1 / 24

Seton Catholic School Financial State of the School

Presented by: Andy Walker and Matt Craft Parish Finance Committee. Seton Catholic School Financial State of the School . Parish Debt – Building the School. When St. Elizabeth Ann Seton School was built in 2005, the cost to build the school was $7.7 million .

grant
Télécharger la présentation

Seton Catholic School Financial State of the School

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Presented by: Andy Walker and Matt Craft Parish Finance Committee Seton Catholic SchoolFinancial State of the School

  2. Parish Debt – Building the School • When St. Elizabeth Ann Seton School was built in 2005, the cost to build the school was $7.7 million. • $4.7 million of that goal was received through donations from all Lexington parishes and our Diocese. The Diocese was $300,000 short of their $1.0 million pledged goal. • St. Elizabeth Ann Seton Church borrowed an additional $4.7 million to meet the total.* • The additional remaining balance of $1.7 million was held by the Diocese in a Deposit & Loan account. • Over the last six years, St. Elizabeth Ann Seton Church found it necessary to access part of that $1.7 million reserve to make principal and interest payments on the overall debt. Our reserve total in the United in Faith Campaign account now stands at approximately $1.17 million. • As of December 31, 2012, our current loan principal was $3,816,878. * The additional $2 million was borrowed to complete the project by building a gym and cafeteria. We soon realized that we had a mortgage payment that we could not afford through the Sunday Offertory.

  3. Diocesan Assessment • Every school and parish pays a Diocesan Assessment. Schools pay 8.16% of K-8 tuition to the Diocese to help cover their operations. • 2011-2012 Seton paid $125,005.24 • Current year $136,781 is budgeted • Fees, preschool tuition, playschool, fundraising is not assessable.

  4. Financial Controls • Fiscal year for the church and school is July 1-June 30 • Seton Catholic School and S.E.A.S Parish have separate bank accounts and budgets • The school can only have 2 bank accounts: • Operational account • Gaming activity • The school cannot have other accounts (ie Athletic Booster, PTO, Aftercare, etc.). • The school budget is prepared by Mrs. Coomer and Mrs. Fister and presented to the School Board, revised as needed, and then presented to the Parish Finance Council

  5. Cash Flow Challenge Diagram

  6. New Challenge: The teacher’s contract • Teacher earn 88% of FCPS previous year’s salary schedule. • Until this year, teachers were paid in 24 equal paychecks from August 30 through August 15 (crossing over two fiscal years). • Beginning April of 2012, the salary payout would change to 21 pay periods. • Teachers are now paid from August 30 through June 30 (all within the same fiscal year).

  7. Salary Payout Change • Cash Flow issues due to Diocesan change in Teacher Pay Cycle and Pre-Pay tuition cycle. • Annual Pay Periods decreased from 24 t0 21. • As a result of fewer pay periods, the payroll increases per pay period. • Teacher salaries increased by 3% in accordance with FCPS.

  8. Efforts continue to increase income • We have held onto the philosophy to INCREASE revenue rather than impose additional cuts…which means jobs and programs. • New quality programs added to increase revenue: ProgrammingRevenue Enhancers • Play School Spring Social • All day Pre-K Scrip • Summer Care iGive • Summer Camps BoxTops • Faith 1st Sports field rental Entertainment Discount Cards

  9. Growing the School

  10. Textbook Fees • Includes consumable workbooks, replacement textbooks, e-Texts, consumable instructional supplies, paper and copying expenses, and more. • The Textbook fee is collected at the time of registration.

  11. Technology Fees • This is an ever growing account to our budget. • Includes maintenance and replacement of hardware throughout the building. • I pads -45 Smartboards - 21 • Desktops – 94 Projectors - 23 • Notebooks - 72 • Also included are annual fees for: RenWeb Accelerated Reader MAP testing Internet Broadband

  12. 2011-2012 Cost To Educate • The cost to educate one K-8 student at Seton has been calculated at $6,973* • Parishioner Rate (including fees) = $4,690 • Non Parishioner Rate (with fees) = $6,810 • A “GAP” of • Parishioner $2,283 • Non Parishioner $163 * Includes an annual building debt payment of $266,951 which is currently paid by the parish.

