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2019-2020 Annual Financial Report Released

The St. Mark Parish Finance Committee is pleased to submit the financial results for the fiscal year ended June 30, 2020. Attached are the Comparative Statements of Financial Position as of June 30, 2020 and 2019 and the Comparative Statements of Activities for the periods July 1, 2019 to June 30, 2020 and July 1, 2018 to June 30, 2019.

The last several months of this fiscal year were certainly a challenge for all of us as we found ourselves in unprecedented times. As we maneuvered through a complete suspension of masses, to online streaming only, followed by outdoor car masses, and then reopening with fewer masses and limited attendance to achieve the proper social distance, the one thing that has remained constant through it all has been your unwavering support and dedication to our parish. We are so thankful for your continued giving through these extraordinary times and we are humbled by the generosity our parishioners have always shown to St. Mark Parish.

As you can imagine, the pandemic did have an economic impact on our financial results for the fiscal year ended June 30, 2020, and these effects continue into the current fiscal year. Although we did end the fiscal year with a decrease in our offertory income, the true financial impact is a bit difficult to measure due to the timing of collections. Despite the suspension of masses many of you maintained your generous gifts during this time by mailing or dropping off your offertory envelopes or enrolling in online giving. However without regular attendance at weekly masses many parishioners are choosing to mail in their offertory and often have been grouping several weeks together in one payment. This makes it difficult to measure the true decrease in revenue, although there has been an overall decline, which was to be expected.

On a more positive note we were fortunate this past year to see an increase in bequests and other gifts to the parish which helped to fill the revenue gap a little bit. Additionally, in April we applied for and received a Paycheck Protection Program (PPP) Loan from the U.S. Government. This funding, which was made available to both for‐profit and non‐profit institutions, helped to ensure that our employees continued to be paid throughout the shut‐down. Most of our operating expenses, which include compensation and benefits for the Parish clergy and staff and other costs such as insurance, supplies, building and grounds maintenance, and utilities are fixed expenses which must still be covered despite any decrease in revenues.

The PPP funds were a much needed source of support for which we are most grateful. In January 2020 we began to receive the beginning of the Parish’s share of pledges collected by the Diocese from the We Stand With Christ Campaign. During Fiscal Year 2020, a total of $133,461 was received. Most of these funds were used for the parish center roof replacement which we completed this summer and future projects will commence as additional campaign funds are collected.

Regarding the Annual Catholic Appeal, we were given a goal of $123,300 and to date we have raised close to 75% towards that goal. Our parish is required to cover any of the goal amount which is not met so if you have not yet made your annual gift to the Bishop’s appeal we ask that you consider doing so now.

The St. Mark Parish Clergy, Staff and Finance Committee wish to express our sincere thanks to all of our parishioners for your continued generosity and support of our Parish, particularly during these most difficult times. Additional details regarding the financial statements can be provided upon request. Any comments or questions may be addressed to the Parish Finance Officer.

Respectfully submitted,
St. Mark Parish Finance Committee
Rev. Birendra Soreng, Pastor
Joan Hurley, Business Manager
Miriam Costa, Parish Finance Officer

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