PARISH FINANCIAL STATEMENT
Report of Parish Finances for the Period July 1, 2008, to June 30, 2009
Dear Parishioners of St. Martin of Tours Church:
In July, 2009, our Parish Finance Commission reviewed last year's records and the annual report that was forwarded to the Diocese of San Jose. [Click here for a pdf copy of our Annual Parish Financial Report, and the Parish School's Financial Report .]
This annual review by the Finance Commission included an internal review of the accounting controls in place to protect the assets of the parish using a document provided by the Diocese of San Jose Office of Finance. The internal review found that the necessary controls are in place to safeguard parish assets.
Parish Operations
Thanks to your generosity and ongoing cost management during 2008/2009, we were able to pay our operational expenses and fund a portion of our annual reserve goal (see Parish Report). The parish also paid down the loan on Ciro House with proceeds from the rental income earned from the Diocese Vocations Office (see chart below).
This financial year we face increased costs, such as health benefits, utilities, and general insurances. We continue to rely on your generosity to cover the day-to-day operations of the parish and to maintain the facility. We ask that you consider joining the 176 families who are making their church contributions using electronic bank transfers set up through the parish office. This is a convenient way for you to give without the hassle of checks and ensures that the church receives a predictable and steady flow of revenue even on those weekends when you are away from home. Please complete and return a sign-up form (available at the main entrance of the church or in the rectory) if you wish to take advantage of this great program.
Parish School Operations
During the 2008/2009 academic year, 89% of the parish school revenue came from tuition and fees, leaving a shortfall of 11%. Parent fundraisers and development activities helped generate the additional 11% of revenue needed to cover the full cost. 79% of school expenses were for personnel. The expenses continued to closely match the revenue generated from tuition and parent/school fundraising efforts. (See School Report.) For the 2009-10 academic year, the school made reductions in expenses and increased fundraising efforts to allow tuition rates to remain flat at $7,200 for parishioner children. Sibling discounts apply for families with more than one child.
On behalf of all parishioners, thank you for your continuing support that gives life to our parish vision of People Ministering to People.
Return to Financial Report
Financial Report Questions and Answers…
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What is happening with Ciro House and what is the financial impact on our budget? The Vocations Office is paying sufficient rent to the parish to offset all costs associated with Ciro House, including the interest and principal payments for the outstanding loan which was paid down to $33K using net rental income earned in the 2008/09 financial year. This loan will be paid off in the 2010/2011 budget year.
- How does the automatic debit program work for making regular contributions? 176 parish families have signed automatic debit authorizations to have their regular weekly contributions automatically withdrawn from their bank account each month. This program ensures that the parish receives a predictable revenue stream while providing a convenient way for parishioners to donate. Simply complete and return a sign-up form if you wish to take advantage of this great program. These forms are available at the main entrance of the church.