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Year-End Financial Summary
June 30, 2020

I am pleased to present to you St. Clare of Assisi Parish’s year-end summary for the fiscal year ending June 20, 2020.
To say this past year was eventful does not adequately describe the fiscal challenges faced in the wake of the pandemic beginning in mid-March.
Until then, the Parish was trending towards the smallest operating deficit in many years, possibly even attaining a small surplus. The pandemic changed that trajectory as income from Sunday and Easter collections, as well as fundraising efforts like bingo were significantly affected. While we received some relief from a reduction in expenses – the Diocese temporarily suspended some bills – and a loan/grant from the government Payroll Protection Program, it was not enough to offset the loss in income as the operating deficit ballooned to $109,912.
On a positive note, the efforts to decrease the Parish real estate holdings generated cash inflow from the placing of the Parish owned land on Paulsboro Rd into the State of NJ Farmland Preservation Program netting $297,000. We currently have the land on the market for sale.
Also, the Parish began to receive income from the Catholic Strong Capital Campaign begun in 2019. We intend to use this money to make improvements outlined in the September 2018 Parish campaign kickoff letter. More details will be forthcoming soon.
As we look to the immediate future, we will continue to reduce the inventory of real estate – we recently sold the Paulsboro Church and Rectory – and aggressively manage expenses.
However, our biggest financial concern is to change the negative trend of Offertory Income. In the last two years, the Parish has experienced an 18% reduction in collections from Sunday, Christmas, and Easter offerings. While we will continue to aggressively control expenses this trend needs to be reversed if we are going to continue to meet the pastoral needs of the community. Certainly, the pandemic has exacerbated these problems so once restrictions are lifted and parish life returns to normal, we will be conducting an increased giving campaign.
We thank the many parishioners who faithfully continue to support the Parish during the pandemic when many are still not attending Mass in person but contribute regularly through online giving or mail. Your generosity is greatly appreciated.
If you have questions, please contact our Business Manager, Jim Squarcia, at the Parish Office.
Yours in Christ,
(Financial Report will be available  to read on our bulletin Page 5)
 Fr. Ed Kennedy 

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