|The members of the St. Gabriel Catholic Church Finance Council are pleased to present the following financial report to our fellow parishioners. Due to the continued giving of our congregation, our finances remain sound. The 2013-2014 Fiscal Year results reflect the generosity and commitment from those who share in our faith.
While continuing to invest in our facilities, ministries, and outreach, St Gabriel finished the year ahead of budget. Operating Revenue slightly exceeded budget, while expenses came in just under budget. This was done while increasing what we gave to Charity, from $297,000 in 2013 to $310,000 in 2014.
Offertory trends continue to be positive showing the dedication of our parishioners on a weekly basis. Total Offertory increased to $2,990,000, which was ahead of plan. Offertory represents 82% of our operating budget. While we have been called to participate in the Forward in Faith Hope and Love campaign, Diocesan Support Appeal, and Priest Retirement fund, our parishioners remain committed to giving at mass each week.
Expenditures closed the year $58,000 under budget. This will aid us as we continue to prepare for large anticipated maintenance expenses. We effectively lowered expenses where reasonably possible and continue to become more efficient in our processes. This was done without eliminating ministries or staff.
St. Gabriel is in a good financial position and we continue to be thoughtful stewards of our finances. The US economy continues to strengthen with unemployment dropping, housing starts increasing, and consumer confidence improving. In preparing the budget for 2014-2015, the St. Gabriel Finance Council remains cautiously optimistic. We expect our Diocesan Assessment and MACS School Subsidy to be roughly the same as last year, while General and Administrative Expenses, which includes employee payroll, to increase. We are also projecting an increase in our facilities budget. The Finance Council is working closely with the St. Gabriel Building Committee to determine what repairs and improvements need to be made in both the short term, and long term. In the past year, we have grown our restricted accounts, as well as unrestricted accounts. This allows us the ability to service our wonderful campus and direct funds to areas of need.
We are committed to being a tithing Parish. We are inspired by the leadership of Pope Francis who is championing charity and tolerance. In a recent Fortune Magazine story, he made comments regarding the overall financial health of the Catholic Church. Pope Francis believes that it is very important for the Church to be in a sound position to serve its community, specifically the poor. Our Pastor is committed to increasing our tithing efforts and making a difference in the Charlotte community. Last year, St. Gabriel donated $310,000 to various charities and this year we expect to exceed this number in as many ways as possible.
St. Gabriel is a wonderful place to practice and celebrate our faith. We are blessed with a beautiful campus, dedicated leadership, and loyal parishioners. It is our parishioners who give of their time, their talents, and their treasure that are the core of St. Gabriel. As stewards of the Parish finances, we believe we have positioned St. Gabriel for the 2014-2015 fiscal year and beyond. We thank you for the opportunity to do so.
The St. Gabriel Church Finance Council
Bryant Brewer (Chair), Mark Adamson, Chris Brown, Lee Cochran, Steve Gennett, Sr.,
|Tithing Report 2014-15|