Newspaper Page Text
the archdiocese of
atlanta, georgia
parishes and missions
for (he year ended June 30, 1972
comparative statement of net assets statement of revenues, expenses and
(unaudited)
debt reduction (unaudited)
JUNE
JUNE
310,
30,
1972
1971
ASSETS
Cash In Banks
1
640.462
$ 492.020
Accounts Receivable
1
770
$ 225
Due From Administrative Offices - Archdiocese
of Atlanta
1
$ 23.987
Prepaid Expenses
1
1.698
$ 300
Marketable Securities and Certificates of Deposit
At Cost or Market At Date of Gift (Market Value
$362,868 at June 30, 1972 and $281,848 at June
30, 1971)
£.
347.214
$ UL&Ll
Land, Buildings and Equipment:
Land and Land Improvements
$ 2,983,835
$ 2,786,835
Buildings
15,112,480
14,966,186
Furnishings and Equipment
1,533,318
1,491,001
Automobiles
165.210
108.930
Total
$19,794,843
$19,352,952
Other Assets
1
.3,962
$
Total Assets
$20,788,949
$20,117,097
LIABILITIES
Accounts Payable and Accrued Expenses
$
22,873
$ 6,175
Due To Administrative Offices - Archdiocese of
Atlanta
5.224.022
5.240.980
Total Liabilities
$
5.246.895
$ 5.247.155
Net Assets of Parishes and Missions
$15,542,054
$14,869,942
The above financial information waa compiled from reports submitted by the
various parishes and missions and has not been examined by our auditors,
Harris, Kerr, Forster & Company.
CHURCH:
Operating Revenues:
Offertory
$3,043,900
Donations
351,049
Special Collections
507,563
Other
250.614
Total
$4,153,126
Operating Expenses (Including
Assessments)
2.788.205
EXCESS OF CHURCH REVENUES OVER EXPENSES
$1,364,921
SCHOOL AND CONVENT:
Operating Revenues:
Tuition
$ 970,380
Other
97.897
Total
$1,068,277
Operating Expenses
1.569.142
EXCESS OF SCHOOL EXPENSES OVER REVENUES
$ (500.865)
REVENUE AVAILABLE FOR DEBT SERVICE
DEBT SERVICE:
$ 864.056
Interest Expense
$ 285,443
Debt Reduction
325,987
Total
$ 611.430
EXCESS REVENUE OVER EXPENSES AND
DEBT REDUCTION
$ 252.626
Note: Subsidies paid by churches to parish schools
have been eliminated from church
operating expenses and school revenues.
The above financial information was compiled
from reports submitted by the various parishes and
missions and has not been examined by our auditors,
Harris, Kerr, Forster & Company.
source and disposition of parishes and mission
revenues, expenses and debt reduction
SOURCE
DISPOSITION
Church -
Other
211
School
Tuition
19%
Church
Offertory
Other School
— Revenue
2%
Parishes and Missions:
In addition to the financial information concerning the Chancery Office, which was
audited and certified by our independent accountants, we are also presenting a comparative
statement of net assets and a statement of revenues, expenses and debt reduction of the
parishes and missions contained within the Archdiocese of Atlanta.
It is important to call attention to the fact that these accounts were not audited by
independent accountants, but were compiled from the records maintained by the
parishes and missions.
As reflected on the comparative statement of net assets, the total assets amounted to
$20,789,000 at June 30, 1972. Of this amount, however, 94% or $19,795,000 is
represented in land, buildings, and equipment. As indicated previously, that portion of the
physical plant which is represented by buildings, furnishings and equipment, was recorded
for historical purposes only and, likewise, is of a single purpose nature. However, for
historical and accounting purposes and for accountability of our stewardship they are
recorded in the accounts and records of the parishes and missions.
Furthermore, we should note the debt obligations of parishes which total $5,224,000 at
June 30, 1972. These amounts are due to the Chancery Office and represent debts to banks
and other lenders from whom funds were borrowed for construction of buildings,purchase of
equipment, and/or acquisition of land. Therefore, the net assets of the parishes and
missions, if buildings, furnishings and equipment were eliminated, would result in a deficit
figure of $1,103,744.
Sources of revenues and their disposition are reflected in the graphic illustrations and in
the statement of parish and mission revenues, expenses and debt reduction. With respect to
the sources of revenue, it is noteworthy that the offertory collections accounted for 58% of
the total, whereas other operating revenues such as donations, special collections and sundry
revenues totaled 21%.. School tuition represented 19% of total revenue and other school
revenue of 2% completed the full amount of revenues received during the year.
Parish Schools:
We should refer to the operation of the parish schools where operating expenses totaled
$1,569,142 or 32% of total parish and mission expenses. Note, further, that operation of
the parish schools resulted in a loss of more than one-half million dollars. These figures are
exclusive of high school expenses.
Of the remaining expenses, 6% was spent for interest on debt; an additional 6% was used
for debt reduction: general church expenses for all of the parishes and missions represented
56% of the total expenses. The detail of the larger amounts expended for general church
purposes is tabulated in the graphic illustration. Principal among these expenses were the
following:
Assessments 18%
Salaries 12%
Reparis 7%
Insurance 3%
School of Religion 2%
Supplies 2%
Utilities 2%
All Other 10%
Summary: Total 56%
The foregoing is an accounting of the stewardship of funds administered during the year.
Your continued support of the various archdiocesan programs, particularly with reference to
the operations of the schools and the expansion of the building program evidenced in the
financial statements, is most gratifying. However, as indicated in the financial statements,
the Archdiocese, from a financial viewpoint, must travel a long road toward fulfillment of
its obligations to continue the expansion and growth of the church.
importance of bequests
The reports in these pages reflect only partially the
importance of bequests and estate donations in the
over-all financial picture of the Archdiocese of
Atlanta. There is, however, a real need to strengthen
this area as a funding source.
Generous remembrances of the Church in the Last
Wills and Testaments of one generation can insure
the continued growth of the Church family long after
individual members have died.
The foresight of past generations has made our
burden lighter today. You can continue that by
remembering the following specific areas in your
Wills:
The Catholic Archdiocese of Atlanta
The Archdiocesan Seminary Fund
The Village of Saint Joseph
Saint Joseph High School
Saint Pius X High School
A
$
4
t
t