Semi-Annual Financial Report

Download Full Report Here, the narrative only is found below. 

Please see the mid-year financial report for the first six months of the fiscal year ending December 31, 2023.  Thank you all for your generous support to St. Martha Parish and School!  I cannot convey my gratitude adequately so please know how grateful I am for your contributions to the parish.  Without your continued generosity we could not advance the mission of Christ to the fullest extent possible.  Allow me walk you through some highlights from the reports themselves:

Overall, Income exceeded budget by approximately $171,000.

• Income related to the Church exceeded budget primarily due to increased Mass attendance and a very successful parish fundraiser auction.  Passing the baskets beginning Labor Day weekend continues to have a significant impact on offertory but online giving has remained fairly constant month to month.  Offertory, however, was significantly down in the months of July and August.    
• Income related to the School exceeded budget primarily due to generous gifts to the Affordable Tuition Fund, a restricted distribution from an endowment held at the Catholic Foundation.
• Faith Formation income exceeded budget primarily due to increased enrollment.  
• Preschool income is less than budget primarily due to having budgeted for two additional students in preschool but, with limited space, we were unable to accept additional students.    
• Investment income exceeded budget due to returns on investments and market performance.
• Income related to special groups exceeded budget primarily due to successful fundraising by the Council of Catholic Women. 

Expenses exceeded budget by about $56,000 due to: 

• Increased auction/fundraiser expenses. 
• Custodial services which were an addition to the operations budget. With the growth in the school it was necessary to add this cost in order to maintain the facilities at our desired standard.
• Hiring of a Director of Facilities and Maintenance to replace Don Morgan. 
• We received two large invoices in the current fiscal year that related to expenses in the previous fiscal year.
• Work had to be done on the organ as two pipes fell. 
• Lights in the Church were replaced (this project will be completed during the last six months of the fiscal year with additional expenses).

The balance sheet remains strong with approximately $2.6 million in net assets.  Our liabilities relate to normal accounts payable for goods and services received in December but not paid until January.  Prepaid tuition is recorded as revenue in the month earned.  You will also note that the down payment for the Lockout SmartBoot of approximately $59,000 will come out of savings as will the remaining amount of approximately $59,000 once installation is complete (this was explained in a previous bulletin).  If, however, current fiscal year operations can absorb the costs of the Lockout SmartBoot system there will be no need to touch savings for this expense.  This remains to be seen as we move through the remainder of the fiscal year.  As of right now, we plan on utilizing savings for these costs. 

A few comments as we move through the next six months of the fiscal year: 

• As noted above, offertory was significantly down during the months of July and August perhaps because many people take vacations.  To help ensure the parish has the operating revenue necessary month to month, it is very helpful to enroll in online recurring giving so when you are away for an extended period, gifts are still being made to the parish.  
• The Affordable Tuition Fund is the main driver that helps keep Catholic education in Meridian Township accessible, available, and affordable.  Without gifts to the Affordable Tuition Fund we would have to increase tuition significantly.  So, I greatly appreciate those who generously give to help us keep tuition low.  And, all gifts help the bottom line of the parish as they offset the amount necessary to subsidize the school.  
• The budget will remain tight for the remainder of the year due to inflation and the additions to the operating budget explained above.  When we published the annual report in October I asked everyone to prayerfully consider increasing their weekly giving by 3% - 8%.  As I said, the increase in offertory is primarily due to increased Mass attendance as recurring online giving has remained constant month to month.  I will humbly make that request again and, as always, I remain grateful for the sacrifices you make to St. Martha Parish and School. 
• Thus far, with Net Income of approximately $90,000, I am very happy with our financial situation especially with the additions to the operating budget and having paid half of the Lockout SmartBoot from current year operations.   

Know of my prayers for you all!
Fr. Ryan

Full Semi-Annual Financial Report: 7-1-2023 to 12-31-2023