NEWS & EVENTS
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Updated Financial Reports
Your parish Finance Committee has completed its review of the 2019 Financial Report. In light of our commitment to financial transparency, we are posting several reports related to the 2019 financial activity on the Parish website. The following is a summary and explanation of some of the important points that these reports present.
The first report is the 2019 financial statement. In 2019 we continued to work on improving our financial tracking. We went as far back as 2016 to record transactions that had been missed. In addition, we reviewed our compensation levels to bring them in compliance with diocesan guidelines. This retrospective action resulted in recording $53,800 additional expenses in 2019. These prior year issues are no one’s fault. To help us to continue improving the efficiency of our parish office function and ensuring accurate tracking of our financial information, we have contracted with a CPA firm, Armanino LLP, which works with other parishes and schools in the diocese, to handle our accounting functions. We expect that we can report the first quarter to the congregation in a few weeks. Other adjustments reflected on the 2019 financial statement include the parish portion of the Diocesan Capital Campaign (Reclaiming Christ’s Mission Together) which, along with prior year distributions, is directed to refurbishing the convent/ministry center building. Another adjustment is the impact of the Valley Foundation contribution for the refurbishment of the gym.
The Valley contribution is reflected in the income section as well as expenses. The parish was the recipient of a very generous bequest from a former parishioner. We have adjusted this amount out of the income so that we can show the actual operating performance from our day to day activity.
After these adjustments, we had a shortfall of over $71,000. Put simply, we were in the red and had to dip into our reserves to be able to pay bills. We had to dip into our savings in 2018 as well. In fact we have a track record of having to draw on savings as far back as 2014. The second report shows a comparison between the operating results for 2018 and 2019. The Finance Committee over the last several years has worked with Fr. Leonard to find ways to control expenses. A number of changes have been implemented. Our effort continues to find additional cost savings now and in the future. We have two priests, two full time employees, and three part-time employees. Most of our administrative support services are performed by the diocese. As you can see, our operating expenses have dropped by over $40,000. We continue to work to find ways to save.
The third financial report is a review of the major bequest from a former parishioner. As you can see, we have already had to access these funds to cover our operating short falls. This bequest will help us with repair, replacement and refurbishment projects that have been deferred for a number of years. Fr. Leonard has created a Buildings Committee that will survey the parish facilities and come up with recommendations.
The detailed financial reports have been posted to the Assumption Parish website. Please review the reports. If you have any questions, please email George Brandt, Chair, at email@example.com.
George Brandt, Chair
Congratulations to our newly confirmed Brothers and Sisters in Christ.
We are proud of you and we love you. Assumption will always be your home. May God bless you and keep you safe and may the Gifts of the Holy Spirit be upon you always. Go forth and make this world a better place for all.
From Fr. Leonard
Nancy Pretto emailed this to me. So, I thought I'd share this news with our community. This is from Nancy, "I am forwarding this picture of Ms. Garcia, parent facilitator at Bancroft Middle School, giving our check for $420.00 to the Directress of Orfanario Emmanuel in Tijuana. Ms. Garcia also shared Social Action Team interest in visiting at a later date." I thought this was wonderful. Thanks Nancy!