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The Cathedral of the Immaculate Conception
Finacial Report For the Year Ended June 30, 2011
We report to you on the financial highlights of our year here at the Cathedral with a decrease to our cash balances due to increased operating costs and a decrease in revenue.
| Our revenue items remained very close to prior year levels except for bequests which were high in 2010 due to an especially large receipt that year. Bequests are integral to our financial position as operating revenues from collections, diocesan support and miscellaneous income do not meet our annual operating expenditures. A campaign for increased participation seeks to help alleviate some of this imbalance in receipts and expenditures. |
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| Other total operating expenditures increased by 5% due almost entirely to clergy and lay payroll costs during the year. The clergy costs in 2010 were reduced due to the use of a part time parochial vicar. All other costs remained relatively stable when compared to the year earlier. |
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This decrease in cash leaves us facing some austere times for the coming year. Our current budget anticipates an operating deficit of more than $100,000 which includes our service to the poor at CES and our other outreach programs. As good stewards, we intend to keep a careful watch over our assets and to monitor them carefully. Efforts to reduce expenditures and program funding are reviewed on a monthly basis. |
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