Financial Update Aug 2020 YTD
On behalf of the Finance Council and Father Gerard, we are pleased to provide the Parish with an update on our finances for the first 8 months of 2020. The Covid-19 pandemic has resulted in incredibly challenging times for all of us both as individuals and as a Church Community and we are most grateful for your ongoing financial support.
As of August 31, 2020, we are reporting a deficit of $10,491. Total revenue including Collections and Other Revenue decreased by $43,295 over 2019 actuals. To counter a decline in 2020 revenues, we have managed a reduction of our expenses by $45,643 over 2019. See detailed Financial Statement below.
The Covid-19 pandemic that was officially declared on March 13
th and the resultant public Mass closures and subsequent social distancing requirements placed on us
(seating restricted to 30% of maximum capacity) has seen our weekend Mass attendance greatly reduced over the first 8 months of the year. The impact of this on our Parish revenue has been a decline of $54,320 in the amount of revenue that we receive from envelopes, cheques, and loose cash. The importance of our pre-authorized debit givers and our online givers have really come to the fore over the last 8 months. In 2019 this type of giving represented 36% of our total collections and this year it represents 58% of our total collections with our new Tithe.ly online system accounting for $24,000.
From the beginning of the pandemic we have initiated tight controls on our operating expenses and have deferred all capital expenditures where possible. This has resulted in a 21% decrease in total expenses year over and has allowed us to maintain our full operations on reduced revenues.
As we look ahead, we are currently carrying a deficit of $10,491 and are faced with a large degree of uncertainty moving forward. It is unclear how much longer we will need to adhere to social distancing guidelines. With the second wave upon us, we see no end to the 30% of maximum capacity seating restrictions. With no significant increase in Church attendance it is not likely that we will see an increase in our weekly Mass collections. Given our current revenue outlook, through the remainder of this year, we will continue to maintain stringent controls on our operating and capital expenses.
How can you help us to continue our mission and offer the services that are required by our faith community?
1)
If you are not currently giving, please consider donating online through
Tithe.ly
2)
If you are an occasional giver, please consider becoming a
Pre-Authorized giver through your bank or a recurring giver on
Tithe.ly
3) If you are an envelope giver, please make sure to either drop your envelope off in the collection box at Church or in the mail to the St. Leonard office (5332 Long Island Road, Manotick, ON, K4M 1E8).
4) And If you are a truly blessed Parishioner, please consider donating $10,491 to eliminate our deficit in its entirety! 😊
Whether you are a pre-authorized debit giver, a regular envelope user or an online giver, all your offerings are greatly appreciated. It is your financial support that has made new programs and past capital improvements in the Church possible and we are extremely grateful for your ongoing generosity.
