I’m pleased to include our annual financial report for the 2019-2020 year in this month’s letter. I am grateful to the Finance Committee (Carol Hausamann and Denise Mormino, co-chairs, George Frany, Tom McQuade, and Frank Dyer) and our Parish Trustees (Patrick Fitzgerald and Cindy Pettit) for their hard work over this past fiscal year. A large part of their efforts went to painstakingly choosing an investment firm in which to entrust some of our assets. They spent a considerable amount of time interviewing prospective firms and evaluating the candidates before choosing Ayco, and then oversaw the transition of funds into the new accounts. Their diligence in this matter will help our parish and school make the most of your generous financial support.
Much of this year’s report must focus on these four words: “your generous financial support”. This fiscal year was like no year before it, as we were essentially closed for more than 20% of its duration. Yet there was a remarkable financial faithfulness, on both the school and parish side, by those in our St. Pius X community. Your generous financial support allowed us to continue to meet our obligations, retain our staff, and maintain our facilities. Your generous financial support also allowed us to minister to those in the community who needed us during these extraordinary times. Even though we couldn’t be together physically, the sacrifice of our parishioners and school parents was selfless given these financially unstable times. Although I hope to never see a year like this again, I won’t ever forget this demonstration of our community’s commitment to our parish and its ministries. I am so grateful to you all.
The Growing Our Faith Campaign, which was undertaken to fund an expansion of our facility in order to increase our ministry potential, was enthusiastically supported by our parishioners. I am so pleased to report that we have had 3.6 million pledged to date and 2.7 million paid to date. We hope to enter the construction phase soon. This will be an exciting time for our parish as we see this project come to fruition and start to realize the benefits it will bring to our parish life.
Behind the buttons below you’ll find two tables, representing parish and school, which give you the balances of our various accounts at the start and the finish of the fiscal year. Represented here are the funds we received through the federal government’s Payroll Protection Program. The school and the parish submitted a joint application for this stimulus funding, and we received our allocation in April. Due to recent changes in the PPP regulations, we are very hopeful that 100% of the proceeds of this loan will be forgiven. These funds were a godsend, especially to our school. We have much to be thankful for here at St. Pius!
Fr. Jim Walsh