It is my obligation each year to report to parishioners the financial life of our parish. On the reverse of this letter, you will find a two-year comparison of the fiscal years 2016 and 2017. As you can see, it cost approximately $667,000 each year to run the parish. The good news is that each year we have covered all our expenses. However, we have no extra income to expand our ministries nor to address an unforeseen major expense.
How do we survive with such high operating expenses? Rentals is what allows St. Patrick’s to continue to serve its people in Newark. We are blessed that the School is currently rented with a 40-year lease commitment. Ladies Rest (the building adjacent to the school) is also rented, and the St. Bridget’s properties continue to hold a tenant. The total income for rentals is approximately $560,000 which is a blessing, but I would not want our parish to depend on these rentals as we can lose tenants at any given time as has happened in the past.
The second largest source of income is the Sunday collection which increased by approximately $10,000 from last year. Thank you so much for your generosity! However, as we continue to grow and continue to offer more opportunities for Encounter (retreats, lectures, day/evening of reflections, etc.), Growth (training, small groups, Bible study, Religious Education, Youth Ministry, etc.) and Service (Mission Trip to Ecuador, financial assistance to the poor), the financial needs will increase.
The three largest areas of operating expenses are salaries, assessments and repairs. New in the salary line is our new priest, a part-time Director of Religious Education, and Maintenance person. The archdiocesan assessments we are responsible for are 25% of the school rental and 16% of our regular income. As you can see, our combined total assessment for last year was $139,000. Repairs and Maintenance is of huge importance as we are responsible for a beautiful 167-year-old historical building.
It takes approximately $12,000 each week to run our parish. We are, each week, short by a few thousand dollars which is, thankfully, compensated for by the rental income. We are a small community with a huge responsibility. We must continue St. Patrick’s mission of keeping its doors open to all peoples; to continue offering opportunities of Encounter, Growth and Service to its members.
I would ask you to prayerfully consider an increase in your contribution to St. Patrick’s Pro-Cathedral. Make sure to take your envelope box home or subscribe to Online Giving. The Online Giving option is secure, you can set up recurring deductions so you won’t miss a Sunday offering, and you do not have to bother writing a check.
Thank you for all you do for our Parish. You are all in my prayers.
In Christ’s love,
Fr. Bismarck Chau