FISCAL YEAR 2017-2018
My dear parishioners,
For many of us this past year has been a labor of love. The difficulty for so many of us is what love demands—true love demands sacrifice
and trust. Sometimes we might feel that our individual or collective sacrifices go unnoticed by those around us. I would like to take this
opportunity to thank all of you for responding so generously in sacrificial love during the past year.
Additionally, I would like to remind you that your generosity certainly does not go unnoticed by God. As we compiled this report, it became apparent to me that the parish has many generous parishioners that give freely of their time, talent, and treasure to accomplish good works for God’s glory. Your gifts are truly appreciated.With that being said, I offer this Annual Stewardship Report for your review. This report, among other things, outlines in general terms our revenue and expenses.
In my full year, we have made many changes to the programs, staffing and direction of the Church’s operations. The fiscal year 2018 produced some positive results, but there are some issues we will need to monitor closely to maintain the healthy financial position of the Church. In total, we have a net surplus of $74,431.00 for the fiscal year 2017-2018 compared to $9,166.00 during fiscal year 2016-2017.
Although we have streamlined our expenses, I made it sure that we do not compromise our pastoral ministry, evangelization and social services. In fact, we even improved our day to day operations and our various ministries.
Immaculate Conception Church currently has a funding reserve of $625,000.00 in bank accounts to offset any future operating deficits and possible allocation to capital improvements planned above pledges. I am happy to tell you that I am one among the few pastors in the archdiocese to say that Immaculate Conception Church has no outstanding debt.
For our Capital Campaign, we have received pledges of $1,136,000.00 and has collected $963,000.00 to date. $288,000.00 went to the diocese to meet ICC’s assessment obligation and we have spent about $23,000.00 on the front door refurbishment & new architectural drawings. Assuming we can collect $125,000.00 or 60% of the remaining pledges, we will have about $775,000.00 to fund our capital improvement plan. We plan commit an additional $325,000.00 of the savings funds to set aside $1.1M for the renovation project. We will start with the front entrance renovation, the elevator installation and structural improvements to the altar area that will begin after Easter. Additional phases of the capital improvement plan will be added subject to having the necessary funding.
Even with the commitment of $325,000.00 towards the renovation, we believe the Church will have enough operating reserves to fund any major repairs over the next decade. We will continue focusing on controlled spending practices and developing initiatives to re-energize parishioner participation to ensure we can maintain the healthy financial position.
Thank you very much to all of you.
FR. JM MANOLO A. PUNZALAN, STL-MA