Dear friends

As we approach Christmas our hearts are will with gratitude for the many graces received from God’s goodness.

The turmoil that we are experi­encing in today's economy affects each family and religious institution across the country.

Families and Parishes are concerned for their futures, as most market­place indicators are suggesting that even more difficult times are still to come.

St. Therese Parish is exercising good stewardship and fiscal re­sponsibility

Under the guidance and over­sight of the Archdiocesan Finance Office and of our Parish Finance Coun­cil, parish funds (Church & School) and parish accounts (Church & School) are closely scrutinized.

Additionally, we are revising our Parish Annual Budget, whenever it is needed, adjusting it to the new situation.

We try being vigilant on the cash flow and we strive to adhere strictly to the “Best Practices” as laid down by Archdiocese.

The church's law prescribes that we are to administer the gifts of the people of God with the diligence of a "good housekeeper." At St. Therese we are pay­ing close attention to conserving resources carefully and deploying them wisely.

+ Best Practices

Sunday collections are collected and put into sealed and signed envelopes deposited in the Parish Safe. The money counting by two or three Parishioners, put back into bags and signed. Deposited on Mondays by Pastor or secretary.
Receipts of deposits are given to Archdiocesan Account Miss Yenisse Roman who enters them on Quick-Books on Wednesdays and reconciles the accounts.

The weekly Parish bulletin discloses the Sunday collections and other donations. List of donors are also published.

Pastor asks, in writing, the Accountant for checks which have to have the supporting documentation. There are no personal checks. Pastor scrutinizes the request for checks from the school on Tuesday, authorizing them and asking Yenni to cut the checks which are signed either by the Pastor himself or by the Associate-Pastor.

Mrs. Fanny Chan does the deposits for the school. The deposit slips are given to accountant for reviewing.

We pay very close attention that the common complain “the church has used the school money” will remain a groundless gossip.

Expenditures above $10,000 have to be authorized by Archdiocese following recommendation by Financial Council

We give a Financial Report twice a year. The Chair of the Financial Committee gives a Summary during the Weekend Masses.

The Budget is revised according to the needs.

+ Audits

Usually Parish accounts are revised after the Pastor leaves the Parish. This financial review is a normal procedure when there is a change of leadership

When I moved in on Dec. 14th, 1999 there were no Books available and the Financial Council was only one person; at the moment we have a Financial Council comprising seven members, all of them professionals.

1. The first audit was asked by Pastor and was carried out in March 2004 by the hired  company  “Jefferson Wells International, an independent financial firm.  Their personnel spent two weeks onsite at the school and parish. 

The audit showed that there has been no misappropriation of funds relative to the school monies; as matter of facts the school management was not able to account for a considerable amount of money.

2. A second Audit of our books and procedures was conducted October 20th – the 27th.  This was done by RJG Consulting, an independent auditing firm that specializes in these types of audits.  Fr. Michael asked, and the Finance Council approved, the audit to provide full transparency and to disprove rumors that the Church & School Funds are co-mingled

The auditor was pleased with the way our parish operates.  The Chair of the Financial Committee will give you all the necessary details. Documents are available at the rectory for your reading.

3. Audit: Grants
The review of the Digital Divide grant has triggered a second audit of all the grants to ensure that there is no commingling or misappropriation of grant funds.
After the audit process, the Finance Council, Pastor and Principle will evaluate the findings.

+ Conclusion:
I am thrilled, and I feel privileged to work with such a wonderful team like the one represented by you here tonight.

To become more efficient we have to be able to dispel pre-conceptions and become appreciative of each other.
Financial transparency and team-working if we want overcome the challenge of the present time. We need also to streamline and consolidate positions and this will be implemented when we shall offer contract for next year.

I am aware that the Board is made of friends eager to work: you are a big asset to the Parish and a blessing to the school.

Church and School have been separated, and apart, for too many years and, at times, I feel in spite of all our efforts there is still a certain degree of indifference, mistrust and suspicion mingled together.

After all, what these two institutions want to achieve, is the same goal: the welfare, spiritual, physical and academic of your kids.
Since you the parents have entrusted them to us, they become also "the church-kids" and we feel honored to work with you in the difficult, and challenging, task of their formation.

A church that confines itself only to Sunday worship, becomes sterile and bent-over itself. The touch stone for our faith is the service of the community.

The church can only benefit from your enthusiasm, youthfulness and dedication. You help the church to think outside the box.

It would be wonderful if at St. Therese we could have School-board members attending on a regular basis our Parish Council meetings. It seems a lot, but in reality is very little: four or five meetings during the year since we meet bi-monthly. I am sure that everybody will gain by this joint effort.

No a piece of good news: the Xaverian Missionaries have answered our request for help and sent a check of $5,000 towards to new boiler.