ST. FRANCIS BY THE SEA ANNUAL REPORT
For the fiscal year ending June 30, 2005.

Note: The following is a reproduction of the annual report submitted to the parish at large following the end of the 2004-2005 fiscal year.  Statements and pie charts follow these comments.

The combined assets of our parish including the Church ($9,911,128) and the School ($375,067) total $10,286,305 in investments and facilities.  Our only significant liability is the $112,000 remaining on the loan to cover the stucco repair to the Family Center.  That means our equity on the parish holdings is over $10 million.

The Income Statements show a record of our Revenue and Expenses for the past year. Church surplus was $207,000.  Deducting non-operational revenue from the Columbarium and the Repair & Replacement Reserve Funds, there is an Operating Surplus of $126,386.   The School surplus was $66,324.

So, what does all this mean?  It means we have “turned the corner” from the dire straits we found ourselves in over the past few years.  Here are some facts:

• We have a new, extremely well-qualified principal for our school.  Dr. Mike Rockers has 28 years of experience in education, the last 20 years in education leadership.  He is a welcomed addition to the staff.

• A settlement was finally reached in our lawsuit for reparation of expenses to repair the stucco problem in the Family Center.  A payment of $495,000 was received and applied to the $650,000 loan.  With current payments, we are down to $112,000 which we will pay off with accelerated payments in the near future.  At that point, we will be “debt free.”

• The $350,000 reserve fund that we depleted to complement the above loan to cover our total costs of repair of the Family Center has been built back up to $176,000.  It is not yet where it needs to be to support our annual requirements for capital expenditures – but it is getting there.

• Our collections which have been stagnant for the last three years have finally moved ahead of the prior year (only by $4,000, but ahead).  The beginning of the new year looks even more promising.

• Our buildings and property are in top-notch condition -- and we intend to keep them that way.

• Our outreach programs and other ministries are well-supported with adequate funds to conduct their missions in the responsibilities to which they are committed.

Finally, we are pleased to report that our Thrift Shop has had another successful year.  This includes distributing $200,000 in grants, $50,000 of gifts in-kind and setting aside $60,000 in a Reserve Fund for future facility needs.  Congratulations for a job well done.

It is indeed a pleasure to announce these encouraging results to you after a number of years of “bad news.”  The reason is YOU!  You have responded to our needs.  You are among the more than 1,000 volunteers who work for this parish to make it all happen. We are proud of our parish, we are proud of you.  We are not yet where we need to be, but we are getting closer.  Thank you for your generosity as our parish strives to reach a full stewardship way of life.

Click here to view the 2005 Financial Report Figures