Financial summary for the first half of 2024

The Finance Council, in consultation with Father George, would like to present a summary of our finances for the first half of 2024, given the loss of our Montessori rental income and the response to Father George’s request for increased parishioner giving.

Expenses have decreased by $64,000

Last year, the Finance Council aggressively sought ways to continue to tighten expenses without reducing staff or affecting the quality of parish ministries and services. This resulted in a decrease of $64,000 from the previous year, mostly from deferring facility maintenance, the costs of which decreased by $15,000. However, delaying maintenance and capital improvements only means a heavier cost in the future, so this is not a sustainable route. We cannot survive on cost cutting alone.

Income has increased by parishioners, but overall decreased by $41,000

The loss of the Montessori school as a tenant resulted in a loss of approximately 30% of our annual operating income, and leasing the space in a similar fashion would require substantial investment to upgrade the site to code. Many of our parishioners generously responded to Father George’s request to increase their giving, which resulted in an increase of the Sunday Plate by 40% for the first half of the year. We are grateful to those of you who responded!

Still in the red for the first half of the year

Despite the continued cutting of expenses and the increase in parishioner giving, we still ended the first half of 2024 in the red by $52,000, including depreciation. We will continue to monitor expenses and see if revenues increase for the second half of the year. Through continued contributions, prayers, and God’s guidance, we will strive to meet the current and future financial goals of Santa Maria so we can continue to worship in one of the most beautiful churches and settings in the Diocese.

We need to contemplate a new normal. We need to move toward self-sufficiency without such a massive dependence on outside rental income - most other parishes do it. Clearly, with God’s help, we have the capacity to do it as well. So let’s strive to end the year in the black, and ask yourself, “Am I contributing my fair share?”