Accountability

The attached Statement of Activities and Statement of Financial Position are the two prescribed financial documents required of every Parish, School, Foundation and operating unit within the Diocese of Bridgeport, to be published on the Sunday designated as 'Accountability Sunday,' which is Sunday December 7th, 2025. Both statements are for our Fiscal Year Ended June 30th, 2025.

STATEMENT OF ACTIVITIES

Nonprofit reporting is a bit different than for Profit Entities. The Statement of Activities' highlighted blue line depicts the results of Parish Operations Before Unusual Activities. The intent is to highlight if the Parish is operating at a surplus or deficit position from normal revenue sources such as offertory etc. If the year-to-year results are normalized for Assets Released for Capital Purposes (our recent HVAC system in 2024) and a one-time Bequest received in 2024, our 2025 results would reflect a surplus of $11.5K vs. a deficit of in the prior year of $19.5K, or a $31.3K improvement year-to-year. A modest surplus for a Parish generating an Offertory Income of $731.3K.

I thank our parishioners for their support, and will address this subject at greater length in the coming months.

STATEMENT OF FINANCIAL POSITION

This statement reflects the net assets (assets less liabilities) of our Parish accumulated over more than 123 years since the establishment of the Glenville Mission in 1902, and the foundation of our Parish Corporation in 1910. Our net assets consist primarily of physical assets, with $500K of our near $1.5M due to the recently-installed HVAC system. Our investments of just under $2.0M consist of short-term U.S. Treasury Securities of $300K invested over 3 months-18 months and $1.7M investment with the Knights of Columbus Asset Advisors. This investment has a moderate risk profile, where 66% is invested in equities and 34% in fixed income instruments. The Knights' investment is reflected at market value as of June 30th, 2025 and is subject to market fluctuations. The year-to-year change in our cash position is due to funding the U.S. Treasury Securities ladder to maximize interest income in liquid U.S. Government securities of a short duration. It is imperative that we grow our net assets to the extant we can to weather the ups and downs of the economy, changing demographics, and migration of parishioners over time.

Overall, we are operating at a modest surplus position on an annual basis, and have established a modest asset base considering our 123 years of history.

Again, I thank you for your support and look for your continuing support in the year ahead. May God bless you for your generosity as we seek to proclaim the Gospel together in our community.

Reverend Michael J. V. Clark MA (Cantab)
Parochial Administrator