Click here to download the Annual repo
Click here to download the Operational Statement
St. James Parish
117 Hudson Avenue
Chatham, New York 12037
Annual Financial Report to Parishioners
For Fiscal Year Ended
June 30, 2024
October 2024
Dear Parishioners,
The Finance Council presents to you the Annual Report for the Fiscal Year Ended (FYE) June 30, 2024. The report provides the operational results for the fiscal year, a historical review of regular offertory collections, and a review of weekly mass attendance. It is important to note that the financial report for the Church (Exhibit A) excludes revenues and expenses related to the Colbert House as this information is reported in Exhibit B. The two financial reports are presented in a format that compares the information to the prior fiscal year's operational results.
The following Exhibits are included in the report:
➢ Exhibit A - Financial Report for FYE June 30, 2024.
➢ Exhibit B - Financial Report for the Colbert House for FYE June 30, 2024.
➢ Exhibit C - Historical Average Weekly Offertory Collections.
➢ Exhibit D - Historical Average Mass Attendance.
Exhibit A
The Fiscal year's operational results were a net operating income of $5,817.
Factors contributing to the operating net income are highlighted below.
➢ Overall revenues decreased 17% as compared to the prior year. This can be directly attributed to the receipt of a one-time Federal Employee Retention Credit Grant ($56,048) that was received in fiscal year 2023.
-
-
- Revenue from various regular offertory collections (weekly, utilities, holy days, etc.) increased 2% as compared to the prior year. The regular weekly offertory collections increased 1% which is the first time in several years that this has occurred.
- Monies ($6,000) from the Mass Stipend account were transferred to reimburse the Church for mass intentions.
-
➢ Overall operating expenses decreased 8% as compared to the prior year.
-
-
-
-
- Lay Person Salary & Benefit Expenses decreased 28% as most of the staff is considered a shared service.
- Property Insurance expense increased 24%.
- The combined Repairs & Maintenance Expenses and Structural/Grounds/Furnishings Repairs and New Equipment Expenses decreased 28% as no major repairs or maintenance were required during the fiscal year.
- The Church was required to fund the Diocesan Assessment shortfall totaling $2,666 in the current year.
- Chared services expenses increased 1% as compared to the prior year.
-
-
-
Exhibit B
The Colbert Hosue operational results were a net operating income of $4,847.
Factors contributing to the net operating income are highlighted below.
➢ Overall revenues decreased 1%.
-
-
-
-
- The revenue generated by the Annual Appeal and Fundraising Events decreased 8%. However, this can be mainly attributed to a change in bookkeeping for fundraising expenses.
- An insurance reimbursement was received for the repairs and replacement of the kitchen oven (see below).
-
-
-
➢ Operating expenses increased 51%.
-
-
-
-
- Insurance increased 24%
- Major repairs were required to the chimney.
- Due to an electrical surge created by a severe thunderstorm, the kitchen oven needed to be replaced. In addition, the electrical line to the oven also needed to be replaced.
- A used handicap ramp was purchased and installed.
-
-
-
Exhibit C
Exhibit C is a chart depicting the historical average weekly offertory collections from 2018 to June 30, 2024. Since the period July - December 2020, weekly collections have decreased by 12%. Although the average decrease was slowed and in FY 2024 there was a 1% increase over the prior year, there are major concerns that the regular offertory collections revenue does not cover actual expenses. The Council continues to explore options to ensure that funding exists for all current and future parish programs and initiatives and to also meet operating needs. The Council is requesting that all parishioners revisit and renew their financial commitment to St. James. In addition, the Council encourages all parishioners to consider using the secure and convenient option for online giving.
Exhibit D
Exhibit D is a chart that details historical average mass attendance. Attendance is finally starting to increase as evidenced by the averages for the last 36 months. The trend has continued for the first three months of the new fiscal year as attendance is averaging 173 per week. However, there has been no real corresponding impact to average weekly collections.
In closing, the Council would like to thank the entire St. James community for your past and future stewardship (time, talent, and financial). Due to the continued good stewardship, we are able to continue to advance the mission of the St. James Parish. May God bless you and your families.
Sincerely,
Fr. Steve Matthews, Pastor Philip Mossman, Fin. Council Chair
James Forster, Council Member Betty Sundstrom, Council Member
Janis Wallace, Council Member Teresa Ribaneneyra, Council Member
Mickey Dennis, Trustee Denise Berry, Trustee
