Financial Report to Parishioners for the year-ended June 30, 2020
It is with a heart full of gratitude for your generous financial support during the past year that I present to you our Parish statement of receipts and disbursements. Your generosity has kept the parish functioning especially during these last few months of the COVID-19 pandemic.
Total receipts were $757,207, down $127,772 from the prior year, mainly due to lower offertory collections during the current pandemic period. Total disbursements were $774,801, up by $17,249 over last year, primarily due to the major expense for a new Church roof. The net result, our Parish ended with a deficit of $17,594 for the fiscal year ending June 30, 2020. Request a detailed financial report using the form below
Lower offertory collections made it difficult to stay ahead of our expenses, even though our parish received wage subsidy from the federal government under the Canada Emergency Wage Subsidy which allowed us to continue to pay our staff. This wage subsidy is scheduled to diminish after September, and we will again need to rely on your generous offertory support.
We were able to repay some of our bank loan at the end of last year, but with the significant reduction in the offertory collections this year we have not been able to do more. We did see an increase in the Building Fund receipts through the use of the blue Building for Growth envelopes and the use of Pre-Authorized Giving (PAG). I ask for your continued generous support.
I thank God for blessing our parish with people who are very generous with their time, talents and treasures, and for enriching our Parish Family with an impressive variety of ministries and organizations. This is even more important during this difficult time of COVID-19.
May God bless and keep you safe and always in His care.
Fr. Oliver Iwuchukwu CSSp