Dear Parishioners:
The accompanying Annual Report represents the financial condition of Saint Agnes Parish for the year ending June 30, 2021. It also highlights our financial budget for the 2022 fiscal year. This annual report is presented by the Parish Finance Council which provides financial oversight and advice to our Pastor on money matters for the Parish. We hope that it will help you understand how your contributions and gifts to our Parish are used and accounted for and will encourage your continued generosity.
In spite of the challenges presented by the Covid-19 pandemic, we have been able to keep our Church open for public worship, closely following the guidelines of the Archdiocese of Boston and the local Board of Health. We are truly grateful to our dedicated staff and volunteers who have provided the necessary assistance and support to accomplish this task. Your continued financial support during these difficult times has allowed us to provide and sustain our basic ministries. We are especially grateful to all who continue to send in their Offertory and Holy Day donations online or by mail.
Fr. Robert returned to serve his Religious community in India; we thank him for his ministry. We were blessed to welcome Fr. Alwin, a newly ordained priest, to our parish collaborative.
In spite of a significant decline in our Offertory and Grand Annual collections, St. Agnes Parish ended the 2021 fiscal year with an operating surplus of $32,661. This was made possible by a reduction in and better allocation of our Clergy and Employee costs, proceeds from the Federal Payroll Protection Program, additional Gifts and Bequests, and significant market gains from our Common Fund investments. As of June 30, 2021, Our reserves (including cash, investments, and money due to us) are $1,241,875, compared to $1,221,574 in the prior year. The parish completed several capital improvement projects costing $23,642. These included repairing the Church Bells, upgrading the heating system in the Rectory, and re-purposing the Lower Church. We now provide a gathering space in part of our Lower Church.
The Grand Annual Collection remains an important source of financial support to our Parish. While we rely on your continued generosity in the Offertory Collection to keep our revenues in line with our current operating needs, the Grand Annual Collection is intended to provide both the funding for capital needs and a safety net to cover shortfalls. Unfortunately, we fell short of this objective. As reflected in our FY2022 budget, we will focus our efforts this year on increasing our Offertory Giving.
Going forward, we will create and administer a plan for maintaining and updating our parish facilities. We are confident that St. Agnes Parish is well positioned in its mission to provide environments for connection and growth for our faith family to explore, experience and engage with Jesus as part of the local Body of Christ.
Respectfully in Christ,
Fr. Marc Bishop, Jeff Bouvier, Patricia Cullinane, Christopher Doyle, Erin Kreider, David Moran, Shawn O’Rourke, Michael Pallotta, Valeria Ramdin, Theresa Tanner and Michelle Walat
Actual | Actual | Budget | ||||
Fiscal Year 2021 | Fiscal Year 2020 | Fiscal Year 2022 | ||||
REVENUES | ||||||
Offertory | $575,923 | $660,733 | $678,000 | |||
Grand Annual | 113,831 | 120,479 | 125,000 | |||
Religious Education | 23,621 | 46,380 | 45,000 | |||
Sacramental Offerings | 64,790 | 75,611 | 76,400 | |||
Gifts and Bequests | 140,795 | 50,553 | 50,000 | |||
Catholic Appeal Rebate | 13,295 | 18,138 | 15,000 | |||
Flowers and Other Income | 20,803 | 37,014 | 17,900 | |||
Interest Income | 94,535 | 93,853 | 90,000 | |||
Market Gains and Losses | 130,732 | -9,919 | 31,700 | |||
PPP Program Funds | 48,898 | 101,440 | 0 | |||
Total Revenue | 1,227,223 | 1,194,282 | 1,129,000 | |||
EXPENSES | ||||||
Compensation and Benefits | 616,335 | 694,684 | 602,000 | |||
Clergy Compensation and Benefits | 82,852 | 127,878 | 91,497 | |||
Professional Fees | 27,025 | 21,557 | 19,445 | |||
Office and Administrative | 67,459 | 73,060 | 63,900 | |||
Household | 18,570 | 10,857 | 18,000 | |||
Utilities | 61,850 | 53,561 | 62,500 | |||
Insurance | 52,228 | 41,165 | 60,758 | |||
Buildings and Grounds | 104,917 | 75,327 | 89,000 | |||
Pastoral and Liturgical | 23,090 | 30,558 | 23,000 | |||
Central Ministry Tithe | 48,392 | 49,125 | 46,370 | |||
School Support | 90,000 | 50,000 | 50,000 | |||
Miscellaneous | 1,844 | 4,507 | 2,530 | |||
Total Expenses | 1,194,562 | 1,232,279 | 1,129,000 | |||
Net Operating Income (Loss) | $32,661 | -$37,997 | $0 | |||
Other Financial Information: | ||||||
Cash and Investments | $1,241,875 | $1,211,574 | ||||
Current Liabilities | $52,440 | $25,208 | ||||
Note - During Fiscal Year 2021 the Parish completed capital improvement projects of $23,642: | ||||||
a. Installed a curtain divider in the Lower Church for $5,912, b. Replaced the carillon bells in | ||||||
the Church for $13,320, and c. Completed repairs to the Rectory's HVAC system for $4,410. | ||||||
Note - In May 2020, St. Agnes Parish was allocated $150,338 under the Paycheck Protection | ||||||
Program. Our Parish used $101,440 of these funds in Fiscal Year 2020 and $48,898 in Fiscal | ||||||
Year 2021 for payroll related costs. | ||||||
Finance Council Members | ||||||
Fr. Marc Bishop, Jeff Bouvier, Patricia Cullinane, Christopher Doyle, Erin Kreider, David Moran | ||||||
Shawn O'Rourke, Michael Pallotta, Valeria Ramdin, Theresa Tanner and Michelle Walata |