  13. Filling the GAP • In an effort to make our school more affordable we have reduced tuition below the actual cost with dependency on the following other sources of income: • Parish Subsidy • Annual Fund Drive • Evening With the Stars • Country Fair

  14. Filling the GAP: Parish Subsidy • St. Elizabeth Ann Seton Parish supports our school at a rate of $120,000 + $266,951 for building debt • The $120,000 is used to subsidize qualifying families through tuition assistance: • 94 students and 62 families benefited from this program in 2011 – 2012 school year • 82 students and 44 families and are receiving assistance for 2012 – 2013 school year • By comparison Seton is less dependent on their parish than the other Fayette Catholic elementary schools • The 2 other parishes subsidize their parish schools at rates $520,000 and $800,000

  15. Filling the GAP: Annual Fund • Challenges • Families may not understand the need • Difficult to “mandate” that people participate • During the 5 year history, participation has hovered around 50% or less Benefits • No door to door sales, items to deliver, no bother to family and friends • Fundraising companies generally keep more than ½ of the profit • School keeps 100% of income • Tax deductible

  16. Annual Fund Participation Families % of Families School YearContributingContributingAmount • 2010 – 2011 156 51.7% $60,485* • 2011 – 2012 154 50.7% $47,145 • 2012 – 2013** 68 22.7% $16,500 • $15,000 donation. IBM and a family contributed to create the mobile lab. ** Campaign started in November 2012.

  17. Annual Fund Opportunities • A school parent, who is a parishioner has generously offered to match, up to $10,000 any donations made between January 1 through April 15 • New this year, we have added entertainment cards, allowing families to recoup their Fill the GAP contribution by selling cards • Shammy’sBlimpie Sutton’s Columbia’s • Jet’s Pizza Subway Cane’s Papa John’s

  18. EWTS and Country Fair

  19. How we cover the cost

  20. In Summary • The school has made cuts and operates on a very tight budget. There are no opportunities to make further “cuts” without having a negative impact on our academic and faith formation. • Seton Catholic School does NOT charge the full price to educate a student. • Your support of our Fill The Gap efforts is NECESSARY for us to succeed and continue improvements.

  21. Capital Campaign • Our parish has set a goal to raise $2.4 million for this campaign. This goal is based on a national standard of 2.5 X annual offertory collections across many religious organizations in the US. • As of December 31, 2012, 377 families have pledged $1,861,699. • Approximately 43% of Seton families are participating in the Campaign. • Total cash collected to date is $1,061,967. • Our total cash collected based on pledges is$952,963*. • * Some families have prepaid pledges and some families contributed without making a pledge. • Campaign outstanding balance of $25,130. • Collection Rate of 97.4%

  22. Where are the Capital Campaign Funds? • St. Elizabeth Ann Seton Parish has two accounts with PNC Bank that are designated for retiring the debt on our school building: • The United in Faith Campaign reserve account - $1,177,834. • The Our Future Capital Campaign Account - $802,809. • Total Collected = $1,061,967 • $82,821 was paid to the Diocese from this account to fulfill our 2011-2012 Annual Appeal commitment. • SEAS makes quarterly payments of $19,057 to the Diocese from this account, through May 15, 2014, to fulfill our obligation to the Diocesan Campaign, One in Faith & Mission. • These funds can only be accessed to pay down the current debt.

  23. When can we start building? • In order to move forward with future building, St. Elizabeth Ann Seton Church would need to do several things: • Reduce our parish shortfall and move from a Church currently operating at a loss to one whose operational finances are fully secure; and • Complete a successful Capital Campaign, to raise monies necessary to renovate and construct future buildings. In 2009, we asked the Diocese of Lexington to allow SEAS to run our own Capital Campaign, independent of the Diocesan Campaign. We were granted permission to do so, provided we meet our Diocesan commitment of $304,000 *toward their goals and initiatives. By doing this independently, St. Elizabeth Ann Seton Church has the potential to retain hundreds of thousands of dollars more right here in our parish. • Total Dioceses payments are $82,821 + $304,000 = $386,821. The $304,000 is currently being paid quarterly to the Dioceses through May 15, 2014, with approximately $114,342 outstanding. • * The Diocese projected that we could raise $845,000 in our parish for the One in Faith & Mission Campaign. We opted for the “Piggyback” to run our own Campaign. That required us to guarantee the Diocese 40% of that amount minus the Annual Appeal for 2011-201. Calculation: $845,000 - $82,821 (Annual Appeal for 2011-2012) = $762,179 x 40% = $304,872.2.

  24. When are we going to build a gym? • In order for building to begin, the Diocese of Lexington must approve our building plans. • We, as a parish, must be able to meet daily operating expenses, (which include the payment on our parish debt) • We must secure 40% of the funds needed to complete our building project. • $2,000,000 x 0.40 = $800,000 • Reduce outstanding debt by 60%. • $3,816,000 x 0.60 = $2,289,600

More Related