Your Finance Council wants to express our gratitude and gratefulness for our amazing Blessed Sacrament Community.
We ask that you pray for the members of this Council, and ask God to steer our conversations and decisions in the year to come to help drive both immediate needs of our community, as well as the foresight and vision to sustain a vibrant and active Parishioner community for many years to come.
As 2022 comes to a close, we would also like to update our Parishioners on the financial ‘happenings’ within Blessed Sacrament.
-> Loan Refinance. With foresight of the impending hikes in interest rates earlier this year, multiple options were evaluated to refinance the Parish debt. Ultimately, Notre Dame Federal Credit Union was chosen and we were able to reduce our monthly loan payment, add borrowing capacity, and pay off our higher interest rate mortgage, all while adding flexibility for repayment of the loan if desired. Notre Dame has been working with many Churches in the Phoenix Diocese, and they made the process simple and easy.
-> Operating Liquidity. Our cash reserves have increased in 2022 to cover 5.81 months of expenses. Blessed Sacrament could function for almost 6 months, even if no additional resources were available or provided. This increased from 3+ months in 2021. Holding 6 months of emergency funds on hand is ideal, so this goal has been 97% achieved.
-> Gift Shop. Our new and improved gift shop has been a welcome additional revenue source for the Parish. The gift shop had gross revenue of nearly $60,000 so far this calendar year, compared to $2,600 in 2021.
-> Courtyard Improvements. Working with the challenging dynamics of labor shortages and delays in the supply chain, the first step of Father Bryan’s vision of an updated Church Campus was completed - delayed, but finished.
-> Property Appraisal. Blessed Sacrament’s real property was appraised as a part of the refinance, and it has doubled in value since the last appraisal.
-> Weekly “Plate” contributions are down 5% compared to 2021. Given the significant increase in inflation, energy costs, and overall decreasing dollar value, we are grateful for your generosity and giving despite the challenging times.
-> Preschool and Kindergarten have become tremendously successful, and have full enrollment for the 2022/23 school year. This has little to do with the finance council and everything to do with those associated with the school, however it is part of revenue growth and future plans for the Parish’s ongoing financial well-being.
As with accomplishments, there were also many challenges in 2022.
- The end of COVID and lower church attendance and contributions
- The beginnings of a skyrocketing real estate market
- The dynamics of inflation/shrinkflation/ and the general cost of good & services increasing
- Rising interest rates
- Parish and Parishioner Financial wellbeing
- Fluctuating Investment markets
- Vision for Church improvements (Construction costs, Labor, etc.)
- Parishioner dynamics (age, income, cost of living in the area, % of weekly contributors, etc.)
Thanks to all of you, our Parish is currently in a very strong financial position.
With Grace and Blessings,
Mike Strati on behalf of the Finance Council (Dan Mahoney, Paul Couture, Laura Ladrigan, Kathy Bradley)
