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To the Parishioners of Holy Family Catholic Church
Clemmons, North Carolina

The past fiscal year has been a good year for the parish when the overall financial condition of our economy is a factor. Our cash receipts were 1% lower than the previous year. However, if the reduction in the value of our investment is taken out of our calculation, our receipts were equal to the previous year. On the other hand, our disbursements were 4% higher than the previous year.

During the year we also reduced our mortgage balance by $110,000 to $962,000. This is a ten year note with six years remaining. In addition, we advanced $125,000 to complete the first phase of our cemetery and columbarium. These funds will be returned as plots and niches are sold. As stated on the attached statement, all of the above were factors in a reduction of $100,000 in our cash position from year to year.

In anticipation of the economy being flat, the finance council has prepared a budget for fiscal year 2010 which is anticipating no increases in receipts and a 1% increase in disbursements.

Based on the facts above, in these down economic times, the parish is in a stable economic position. We are endeavoring to hold down expenses while anticipating no increases in receipts.

Please prayerfully consider your economic commitment to Holy Family when preparing your family budget so that our faith community can continue the good works which we have always done in the past.

As always, I will be glad to answer any questions you may have. Please contact me at home at 766-7411.

T. Michael Borden, CPA
Chairman, Finance Council

Please click on the links below to review the selected Statement:

Statement of Cash Receipts and Disbursements for the Fiscal Years ended June 30, 2009 and June 30, 2008.
Budget - Fiscal Year Ending June 30, 2010 - Summary Income Statement
Income Statement - Fiscal Year 2010 as of May 31, 2010

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The Parish Finance Council is a consultative body of lay persons established to advise the Pastor in matters pertaining to the financial affairs of the parish. The relationship between the Pastor and the council is one of support and collaboration. The authority of the Pastor is not diminished by the establishment of the Parish Finance Council.

It has been the consistent policy of the Diocese of Charlotte that a Parish Pastoral Council be established in each parish. While the two councils are separate and each has a different and specific role in the life and operation of the parish, they work together for the good of the parish. The chairperson of the Parish Finance Council is an ex-officio member of the Parish Pastoral Council and provides them with periodic reports on the financial status of the parish and its activities.

The Parish Finance Council is composed of the Pastor, as an ex-officio member, and not less than three reputable and practicing members of the parish knowledgeable and skilled in financial matters. Membership is by appointment of the Pastor. Members serve for a three-year term and may be appointed to a second three-year term. The Chairperson is appointed for a term of one year and may be reappointed.

The Business and Office Managers are not members of the Parish Finance Council, however they may attend meetings at the request of the Chairperson to assist the council in its deliberations.

Principal responsibilities of the Council include:

•  Preparation of an annual budget
•  Periodic review of the Diocesan bookkeeping and accounting system
•  Ensuring the submission of the Semi and Annual Financial Report to the Diocese
•  Preparation and publication of an Annual Financial Statement and Report provided to the Parish Pastoral Council and members of the Parish community.