past fiscal year, needed repairs took us slightly beyond our Operations & Maintenance Budget. Fortunately, our savings allowed us to respond to these emergencies. Administration (the cost of administrative personnel and various day-to-day office expenses and equipment maintenance) is another major category of expense and one that we have strategically contained in recent years. Personnel in general represents fixed costs that must be carefully managed. In this report, staffing is embedded in each category of expense. For example, the liturgical line item includes expenses for music personnel. We are careful to hire only staff we can truly afford over time. Our talented people are a blessing. We must pay them fairly and reward them appropriately. To do so requires fiscal discipline. Still another major category of expense is Faith Formation which represents the cost of religious education, including various study aides and materials along with the upkeep and utilities for Sullivan Hall and our school. These are the locations where Religious Education takes place and why they are represented in this line item.

Of broad interest is the status of the Capital Campaign. You’ll see that monies pledged total $2.4 million with $1.76 million already received. These numbers reflect the June 30, 2018 report date. Since then, we sold the School for net proceeds of $1,130,995. All monies originally owed to the Diocese as part of the Keep the Light Shining Campaign have been paid in full. We have made significant progress toward our goal and continue to strategize the next phase and final push of our capital raise.

Please read over the report provided and ask any questions that would better your understanding of our Parish’s health. You may direct questions to either of us or to other members of Finance Council: Janice Stock, John Walluk, or John Quinn. Of course Sandy Crowley, Office Manager, is also available to answer questions. Thank you for helping to make Saint Mary of the Mount a fiscally healthy and vibrant place to worship.

In Christ’s Peace,

Amy Michaliszyn -  Parish Finance Council Facilitator

Rev. Michael J. Stumpf - Pastor