In Case You Were Wondering…
A question came up after my bulletin article last Sunday. What’s with the Archdiocesan tax on our income? How much is it? Where does it go to?
Valid questions, all.
We have three separate assessments from the Archdiocese. This used to be called the Cathedraticum. (The name was changed to more specifically how the moneys assessed are use.) Any income we get, tuition, Sunday collections, gifts gets as- sessed. This is so that the Archdiocese can operate and fund various needs.
There are three assessments: Archdiocesan Support Services, Catholic Education Assessment and Mission Advance Initiative Assessment.
Archdiocesan Support Services. This assessment is one of the primary mechanisms used to fund the administration of the Archdiocese. (Every diocese or archdiocese does this.) The rate for FY 2020 was 3.07015%.
Catholic Education Assessment. This assessment covers the cost of the administration in the Catholic Education Office, apportion of the funding for Archdiocesan secondary schools and the cost of tuition at parochial elementary schools for children of parochial school teachers. The rate for this assessment in FY 2020 was 2.81432%.
Mission Advance Initiative Assessment. This assessment provides financial assistance to families sending their children to Catholic Schools through the Alive in Christ program. The rate for this assessment for FY 2020 was 2.00000%.
What doesn’t get assessed? In general, any grant from the Archdiocese is exempt as is any interest on any of our funds. So any interest we make in the future in either of our endowments will not be assessed.
A Word about Endowments
I am a big believer in endowments. The year be- fore I arrived at Borgia (1989), the Borgia communi- ty financed an endowment for the high school.
They raised $1.6 million dollars. Over the past thirty years or so, there was no huge donations addedto the fund. (Last year they did receive a million dollar gift.) That fund, with the new gift, is now over
$5 million dollars. But here is the kicker: in the years since the fund was founded, Borgia had dis- tributed $3.8 million dollars. Next year the fund will be able to use almost $200,000 for various needs around Borgia.
As a former administrator at Borgia, having those funds at my disposal made my job infinitely easier.
As I said in the bulletin last Sunday, it may be a while before we reap the benefits of Marcia’s be- quest, but be assured, we will see it. (Tell my suc- cessor: “you’re welcome.”) We should see a fairly decent return on the School Endowment next year.
In other business…
There will be a couple of Memorial Masses coming up in the near future. As many of you heard John Reis passed away. His Memorial Mass will be on Saturday October 7 at 10 am. John was a good man and a gentle soul, a quiet presence in our community. He will be deeply missed.
Then on October 16 at 11 am, we will celebrate the life of Barb Oakes. I got to bring Barb communion when I first arrived at Holy Redeemer, and then… Covid. (It is amazing how much life was stolen dur- ing that time.) Barb was a vital member of the Holy Redeemer community and I know many of you mourn her loss as well.
Eternal rest grant unto them O Lord, and let perpet- ual light shine upon them.
Father Kevin