Transparency Update #2

Friends in Christ Our Hope,

In Deacon Dennis Kelly’s first update to parishioners and friends of Christ Our Hope in mid-July, he recapped what the last year has been. And what a year it has been.

In this update we will focus on finances of the parish. As Dn. Dennis said we have worked hard to minimize the impact on Christ Our Hope from the flooding damage and pandemic. Lost revenue has been significant, but expenses have also been reduced.

Next month, the parish will release its annual report to parishioners with graphs and charts showing our financial results for 2019-2020. The transparency team is giving you a preview of coming attractions.

Total revenue was down $146,000 from 2018 to 2019 and down $78,000 from 2019 to 2020. This in large part was the result of reduced attendance. Expenses were reduced, but a surplus in 2017-2018 became a deficit in 2018-2019 and 2019-2020. The deficit was funded from parish reserves.

During this past year staffing was adjusted. The parish applied for and received pandemic payroll support funding of $63,300. In addition, the parish received a $41,752 insurance settlement from last year’s flooding for lost income. We have discussed lease abatement with Catholic Housing Services for the fiscal year ending June 30, 2020, and for the next two years (likely duration of the pandemic). These are discussions many tenants are having with landlords throughout the city.

Christ Our Hope has prepared a budget for the new fiscal year, which has been reviewed and recommended by the finance council for adoption by the pastoral leader.

Given the online donation support, the budget includes $444,500 of collection revenue and $98,650 of other donations and revenue for a grand total of $543,150 of total income. And $568,801 of total expenses. This will generate a net deficit of $(25,651) for our 2020-2021 budget year. This does not include the results of our discussions with Catholic Housing Services regarding lease payment. $81,000 (75% of the annual lease payment) is included in the current budget until the issue is resolved.

Realizing that many are financially challenged during this time we ask not only for your financial support, but suggestions on how we can improve. Christ Our Hope has many ministries that are very active online addressing issues like social justice and how to stay connected. We are always open to your suggestions. Send them to Dn. Dennis Kelly at [email protected].

Looking forward we have a continuing challenge. With no end to the virus in sight and no vaccine developed yet, we will continue to look for innovative ways to ensure that the parish prospers and fulfills its mission as a beacon of hope in downtown Seattle. In the fall we will propose ways to reach out to those who live in the downtown community and invite them to join us.