NKCC

NORTH KONA CATHOLIC COMMUNITY
St. Michael the Archangel - Immaculate Conception - Holy Rosary - St. Paul's - St. Peter by the Sea

FINANCIAL REPORT FOR THE SIX MONTHS ENDING DECEMBER 31, 2009

Comments on the Financial Report

The Finance Council of the North Kona Catholic Community would like to share a few thoughts concerning the semi-annual Financial Report for the six months ending December 31, 2009:

1.  The financial report presented for the North Kona Catholic Community is on as cash receipt anddisbursement method for all periods except the June 30^th report. At that time, the records of the North Kona Catholic Community are adjusted for all expenses related to the current fiscal year. With this understanding such items as salaries, taxes, employee benefits presented on the current report reflect only five months. Other items such as depreciation are only calculated on an annual basis.

2.  During the current period, the North Kona Catholic Community received a substantial grant forthe Food Bank. In prior years, the cost associated with the Food Bank was an operating expense for the North Kona Catholic Community. Currently, the cost associated with the Food Bank reduces the grant for the Food Bank so that we may account to the donor.

3.  The insurance costs for the North Kona Catholic Community has increased substantial over prior years. The reason for this increase was increased values for all properties of the North Kona Catholic Community from historical cost to replacement value.

4.  With regard to funds available for our expansion program at St. Michael's Church and the renovation program at St. Paul's Church, the following are on deposit with the Diocese of Honolulu:

a:  Prior Building Fund which includes the insurance payment for St. Paul's and St. Michael's

Earthquake Loss:                                          $1,729,252

b. Capital Campaign Funds Collected:                 271,612

On behalf of the North Kona Catholic Community, the Finance Council, and our Pastoral team, we wish to thank each and every parishioner for their cooperation and generosity in assisting us in our programs to our parish, its members and our community.

Members of the North Kona Catholic Community Finance Council: