Holy Name Catholic Church
2021 Financial Report
Financial contributions to Holy Name are closely tied to in-person attendance. Monthly contributions continued to decline due to pandemic restrictions. Monthly contributions over the last three years are as follows:
Actual 2019 – $42,000
Actual 2020 – $35,000
Forecasted 2021 – $19,500
Monthly contributions are down 30% from 2020 and more than 50% from 2019. Online contributions were set up to make it easier to give, and after establishing this method, donations increased. While capacity restrictions exist, efforts will continue to inform parishioners of this contribution method.
Diocesan cathedraticum payments (Diocesan support) were suspended in April 2020 but resumed in January 2021 at $4,021 per month. These payments are projected to decrease to $3,500 per month in 2022.
Interest and principal payments on the parish’s debt were suspended in April 2020. In 2021, interest and principal repayments resumed at 70% of pre-COVID levels ($16,329/month) and are budgeted at 80% pre-COVID level for 2022 ($18,575/month). The interest rate was 1% in 2021, resulting in an average interest expense of $1,935/month. The interest rate will be prime plus .135% (projected to be 2.59%) for 2022. The interest rate increase results in a budgeted interest expense of $57,900 (averaging $4,825/month) for 2022.
Expenses and staff reductions were made in response to the parish’s financial position. This effort resulted in 2021 forecasted operating expenses decreasing by $28,700 ($2,390/month) compared to 2020 actual operating expenses of $236,000. This forecasted reduction includes a $7,500 increase in expenses to refurbish the boiler.
One of the strategies implemented resulting in significant savings was the parish’s various ministries volunteering with grounds upkeep and facility repair.
Even with efforts to reduce 2021 expenses, there is a forecasted deficit for 2021 of $45,000.
We need your generous contributions to erase this deficit before the end of the year.
The 2022 budget reflects significant expenditures that need to be incurred to maintain the building and include:
- Additional heating upgrades/maintenance – $3,900
- Re-shingling and repairs to church roof – $25,000
- Facility insurance increase of 75% or $18,260
These expenditures, combined with other changes, increased 2022 budgeted operating expenses by $41,500 ($3,450/month) over 2021 forecasted operating expenses.
The 2022 budget reflects the parish’s efforts to reduce expenses considering the projected decrease in contributions. Because the parish must incur certain costs to continue to operate, the need for increased contributions will also need to be addressed in 2022 and the future for Holy Name to continue to operate efficiently.
Financial outlook data can be viewed here.
Holy Name’s cash position remains sufficient to meet its obligations projected for both the 2022 operating and building budgets but will require close monitoring.
In 2021 we welcomed Father Terry Connolly to Holy Name, and through the generous contribution of time by our Safety Volunteers, we continue to celebrate Mass three times per week. Additionally, for parishioners still uncomfortable attending in person, Masses are livestreamed. The sacraments, marriages and funerals continue to be offered at Holy Name. Holy Name Cares continues its critical ministry, distributing weekly and holiday hampers to our community in need.
Holy Name Catholic Church is an integral part of our community. The generous support of our parishioners is key to Holy Name’s ability to continue to offer the celebration of Holy Mass and other programs our community has come to rely upon. No gift is too big or too small. Prayerfully discern what you can give to your church. Gifts can be mailed, made in person at the church, or be made online (visit holynamecalgary.ca/giving
). Our address is 2223 34 St SW, Calgary, AB T3E 2W2, phone number 403-249-7764. You will be provided with a charitable tax receipt. 2022 contribution envelopes are available for pick-up at the church now.