2015 Annual Report
October 24, 2015
The Finance Council for Immaculate Conception and St. Joseph Parishes and ICSJ School meets on a monthly basis to review the revenues and expenses for the parishes and school, and advise Father Larry regarding financial and budgeting decisions.
Immaculate Conception and St. Joseph canonically are two distinct parishes and are required to submit individual financial reports to the Archdiocese for each parish. However, the everyday reality is that Immaculate Conception and St. Joseph parishes operate jointly as one faith community that is managed and ministered to by one pastor and professional staff with programs and ministries that equally encompass both parishes. We present a consolidated financial report that gives a more accurate picture of the overall income in conjunction with shared expenses. We believe this is a more transparent and less complicated approach that helps us to see the big picture of serving one faith community and better understand our overall financial status.
The IC-SJ annual financial report for Fiscal Year ending June 30, 2015 may be viewed by clicking the here or on the icon at the right.
Over the last several years the economy has presented unique challenges to many people throughout our community and the parishes have felt the effects. Unfortunately, collections have consistently declined 5.5% collectively at Immaculate Conception and St. Joseph parishes. Last fiscal year —Immaculate Conception-St. Joseph combined deficit was ($78,825). In the current fiscal year, IC-SJ parishes expenses were reduced by $86,000, which was accomplished by a reduction of parish staff and salaries. Recent initiatives to increase awareness of our parishes, ultimately leading to the registration of new parishioners, will hopefully bear fruit in the near future. Our goal is to continue to grow our faith communities so that both parishes will operate with a surplus. In order to have adequate cash flow to pay our bills and meet payroll our annual loan payment of $240,000 has temporarily been deferred by the Archdiocese. With respect to ICSJ School, principals Katie Sullivan and Maria Hill have done a fantastic job as our school is exceeding its financial targets and ended the fiscal year with a surplus.
In May 2013, the Archdiocese introduced a proposal to eliminate the $19.2 million in debt that was incurred by our parishes as a result of church renovations and the construction of the Hill Street school building. The proposal has several components:
- Credit/transfer of the assessed property value at St. Dominic's located at corner of Locust and Sedgwick to parish
- Credit/transfer of the assessed property value at old St. Joseph School (1065 N. Orleans) to Archdiocese
- Bequest from the estate of a long time parishioner
- Forgiveness of the accrued interest on the parish loans
- 2-for-1 matching funds from the Archdiocese capital campaign, "To Teach Who Christ Is".
The last page of this report shows the current status of our debt reduction after a $2,474,715 credit has been applied to-ward the debt.
In March 2015, a feasibility study was conducted to determine the parish’s potential for the "To Teach Who Christ Is" capital campaign. The study showed that there was currently not strong parish support for the campaign to be successful at this time. Although the capital campaign was postponed as a result, our parish will still be expected to participate in the campaign in the future. In the near- term one of the goals of the IC-SJ Parish Transformation Program group, which began meeting in September, will be to determine how to address the immediate financial challenges facing the parish.
Finally, for those of you who have not registered for electronic giving, we ask that you consider enrolling in the program. The Archdiocese reports that parishes with strong percentages of electronic giving are stronger financially. We very much appreciate your generosity and support over the past year. Should you have any questions on the financial state of the parishes or the capital campaign, please do not hesitate to ask any of the members of the Finance Council.
2015 IC-SJ Finance Council Members
David Nick, Jennifer Grande, John Siebert, Danny Tamayo, and Nancy Wilke