Our Annual Report - Parish Financial Summary
The fiscal year begins July 1 and ends June 30, as with all locations in the Archdiocese of Portland, Oregon.
For the fiscal year ended June 30, 2014, the parish revenues were up 12% from the previous fiscal year. This year to date has been rather flat. But the increased revenues last year allowed us to add needed staffing, due to increased activity, and to fund several projects in the Church. We have updated the lighting of the Stations of the Cross and Sanctuary, we improved the sound systems in the Church and Parish Hall, and have recently completed the new driveway in front of the Church to provide better access for disabled parishioners.
The completion of the Parish Center was funded by two loans. The primary loan is from the Parish Funds Trust* for $3.7 million dollars. This is a six-year payback at prime rate, presently at 3.25%. We will use ongoing pledge payments to retire this loan. The secondary loan is from Premier Community Bank** for $1.8 million dollars. These payments are based on a 25 year amortization at 5.25%. A balloon payment is due at year 10. At this time, payments are being made from parish and school operations with the expectation that it, too, will be retired with a future campaign.
*Parish Funds Trust is a cooperative of parishes within the Archdiocese of Portland which provides bridge loans for parish construction projections with pledges as collateral.
**Premier Community Bank loan is secured by a first deed of trust on the new facility.