Financial Operations of St. Mary – St. Joseph School
Much of the financial problems over the past few years has been related to the downward trend in the school’s enrollment over the last five years. Last Year, there were 123 students enrolled in SMSJ School. One hundred fifty students are needed to achieve a break-even financial status. Each empty seat results in a deficit of approximately $5,000 in revenue. The school must increase enrollment in order to lower per pupil cost and decrease reliance on parish funds.
For each child of a registered parishioner with one of the three parishes that make up the Corpus Christi Catholic Community, the school received a subsidy of $1,020 for the 2016 – 2017 School Year versus $1,000 for the prior year to help defray the cost of attending SMSJ School. Over and above the School Subsidy, St. Joseph Parish and St. Mary Parish cover any financial deficit that exists at the end of the School Year along with any special financial requirements that might arise during the school year. Subsidy and additional support to the school amounted to approximately $135,000 for the 2016 – 2017 School Year.
Two Years ago the Diocese of Norwich loaned the School $80,500 to cover the invoices and payroll outstanding at that time. In addition, the Diocese has reluctantly allowed the school to defer repayment to the diocese of the Workmen’s Comp and Property and Liability insurance until the enrollment numbers will put the School on a positive financial standing.
The following is a summary of Revenues and Expenses for the past five years:
2016-2017 2015-2016 2014-2015 2013-2014 2012-2013
Enrollment 123 144 168 175 180
Revenue $862,365 $705,263 $894,851 $927,925 $723,839
Expenses $917,779 $832,219 $909,308 $834,166 $810,988
Net Income/Loss ($55,414) ($126,956) ($14,457) $93,759 ($87,149)