PARISH NEWS
September 22, 2023
Financial Highlights
For the Fiscal Year Ended June 30, 2023
2023 was another strong year for Corpus Christi, with the Parish generating record revenue. We earned $524,808.47 in net income on revenue of $1,654,298.35 versus $107,543.58 on revenue of $1,215,330.75 in 2018, reflecting strong underlying performance across our Parish.
If you look deeper, you will find that our success and accomplishments are founded on our commitment to our mission, vision, Church teachings, and values.
Economic value can be built only if you maintain a healthy and vibrant Parish, which means doing a good job taking care of the congregation, volunteers, and the greater community.
Finally, the basis of our common success is our people – the ones who serve our members and community, make the strategic decisions, manage the risks, put together the technology, determine our assets, and innovate new systems. Whatever the view is of today’s complexities and the risks and opportunities ahead, having a great team of people — with integrity, wits, and enormous capabilities to navigate personally challenging circumstances while maintaining high standards of professional excellence — is what ensures and safeguards our prosperity, now and in the future.
FY 2023 a Booming Year
Sustainable Collections per Household
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$701 of total collections per family increased by 7.3%
Committed to the Greater Community
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$59,228 and 31,066 pounds of food to 833 families and 2,380 individuals
Record Numbers of Active Families & Members
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18.9% Growth of Active Families (1,635) & 20.4% Growth of Active Members (3,960)
Sounder Accounting & Internal Control Procedures
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Advanced Systems for Safeguard of Assets & Execution of Transactions
Record Surplus
$6.02M of Equity on Record Net Surplus of $621,685
The interpretations of the balance sheets make clear that the Parish is developing strong long-term economics. Corpus Christi is trending towards consistent higher margins of current assets from fiscal year to fiscal year.
Since fiscal year 2020, Corpus Christi has established secured cash flow to fulfill its mission, goals and objectives.
The total current assets of the Parish have increased 26.2% since fiscal year 2020, ending the fiscal year 2023 with the total amount of $1,480.295.79 in cash and cash equivalents.
Since last year, the total assets of the Parish increased 8.96%, ending the fiscal year 2023 with the total amount of $6,032,055.43 in cash, cash equivalents, land, buildings, furnishings and contents, ecclesiastical furnishings, and equipment.
Equity represents the sum of all the annual surpluses that Corpus Christi has accumulated over its entire history, as the change in net assets is a surplus that is carried forward.
The total equity for the fiscal year ended on June 30, 2023, equaled $6,029,850.70, up by 9.48% compared to fiscal year 2022 ($5,507,840.54).
The balance sheet for fiscal year 2023 reported a net income (surplus) of $522,010.16, the highest-ever recorded since the Parish was founded in 1978.
Established Secured Cash Flow
$1,480,296 of Record Cash & Cash Equivalents to Fulfill the Mission, Goals & Objectives
The cash and cash equivalents report provides a picture of what happened to the cash of the Parish throughout the calendar years 2021, 2022 and 2023 (please see below).
Record Net Income
2023 Generated $524,808 of Net Income on Record Revenue of $1,654,298
The accrual method is used to maintain the accounting records of the Parish, which requires that revenues be recorded when earned and expenses when incurred.
COLLECTIONS
The income statement (profit and loss performance) reported that the total collections of the Parish increased 7.33% during the past year, ending the fiscal year 2023 with the total amount of $963,291.58 in total offertory and designated collections.
Since 2021, total collections increased by 15.52%, a variance of $129,406.
Record Expense-to-Revenue Ratio
Ratio of 68% is the Lowest Since the Founding Year 1978
The Expense-to-Revenue Ratio of the Parish decreased to 68.3%.
The income statement reported that the total expenditure of the Parish increased by $98,992.37 (9.6%) compared to the previous year, ending the fiscal year 2023 with the total amount of $1,129,489.88.
The expense-to-revenue ratio is not necessarily informative about the success of the Parish, and with intent, rather than focusing on the ETR ratio, annual surplus, or net income of the Parish, the Office focuses upon fulfilling the mission of Corpus Christi.
As such, one effective way we assess the performance of the Parish is by examining how Corpus Christi spends its resources. For instance, the Income Statement depicts how total expenses are effectively distributed between four (4) functional areas: ministerial expenses, administrative expenses, fundraising and charitable disbursements, and non-operating expenses.
The current distribution between these four (4) areas confirm an optimistic and affirmative reflection of the Parish’s mission, values, success, and accounting practices.
Record Net Income
2023 Generated $524,808 of Net Income on Record Revenue of $1,654,298
Corpus Christi was founded in 1978 as a spiritual oasis in the thriving town of Lexington. Now, over 40 years later, we continue to be a place of respite and reflection for 1,635 families and 3,960 members who seek a relationship with God. As the heart of the Church and the home of the Christian community in Lexington – a community of faith, of action, and of hope – the Parish is where the Gospel is proclaimed and celebrated, where believers are formed and sent to renew the earth.
VISION
We bring people to Jesus – form disciples and send them to transform the world.
MISSION
We share the treasure of our Catholic faith, and centered in the Holy Eucharist, strive to be true disciples of Christ to all.
Family and Member Count
Corpus Christi has grown remarkably since 2020. The active family count is 1,635, up by 18.9% compared to fiscal year 2022. The active member count is 3,960, up by 20.4% compared to 2022. The total collections per family increased to $701, up by 7.3% compared to the previous fiscal year.
