Photo provided by: 
Leah Fogelberg

Looking Ahead as a Parish

As we close out 2020, we are halfway through The Basilica’s fiscal year. 2020 was challenging in many aspects: masses were primarily celebrated online; baptisms, funerals, and weddings looked different than the sacraments we have come to expect and the sense of community we share when we come together as a parish moved online, as with so many of our other interactions. Similar to the broader community, The Basilica has also faced fiscal uncertainty and challenges. 

Father Bauer and the staff have worked tirelessly to maximize the resources we have and have made decisions with the future of The Basilica at the forefront. They have continuously challenged how they operate and how The Basilica can best serve this faith community. Six months into our fiscal year, actual revenues versus budgeted revenues are 2% behind plan and 8% lower than the prior year. Not knowing what the next six months hold, we estimate actual revenues will continue to lag budgeted revenues. While our projections have us meeting our annual budget, this is in part due to our receipt of a CARES Act Paycheck Protection Program (PPP) forgivable loan. Without the PPP loan, we anticipate we would have needed to draw on our reserves. Without the PPP loan, projected expenses would exceed revenue. We are not eligible for the second round of PPP loans. 

The Finance Committee and Parish Council meet monthly to review the financials. We do not take lightly this responsibility. As the chair of the finance committee, I am always impressed by the ideas our members and the staff bring forward as we discuss the fiscal challenges facing The Basilica. We thank everyone for the financial support they have provided to date and ask for prayerful consideration of support for the remainder of the fiscal year. 

Laura Lidberg
Parish Finance Chair
The Basilica of Saint Mary

 

 

 

 

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Comments

How much did the Basilica receive from the payroll protection plan?
Why doesn’t the parish make available, on line, their annual audited statement complete with auditor’s footnotes? The Arch is now doing so again, after bankruptcy as well as several other larger parishes.Our Pastor has often in times past called on the Church to be fully transparent. It seems we are not.

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