FINANCIAL ANALYSIS FOR THE EPARCHY OF EDMONTON

FOR THE YEAR ENDED DECEMBER 31, 2012

2012 Total Expenses 

Parish Cathedraticum – $221,698 (Up $43,680 from previous year)  One of the primary sources of funding for Eparchy operations is the 10% cathedraticum assessed to the parishes.  In 2012, revenue from this assessment accounted for 29% of the total revenue.

Cemetery Cathedraticum & Administration Fees – $130,323 (Up $6,284 from previous year)  Annually, a 10% cathedraticum is assessed on revenues from the St. Michael and Rosehill cemeteries. In addition, an administration fee is assessed to the cemeteries to cover their share of management expenses and administrative support expenses.  In 2012, this assessment accounted for 17% of the total revenue.

 Donations & Fundraisers – $140,466 (Down $61,507 from previous year)  In 2012, one of the major fundraisers was the 3rd annual Bishop’s Appeal Gala held in Edmonton.  Revenue from fundraisers is over $60,000 less than the previous year primarily due to the decision to not hold the event in Calgary in 2012.  In 2012, donations & fundraisers represented 18% of the total revenue.

Investment & Interest Income – $128,850 (Down $89,731 from previous year) In 2012, this income, including dividends, interest and gains on investments sold, accounted for 17% of the total income which was almost $90,000 less than the previous year representing a weaker investment market.  While these funds are available for operating expenses, the majority of funds are reinvested when not required for operations.

Gain on Sale of Assets – $122,675   In 2012, the Eparchy realized a one time gain on sale of assets through the sale of the Drayton Valley property after the parish was closed at the request of the few remaining parishioners and the approval of Bishop David.  The decision was made to not allow the sale of the church building for other uses and as a result, the building was demolished as a condition of the sale.  This reduced the proceeds from the sale by approximately $50,000.

Other – $18,333 (Down $13,064 from previous year)  Other revenue represented 2% of the total income and was derived primarily from the sale of books, CD’s and religious articles (down over $13,000 from previous year) and rental income from the Chancery office apartments.                                                                                              1

FINANCIAL ANALYSIS FOR THE EPARCHY OF EDMONTON

FOR THE YEAR ENDED DECEMBER 31, 2012

Pastoral Oversight – $84,754 (Down $62 from previous year) Pastoral expenses represent 11% of total expenses and include all expenses related to the pastoral oversight provided by Bishop David and the Chancellor, Rev. Gregory Faryna.  Attendance and assessments at conferences such as the Canadian Conference of Catholic Bishops is also included under these expenses.

Programs – $119,468 (Up $24,185 from previous year)  Program expenses represented 16% of the total expenses.  These include Eparchial programs and conferences such as the Catechetical (religious education), Ecumenical, Liturgical and Youth Commissions, vocations, and tribunals, all of which serve as resources to the parishes.  The major increase over the previous year were in the Ministry of Religious Education ($16,000) and Ecumenism ($8,000).

Clergy Formation & Support – $44,925 (Up $2,027 from previous year)  These expenses represent 6% of the total expenses and cover such expenses as clergy professional development and retired clergy pensions. The major increase was in the area of retired clergy pensions. 

Office Expenses – $93,726 (Up $31,864 from previous year)  These expenses represent 12% of total expenses and include utilities, property taxes, property and liability insurance, computer and internet upgrades and maintenance, printing and office supplies.  The major increases came in the areas of office operations and GST unrecoverable.

Maintenance Expenses – $53,319 (Down by $9042 from previous year)  These expenses represent 7% of total expenses and include major expenses related to the chancery office mechanical systems, building maintenance, fencing, etc.  The majority of the decrease came in the area of repairs that were completed on the Sister’s residence in the previous year.

FINANCIAL ANALYSIS FOR THE EPARCHY OF EDMONTON

FOR THE YEAR ENDED DECEMBER 31, 2012

Clergy & Staff Payroll – $167,598 (Up $59,221 from previous year)  The Chancery office is the heart of program development and delivery, operations and administration of the Edmonton Eparchy.  The Chancery office assists parishes, all the faithful and the community in areas such as administration, human resources, administration of clergy payroll, eparchial records, sacramental life, building maintenance, insurance and other property matters.  In addition, any clergy payroll that is not fully recovered from the parishes is included in this category.  These expenses represent 22% of the total expenses in 2012 with the majority of the increase coming as a result of hiring a part-time accountant and a part-time bookkeeper.

Professional Fees – $140,115 (Up $78,980 from previous year)  These expenses represent 18% of the total expenses and include any legal fees, accounting fees, investment management fees and consulting fees as required to support the efficient operation of the Eparchy.  The majority of the increase is a result of higher legal fees to close property sales and offers, higher accounting fees to bring our financial books up to an acceptable standard and the use of a consultant to complete some of the outstanding projects in the Eparchy.

Other – $14,723 (Down $71,433 from the previous year)  Representing 2% of the expenses in 2012, this category is comprised primarily of purchases of books for resale, periodicals, CD’s and DVD’s and pastoral gifts representing gains on sale of assets.  In 2012, the purchase of new books, etc for resale was reduced by $28,000 and pastoral gifts were reduced by $40,000.

Amortization – $43,062 (Up $6,522 from previous year)  These expenses represent 6% of the total expenses in 2012 and are comprised of the depreciation expenses associated with the Eparchy assets.

 

The Net Operating Surplus for the year ended December 31, 2012 was $655 as compared to a Net Operating Surplus of $304,016 in 2011.  The surplus reduction is attributed primarily to a reduction in Investment Income ($90K), a reduction in Fundraising revenue ($61K), an increase in Professional Fees ($79K) and an increase in Payroll Expenses ($60K).

 

 

 

 

 

 

 

                                                                                                                                        

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