DULCE NOMBRE DE MaRIA CATHEDRAL-BASILICA 207 Ashe Felsen Pm Set © Haga, Gam 9010 AN INTERIM REPORT TO THE PARISH COMMUNITY ON THE FINANCIAL ‘STATUS OF THE CATHEDRAL BASILICA January 21, 2015 My Dear Parishioners, ‘vas appointed es the Rector for the Cathedral Basilica on July 25,2014. At that ‘ime, the correct financial status of the Cathedral Basilica was unknown.’ An Internal Review Committee approved by the Archbishop was appointed to assess the existing financial records ‘of the Cathedral Basilica and to provide for me and the Parish Community suggestions on a ‘way forward to proper financial management and accountability. ‘Mach understanding ofthe financial condition of the Cathedral Basilica has been obtained through the hard work of dedicated individuals who have painstakingly reconstructed the accounting records from the source information that was located, identified and organized by them. The following accomplishments can be noted a this time + The Review Committe has completely separated financial records and transactions of the Cathedral Basilica from records and transactions ofthe Catholic Cemeteries. * The paish is now actively working with vendors to address overdue debt obligations amounting to more than $400,000.? Documentation for vendor obligations is being gathered and assessed. As well, through current cost cutting efforts, this past dve debt is gradually being reduced. + Credit card use has been terminated and the account balance is being paid off ‘+ Through aticition, the staff of the Cathedral Basilica has been reduced, and payroll and ‘other monthly, regularly recurring expenses of the Parish have been reduced.’ + A cemporaty agreement in the form of a promissory note has been eached with the Chancery Office and the $20,864.00 monthly interest and principal payment on long term debt is being paid by the Chancery. As a result, the Paish longterm debt obligation is curent.! ‘© An accountant is providing volunteer services to assure that Parish financial transactions are recorded comrectly and completely going forward, © CANON 1287 ~ According to norms tobe determined by particular lw, administrators are to render an account to the flthful concerning the goods offered by the fll tothe Church "parish records of franca ransatlons covering considerable period of time were not avalble ad nat ‘ep in an ret fashion permiting mmeciate and extensive review. Aer months, document management effort have bean excaneve bu ar incomplete * Tse past de obligations which are fund tobe moe tat 120 day in areas do nt neudethe monthly (debt obligation ofthe Pars for loan exese of $3.3 ion * attnough no staff wer terminated, 2 number of ta voluntary chose ta leave employment with the Cathera aces athe time of my appointment as Rector “Ts fsanuary 9, 2035, the total amount ofthe promissory nots $13,648 45‘Much work has been accomplished, more is needed and corrective action continues, A new ‘Parish Finance Council, with the approval of the Archbishop, bas been named, comprised of: + Tim Perez, Chairperson + Matiflor Leon Guerrero, Vice-Chair ‘+ Jonathen Bordallo, Secretary ‘+ St. Marian Therese Arroyo, RSM, Liaison ‘The Archdiocese of Agafla Finance Council and the Archbishop have engaged Deloitte ‘& Touche ina financial review ofthe Archdiocese. galas fistin alphabetical order. The parish books and financial sitation will be reviewed this month. With the scconnting firm, we ‘hope to have the financial books in order with a report which willbe disseminated ait ‘becomes available. ‘Lask for your prayers and your understanding as progress continues. The Patish will ‘need to increase revenues in coming months and years in order to address obligations that have ‘been incutred: to address areas of distepair such asthe leaks inthe roof, co upgrade or replace parish equipment, such as air conditioners which have excceded their lifespan, and to address oteatil structural defects in the bell tower that have been recently identified, With your help, stewardship and prayers we can move forward ‘You may have noticed the bake sales after select Masses on Sundays. These were ‘mall steps being initiated to reduce our debt obligations. More fuad raisers are being planned, I you woul like to help, or you have any question, call the Pastoral Center at 472-6201 or ‘one of the officers of the Parish Finance Council: Tim Perez at 688-4895; or Jonathan Bordallo at 687-6855. ‘As we begin ths year, fetus give thanks forthe blessings we received. Looking further head in 2015, I pray to Our Lord and Task the intercession of Santa Marian Kamalen, Blessed Diego and Saint Pedro Calungsod to protect you all. Let us move forward in our Mother CChureh celebrating the 50" golden year Jubilee ofthe establishment ofthe Diocese of Agatia. And in the words of Pope Francis, who has declared a Year of Consecrated Life, let us “Wake up the world co Faith, Hope, Love and Joy!” Let us rejoice in the birth of Jesus! In Chri’ peace, 2:6. Qutgr— a teen ee tary, Finance Council —— va wie iia A See He WiteatCies eee oe Chae