Finances and budgets have a direct impact on the financial management of the Parish. The Finance Council is a consultative body of lay people which advises the Pastor about the financial affairs of the Parish.
Finance Committee Members:
Christina Dao - Chair
Russell Todd - Vice Chair
Debbie Parsons - PPC Liaison
Murray Paetz - Secretary
Tax credits for supporting Ascension Catholic Parish in 2021+
For the tax year 2021, the federal government provides a tax credit for your donations to Ascension Catholic Parish. They provide a 15% credit on the first $200, and 29% on the remainder to a maximum of 33% tax credit. And also the Alberta government also provides a 10% tax credit on the first $200 donated and 21% on the excess.
A $1000 donation to Ascension Church can provide a tax credit of $450. This means your ‘out of pocket’ cost will only be $550! Thank you for your support.
To help understand how tax saving benefits your financial support we are adding a table of examples of the estimated tax savings for modest monthly donations under the 'Giving tab' on our website.
Please note this information comes from public sources and is provided for informational purposes only and is not to be construed as accounting, financial, tax, or legal advice. Please consult with a professional in respect of your own personal circumstances.
This report includes a summary report of financial operations in 2021, the second year of COVID limited in-person Mass participation and Church activities. Complete 2021 Financial Statements with a comparison to 2020 are available below.
Only 1500 families are supporting the Parish out of 8035 registered families. This is a growing concern for our future. Although we had a modest recovery of our net cash flow, we are struggling with insufficient contributions to the Parish Operating Fund.
Highlights parishioners will find valuable 1. The growing part of donations comes from PAD donations, credit cards and e-transfers, Government grants and external payment sources (Canada Helps). 2. Parishioners donating to Diocesan Special Collections and supporting the Together in Action program. These collections are forwarded to the Diocese quarterly. 3. Staff reductions, offset by cost increases in operating costs in 2021 reduced total expenses by $40,236 in 2021. We anticipate more staffing will be needed in 2022 with our return to in-person Mass participation and resumption of programs. 4. We have strong parishioner support for Building Fund donations, Donor Wall plaques and fundraising. We apply ALL the funds to reducing our mortgage debt. At year-end our loan debt was down to $11,337,052. 5. Total reduction in our mortgage debt in 2021 was $1,136,823, including mortgage debt payout related to our rectory purchase. 6. Our mortgage loan interest rate for 2022 is 2.59% and our 2022 monthly payment is $43,019. 7. We increased our Central Fund Savings by $61,000, to hold at year end $136,194. This reserve fund is needed for emergencies and future capital expenditures. 8. For 2021 we issued 1441 tax receipts to families, giving them a tax credit benefit as well.