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Stewardship Sunday 2004
Financial Committee Presentation

Good morning. I'm Charlie Sullivan and for the past several years, I've had the privilege to serve as chairman of the parish finance committee. In compliance with diocesan policy, Fr. Creedon designated this "Stewardship Sunday" and requested that an overview of our current financial status be presented to the parish at each mass.

First, the purpose of the finance committee is to:

1. Develop the annual parish budget reflecting anticipated operating, ministry and facility funding needs.
2. Monitor income/expenditures to the approved budget thresholds.
3. Track the community center building fund, rooted in faith, and dial savings account status.
4. Liaison with the pastor, parish council, school, and facility representatives to maintain parish fiscal integrity.

This has been another extraordinary year at St. Charles. Our initial $3.2 million "Build the Spirit" campaign pledges allowed for the construction of our new community center; our "Rooted in Faith ~ Forward in Hope" goal was achieved; the parish made a significant contributions to the Bishop's Lenten Appeal, and last year's weekly collection income exceeded expenses by over $27,000. This certainly indicates a strong and dedicated commitment to the St. Charles mission within our parish family.

This coming year provides some additional challenges and obligations that must be addressed. While the generous support of our parish members and a diocesan line of credit allowed for the community center construction, we are now at a critical milestone in our building program and must begin repayment of our $2.3 million diocese construction loan. This will require a monthly payment of about $25,000 amortized over a ten-year repayment schedule. Building fund pledge payments will end in December 2006. In addition, major upgrades may soon be required on our parish's 50-year-old church and school facility infrastructure.

Our "Rooted in Faith" campaign raised over $2.2 million in pledges that will be shared on an equal basis between the diocese and St. Charles. All of the St. Charles proceeds have been designated to the community center loan repayment obligation. These pledges extend to 2007 and are deposited into our savings account on a quarterly basis. Existing building fund and Rooted in Faith savings will meet the loan payment obligation through fiscal year 2005 without impact to our operating resource revenue.

Along with these challenges there is some good news. Family registrations continue to increase along with first collection receipts; school enrollment is up from last year; we have a balanced fiscal year 2005 budget that successfully incorporates all of the various ministry funding requests including continuing support of the parish tithing and Project Lazarus outreach programs; and we have over $738,000 in our diocese saving accounts. You'll find a copy of the fiscal year 2005 budget and fiscal year 2004 financial reports in this week's bulletin.

Helping with Stewardship

You can continue helping support your parish stewardship needs by:

1. Maintaining (or maybe increasing?) your weekly collection donation;
2. Continuing to honor your commitment to the building fund and "Rooted in Faith" pledge programs;
3. If you haven't yet pledged, or if you've completed your initial obligation, please consider making a new building fund pledge using the form found in each church vestibule;
4. Being generous in your support of our monthly building fund 2nd collection; and
5. Last, but not least, please support our school's fund raising activities such as the upcoming Oktoberfest.

On behalf of Fr. Creedon, we appreciate your continuing support and dedication in meeting the stewardship needs of this parish. Thank you and God bless.

Related link: 2004 financial summary and 2005 budget