Annual Financial Report 2023
Each year, we make the Annual Financial Report available to all members of St. Luke Parish. The fiscal year ended on June 30, 2022. My priorities this past fiscal year included a major capital project, master planning, hiring new staff, and reenergizing our ministries.
You will find three sets of numbers in the Annual Financial Report document: the results of the prior year 2021 fiscal year (July 1, 2020 to June 30, 2021), the results of the current 2022 fiscal year (July 1, 2021 to June 30, 2022), and the budget of the upcoming 2023 fiscal year (July 1, 2022 to June 30, 2023). For the 2022 fiscal year, we had an Operating gain of $1,668 with a Total Parish Loss of $136,663. In the 2021 fiscal year, we had an Operating Loss of $59,587, and we ended with a Total Parish Surplus of $118,784.
The Total Parish deficit for 2022 is primarily due to negative investment returns of $73,654 and over $162,000 of capital improvement investments, primarily $151,726 for the curtainwall and related HVAC improvements. These deficits were offset by non-operating gifts and bequests of $131,985, which includes revenues generated from our Centennial Celebration.
From an expense standpoint, we have continued to invest and grow our ministries and overall parish activities. Parish activities expense was increased from $2,149 in the fiscal year 2021 to $10,637 in fiscal year 2022. We continues our investment in Lakewood Catholic Academy, with $150,000 contributed in 2022. Finally, we made another contribution toward the Heart of the Shepherd Campaign in the amount of $33,945. We have one more contribution to make to the Heart of the Shepherd Campaign during the 2023 fiscal year.
In Fiscal 2023, we will begin our repair and restoration work on the stained-glass windows, thanks to the generosity of many parishioners donations during the Centennial Celebration. The project is fully funded.
We have made a lot of progress but there is still much to be done. As such, your continued support is very much needed and appreciated.
The most significant change to our Fund Balance is the deficit generated during the year, primarily from investment losses and our capital improvement expenses. We fell just short of the benchmark of having a Fund Balance greater than at least one year’s Operating Revenue as insurance for future economic changes. As you can see, our Fund Balance at June 30, 2022 was $892,773, while our Operating Revenue was $951,511.
If you have questions regarding this summary or other financial matters, please feel free to contact our Finance Council members: James Amendola, Bernie Dutko, Jim Fox (through June 30, 2022), Tom Gurbach, Joel Jensen (through June 30, 2022), Andrew Oswald, Pete Srsen, and Jim Sowinski. We are happy to also note the recent addition of Duane Wolff and Terry Valencic to the Finance Council.
Again, thank you for the continued support and generosity.
Peace of Christ,
Fr. Kevin Elbert