The following is taken from Father Ken's Kaleidoscope in
the July 12 bulletin:
The Diocese is preparing the final document for our mortgage. Our mortgage is actually money loaned to us from the savings of other parishes in the diocese, simply deposited at the Diocese who serves as the "banker. So the interest we pay means interest earned by other parishes rather than at a bank.
Our new weekly financial report in the bulletin will now have two columns - one column shows the operating fund that supports the parish - salaries, programs, utilities, etc. The second "restricted" fund denotes the contributions specifically designated to pay the mortgage. That's been the plan since the day we announced our plans to consider construction of new facilities. We'll have a thirty-year mortgage like many homeowners do.
We encourage every household to continue supporting the operating fund as you have through the years. We also ask you to support the Building Fund that will make the mortgage payments. those designated contributions will only be used for the mortgage payments, and in that fund they won't increase our KDSA targets each year.
A benefit to making contributions to the Building Fund is that those contributions are not considered when establishing (raising) our KDSA target, because the target is based solely on contributions to the operating fund.
You have been very generous this past year when other parishes have suffered for a variety of reasons. Thank you.