2007 Annual Report

CHURCH OF OUR SAVIOUR
59 Park Avenue @ 38th Street
New York, New York 10016

Tel: 212/679-8166 - Fax: 212/213-0352

DATE: 30 Nov 07

TO: Pastor and Parish

RE: "Saving Our Saviour" - A Review of Stewardship – 2007 Update

I submit the Annual Report for the fiscal year ending August 31, 2007 with a prior year comparison. Independent Public Accountant, Charles LaCagnina, who is a professional consultant to the Trustees & Finance Council, assisted me in this compilation. Round dollar figures will generally be used in the commentary.

Commentary – Statement of Financial Condition

Working Capital:

Our goal of $300,000 has been achieved. Our Working Capital stands at $419,539.

Capital Funds:

Capital funds for the continued restoration of the Sanctuary, building and its mechanical, electrical, plumbing and HVAC systems totaled $869,204, which is an increase of $372,423 from prior year, thanks to the generosity of our benefactors, parishioners and the devoted work of our Pastor.

Fixed Assets:

These have increased by $90,104 as capital improvements are booked as assets.

Old ADNY Liabilities:

The amount $127,028 payable to the Archdiocese represents old unpaid charges and insurance premiums, which were incurred by past administrations. In recent years, this parish has been especially faithful and generous in supporting the Annual Cardinal's Appeal, the full payment of the Cathedraticum (7 ½% assessment tax on ordinary income) and all other Archdiocesan programs. All should remember that the Mortgage Debt of this parish was the first thing addressed by the current Pastor and has it been "Paid in Full." We hope that some settlement can be reached regarding these old liabilities.

Commentary – Statement of Activities

Operating Surplus:

This totaled $149,322, which was $28,040 better than last year.

I thought it would be interesting to review the “Surplus / Deficit” figures beginning with the year prior to Fr. Rutler’s appointment on September 1^st, 2001, the start of the fiscal year ending 2002.

The operating surplus has increased to $427,459 from September 1^st, 2001 through August 31^st, 2007.

Balance Sheet

Profit & Loss Statement

Faithfully yours,

Gerard A. Carey