Parish Finance

Financial Transparency and Accountability

This Financial Page is designed to help inform the Parishioners on how their gift of treasure is applied to the everyday operations of St. Theresa Church. We hope the information is informative and explained in a way that is understandable.

It is through the financial generosity of others that we can continue to offer the wonderful celebrations and ministries here on our campus. This is done by weekly collections and donations (income) that are applied to the everyday operating costs (expenses) such as utilities, repairs & maintenance, supplies and salaries.

Stewardship of Treasure

The Weekly Stewardship of Treasure Page illustrates how much (income) was collected for the week and how it will be applied according to the donor(s) intentions. First Collections/Offertory Collections and general Donations to St. Theresa Church are applied to the everyday operating costs of the Parish, including utilities, supplies, taxes, and salaries. These are known as Unrestricted Funds and are shown as the “Operating Income Subtotal”.

Second Collections, Custodial Collections and Restricted Donations are monies collected for a special use and cannot be combined with unrestricted funds. These are known as Restricted Funds. Second collections and custodial collections are monies collected by the parish and then sent to the designated organizations. Restricted donations are monies collected with a special intent instructed by the donor. These funds are shown as “Restricted Income Subtotal”.

The total of these two categories are shown on the bottom of the page as “Total Income Collected”.

Sample Stewardship Page

St. Theresa Church  
May 16th, 2021  
             
  Offertory Collections/Unrestricted Donations    
             
  Sunday Offerings  $        4,942.00    
  On-Line Offerings  $        3,487.00    
  Donations to St. Theresa  $        1,803.95    
  Maintenance    $             28.00    
  Candles      $           149.00    
  Gift Shop    $             17.99    
  Lifeteen Donations  $           105.00    
  Marriage Anniversary Blessing  $           200.00    
  St. Damien Feast Day  $           167.00    
  Wedding    $           600.00    
  Room Use    $           100.00    
  Operating Income Subtotal  $      11,599.94    
             
* Second Collections/Custodial Collections/Restricted Donations  
  Catholic Communication  $        1,764.00    
  Diocesan Priest Retirement Fund  $               5.00    
  Maui Catholic Schools  $               5.00    
  Hispanic Mass Offerings  $           593.00    
             
  Donations to Hale Kau Kau  $        3,668.00    
             
  Filipino Catholic Club Donations  $           729.00    
*Restricted Income Subtotal  $        6,764.00    
             
Total Income Collected  $      18,363.94    
             
* Restricted Donations to be applied to a specific use. These funds are not to be used towards general operating expenses unless instructed by the donor.  
             

Monthly Profit & Loss Statement


At the end of every month, a financial profit and loss statement is prepared and presented to the Pastor, Finance Council, and the Parish. This monthly report shows how much money was collected (income) and how it was spent (expense). The difference between the income and the expense will either show a positive result (profit) or a negative result (loss or deficit). If the report shows a loss, steps will need to be taken to correct the difference from a negative to a positive. Those actions could include generating more income or reducing expenses. Ideally, the Parish should cover all its monthly operating expenses with the collection and donation income.

The monthly report will also include financial information from the previous year’s month and the projected budget amount. The history of previous years will help in preparing the upcoming year’s operating budget.

The first section of this report is the “Total Income”. This amount is the total collected from offertory, on-line giving, taxable revenue, i.e., Gift Shop and Room Use, and other non-scheduled income such as a special donation to the Church.

The second section is the “Total Expense”. These amounts are all the costs of running the Parish such as employment costs, supplies, repairs and maintenance, utilities, and taxes.

The third section is the “Temporarily Restricted Donation”. As mentioned in the Stewardship of Treasure section, these funds are not to be used for the everyday operating expenses unless designated by the donor. These funds are restricted for specific donor intentions. The funds to operate the Hale Kau Kau feeding ministry are included in this section.

On average, the total from the second section, “Total Expense”, subtracted from the first section, “Total Income” will provide a better snapshot on how the Parish is doing financially on its day-to-day operations. To find out how the Parish is doing financially as a whole, including the Hale Kau Kau ministry, we subtract the Total Expense from the Total Income and then add the Temporarily Restricted Donation to get the Net Income.

Sample Profit & Loss Statement

St. Theresa Church
April 2021
Ordinary Income/Expense   April 2020   April 2021   April 2021
  Income       Actual   Actual   Budget
    Offertory Collection   9,824.00   32,978.57   53,153.00
    Online Offertory     13,730.32   13,624.50   10,100.00
    Other Regular Income   5,654.52   1,432.34   2,333.34
    Revenue Subject to GET   985.27   3,883.33   4,604.18
    Unusual (Non Scheduled) Income 16,936.75   14,597.33   10,241.50
  Total Income     47,130.86   66,516.07   80,432.02
Gross Profit       47,130.86   66,516.07   80,432.02
  Expense                
    Employment Costs   51,103.52   45,991.96   53,405.08
    Professional Services   2,778.40   1,748.43   3,751.00
    Insurance     3,195.94   3,587.42   4,159.54
    Leadership Development   0.00   0.00   0.00
    Supplies And Other Services   11,621.88   17,823.59   18,807.55
    Fundraising Expense   2.80   1,854.24   400.00
    Repairs And Maintenance   2,616.85   4,999.73   5,286.43
    Utilities       6,958.84   7,832.73   9,041.30
    Contributions And Assessments 0.00   10,144.00   10,000.00
    Subsidies & Assistance   0.00   0.00   0.00
    Taxes       63.36   102.70   265.99
  Total Expense     78,341.59   94,084.80   105,116.89
Net Ordinary Income     -31,210.73   -27,568.73   -24,684.87
Other Income/Expense              
  Other Income              
    *Temporarily Restricted Donation 86,959.06   130,521.00   15,015.00
  Total Other Income     86,959.06   130,521.00   15,015.00
  Net Other Income     86,959.06   130,521.00   15,015.00
Net Income       55,748.33   102,952.27   -9,669.87

 

Annual Report to Parishioners

As directed in the Diocese Finance Manual, each year, pastors are required to give an annual report of the parish finances to their parish communities by December 31, for the fiscal year ending June 30.

This report is found in the Annual Stewardship Report.

Review of Financial Records

As part of an ongoing effort to improve consistency in financial reporting and business and operational processes, the diocese developed a comprehensive questionnaire to be completed by all parishes and schools for the purpose of assessing compliance with norms, policies, procedures, protocols, and instructions established by the diocese. The diocese will engage with an independent consultant to perform specific procedures over various component areas, such as governance, financial review, check disbursements, cash receipts, processes related to human resources and payroll, etc., to document and evaluate findings within each area and provide areas for improvements. The independent consultant shall provide the services in conducting periodic reviews of the parishes and schools based on defined procedures.

 

The joy of giving just got easier...

On-Line Giving

 

Stewardship of Treasure Page

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Monthly P&L Statement

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Tithing: The Definition 

 

 

Restricted Donations: