FAQs about Parish Finances

Updated May 1, 2025

What are the biggest financial challenges for our parish?

There are two:

1. On average, our cash reserves equate to approximately two months of operating expenses. We look at this like a family would look at their own finances. Any unexpected expense of large magnitude would impact our financial stability.

2. Each month, our regular offertory collections are subsidizing the building/mortgage funds to cover the mortgage payment.   This indicates inadequate building-related revenue & cash balances.

What is our best path forward to ensure a solid financial foundation that is resilient to instability and debt free?

The answers are simple, but faith and generosity are needed on all paths.

1. Fill the seats – evangelization is the greatest opportunity for our church.  Everyone can help in this effort by inviting people you know who live in OLA boundaries to encounter Christ and his church.  We have so much to offer; your nudge and the prodding of the Holy Spirit can help grow this community to its full stature.

2. Non-Donors to become regular donors through online giving.

3. Current donors to revisit their giving and, if able, increase it by 10%.

What is a building fund and why do we need it?

A building fund is a designated financial reserve used to support expenses related to the church’s physical buildings. This includes ongoing maintenance, repairs, and renovations, as well as mortgage payments or debt reduction associated with church property.

The current building fund stands at less than $10,000, which is less than our monthly mortgage payment, and we would like to increase that to $100,000.  Not only would this fund be our first line of defense for big ticket expenses like roofing, mechanicals and security, but every dollar over $100,000 will be used to pay down the mortgage (which has a current balance of a little less than $1,000,000).

How was the goal of 6 months of operating expenses in cash reserves established?

This was based on the specific financial needs and trends of our parish.   We projected what our financial position will be after all expenses are paid. What we anticipate is having less than two months of operating expenses on hand.  In the judgment of the Parish Finance Council, this isn’t enough of a cushion to withstand unanticipated expense or revenue shortfalls.  Our review also focused on the financial position of surrounding parishes. We sought guidance from objective sources on best practices.  The Parish Finance Council, in consultation with Fr. Bass, determined that 6 months of expenses on hand is a prudent figure for Our Lady of Angels.

What are the benefits of online giving?

• Convenience & Consistency

• Budget-Friendly

• Security & Safety

• Environmentally Friendly – fewer printed envelopes

• Easier Record-Keeping

• Supports Church Operations

Will I still receive envelopes if I prefer traditional giving with cash/checks?

Yes, we will still provide envelopes for those who register with the parish and choose this option.

Where can I find the parish financial statements?

Our fiscal year 2023-2024 financial statements are available—just scroll up! The current fiscal year closes on June 30, 2025, and financial statements will be published after the year-end audit.  Once completed, the statements will be made available to the parish community. 

How is the pavilion impacting our cash reserves?

Over $500,000 in donations received to date to construct the Msgr. Bell Pavilion were given by dedicated parishoners for that purpose and those restricted funds are being held to pay for the construction as currently contracted. The Diocese approved the project, the general contractor is in place, and the permitting process is well underway.  This is an exciting project for OLA and it won’t be long before we get together for our first family gathering in the “back yard” of our parish home.

What if I still have questions?

Please email your questions to info@ourladyofangels.com.