FY24 Q1 Financial Recap

This past November we published financial information for the first quarter of our fiscal year. We now have our second quarter financial statements prepared. Again, my hope is that we can become consistent with offering not only financial data, but other information that helps us gauge activity within our parish. With a budget that exceeds $3.3 million, there is a lot of data. What we have here is a very small picture, but hopefully it gives you an idea of where we stand financially. We work on a fiscal year that runs from July 1 to June 30. Our second quarter report covers the months of July through December.

Just as last quarter we saw a significant net gain because of the large influx of tuition that comes in at the beginning of the school year, we also received a sizable gift, and in July received a government payment of $231,295 for the Employee Retention Tax Credit (ERTC) as part of the covid relief program to support businesses that maintained employees during covid. As you can see below, wages and benefits are 60% of our expenses. We included electricity because this is our next single largest expense after wages and benefits. Revenue also includes some unrealized gains in investments.

Looking ahead we will rely on the influx of cash from the ERTC to help us this year and next year as well. Next year we need to replace over $200,000 in revenue from ERTC that helped us balance this year’s budget.

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