finance update: we're in a good place
Repair of the Meyer speaker columns was an unexpected expense in FY25.
Restoration of the plaza in front of church continues into this fiscal year.
Revenue from parking space rentals covers the cost of snow removal and maintenance of parish grounds.
In today’s bulletin, you will find our annual financial report, which provides a look at our year-end statements from the past three years. In addition to the numbers, I want to provide some context to help you understand how our parish is doing financially.
We budget with the goal that everything we receive via your offertory gift matches our expenses dollar for dollar. Our projections for the coming year are conservative, based on trending data, such as past giving, new parishioner registrations, cost of living increases, anticipated expenses, etc. Once the new budget is prepared, it is then reviewed and approved by Finance Council and Parish Pastoral Council.
We budget with the goal that everything we receive via your offertory gift matches our expenses dollar for dollar. Our projections for the coming year are conservative, based on trending data, such as past giving, new parishioner registrations, cost of living increases, anticipated expenses, etc. Once the new budget is prepared, it is then reviewed and approved by Finance Council and Parish Pastoral Council.
FY25 Highlights
- We are in good financial standing, with no outstanding debts or liabilities.
- Revenue from our parking lot rentals continues to cover the cost of lot upkeep, landscaping and snow removal on our grounds.
- Our Sunday and Holy Day collections for FY25 totaled $657,000, exceeding our budget by 7.5%.
- This surplus was offset, however, by some unexpected expenses, which included:
- Storm damage and repairs to our apartment buildings across the street, which resulted in a loss of rental income for four months
- A water leak in the rectory
- Organ repair
- All expenses against our Sunday and Holy Day collections alone would have resulted in a $140,000 loss for FY25. However, we were able to cover much of the cost with our DPAA rebate, which is not included in our operating budget.
- Facility issues did not stop us from giving to our community. Our parish supported Catholic education providing approximately $168,000 to ACUE and high school support as required. We also contributed to outside charitable agencies.
Looking Ahead
Overall, I am pleased with where we are.
In the FY26 budget, we have included the costs of the front plaza reconstruction and the repair of our sound system speakers, which are significant. We have done our best to identify other potential expenses, which include much-needed upgrades to our security cameras.
In addition, we are blessed to have the Memorial Fund, which has provided us with significant returns over time that defray repairs to our church and rectory. This fund was established exclusively for maintenance of these two structures and is not part of our operating budget. In FY25, parishioners donated more than $17,514 to the fund, while bequests totaled $89,427. Stocks did very well, which increased the balance.
As we consider the future, we recognize that the neighborhood around Mother of God is changing dramatically. Thanks to the development happening in Covington, more people are moving to the urban core, and we are looking at ways to effectively share the Good News with our neighbors and invite them to see what we have to offer.
Our efforts are paying off. Since January 2025, we have registered more than 63 new members. (In 2024, we welcomed more than 100 new parishioners.) Many of you attended our ministry fair in February, looking for ways to be actively engaged, and this year’s OCIA class is one of our largest ever.
Your interest and involvement in the parish are critical to shaping a bright future for Mother of God. I am grateful for your generosity in donating your time, talent and treasure, and I am excited about what we can accomplish together.
Sincerely,
In the FY26 budget, we have included the costs of the front plaza reconstruction and the repair of our sound system speakers, which are significant. We have done our best to identify other potential expenses, which include much-needed upgrades to our security cameras.
In addition, we are blessed to have the Memorial Fund, which has provided us with significant returns over time that defray repairs to our church and rectory. This fund was established exclusively for maintenance of these two structures and is not part of our operating budget. In FY25, parishioners donated more than $17,514 to the fund, while bequests totaled $89,427. Stocks did very well, which increased the balance.
As we consider the future, we recognize that the neighborhood around Mother of God is changing dramatically. Thanks to the development happening in Covington, more people are moving to the urban core, and we are looking at ways to effectively share the Good News with our neighbors and invite them to see what we have to offer.
Our efforts are paying off. Since January 2025, we have registered more than 63 new members. (In 2024, we welcomed more than 100 new parishioners.) Many of you attended our ministry fair in February, looking for ways to be actively engaged, and this year’s OCIA class is one of our largest ever.
Your interest and involvement in the parish are critical to shaping a bright future for Mother of God. I am grateful for your generosity in donating your time, talent and treasure, and I am excited about what we can accomplish together.
Sincerely,
Fr. Michael Comer
Pastor, Mother of God
Pastor, Mother of God