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May 23, 2021
Financial Statement of Holy Spirit Academy 20-21
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As promised, this bulletin contains a complete and detailed financial statement of the 20-21 school year for Holy Spirit Academy. The Income Statement on Page 5 is an actual accounting of revenue and expenses recorded with the
Diocese. The bottom line shows the rationale for the partnership and explains why the Advisory Council, the Pastoral Council and the Finance Council have all unanimously agreed that partnering with the Kennedy Catholic Family of Schools is the most sound financial decision at this time and the best possible scenario for our children.
The total operating cost for Holy Spirit Academy for this school year is $ 921,850. Taking out the pre-school program, the average cost per pupil is $ 13,400 for kindergarten through 6th grade. Our average cost per month for this year is $ 76,800. If you look directly at the bottom line, you will see that we should finish in the black this year—assuming the Parent Teacher Guild is able to finish out their last two fundraisers with a $ 20,000 profit. Had we not received the recent PPP Government Loan of $ 116,000, we would have had a deficit of $ 96,600—and would need an additional subsidy by the parish. This is even with the huge matching funds campaign that raised over $ 360,000. Not only are these fundraising efforts unsustainable year after year, we question
whether it is fair to ask that much of the community and whether the cost-benefit ratio is acceptable.
We are finishing the school year with sixty-six students in kindergarten to sixth grade. While the average class size increased this year, enrollment has steadily declined over the past 5 years. The amount of tuition paid by families this year amounted to 11.2% of the Academy’s operating budget. We averaged 9.4 students per class which brings in roughly $ 264,000 in tuition. If we increased enrollment to 100 students or 14.25 students per class, we would generate $ 400,000 in revenue, which would be 43% of the budget easing the financial burden on the parish community. An increase of 36 students even over the course of 5 years does not appear to be achievable. We offered $ 1,500 scholarships to our Faith Formation students at midterm this year and had no interest. The chart shows the steady decline in enrollment over the past five years.
At the end of early registration, when the enrollment numbers remained low, alternative solutions were explored. Realizing that the Kennedy Catholic School system was our best option, I
developed a plan that allows our students to cross diocesan lines and provides a substantial portion of the tuition expense. This also gives our students the possibility for Catholic education from pre-school to 12th grade, something we could never do on our own. Without this plan, our only other option is the regionalization plan of the diocese which means our students will travel to Butler or Beaver for elementary education.
We are grateful to our entire school staff for all they have done over the years. We also thank all of our benefactors who have been so generous in keeping our school alive during these difficult times.
We are excited to know that some of our benefactors are pledging to support our students with tuition relief as we partner with the Kennedy Catholic Family of Schools.
God love you,
