Highlights from the Annual Report, as presented to the congregation
Last year, we had $ 8.4M in revenues which are derived from two (2) main sources: Offertory and School Tuition.
Our FY22 offertory was flat from the prior year and still has not returned to pre-COVID giving levels. This remains one area of concern. While we appreciate that some are still not comfortable returning to Mass in-person, there are opportunities to provide a regular offering via Faith Direct.
School tuition is approximately half of our revenues. It reflects full-enrollment and is a self-sustaining operation. Last year, we awarded more than $100,000 in assistance between financial aid and teacher discounts. Know that Robin Williams runs a lean operation and counts on fundraisers like the Wildcat Fund and golf outing to balance the school’s budget.
Last year, OLGC spent $ 7.2M in operating costs. Our church and school staffing remain the largest outlay, followed by facility costs to maintain this beautiful and expansive campus.
As you would agree, we have an obligation to maintain and enhance our facilities for this and future generations. While we were fortunate this year to show a net income and receive a generous donor gift, this was offset by $ 1M in needed capital expenditures. These included repairing the bell tower and church cracks, installing new school flooring and doors, and starting Phase 1 of the school’s new HVAC system. Please know that these costs are part of a larger capital program called the “Cornerstone Project” which Fr Matt will launch later this year. This will be aimed at raising $10M over the next few years to cover necessary capital expenses and reduce the need to obtain a loan.
While the balance sheet shows over $6M in cash, only $5M is available as unrestricted monies. This amount covers almost 9 months of normal operating costs, a prudent savings measure.
You can find Fr. Matt’s report HERE.