Monday, December 21, 2009

St. Bernard's posts operating loss

A summary version of SBSTM's annual financial report is now online.  Covering the fiscal year beginning June 1, 2008 and ending May 31, 2009, the report shows what appears to be an operating loss of nearly $839,000.

Clouding the issue somewhat is the inclusion of a $694,427 loss attributed to "Investment income" and charged against Revenues.  Gains and/or losses from the sale of investments (stocks, bonds, etc.) are normally charged against a "Capital Account." They are not normally considered operating revenue/expense items.

Even with this item removed from the report, however, SBSTM still seems to have had an operating loss of just over $144,000 for its last fiscal year.

18 comments:

Dr. K said...

They are not financially viable... shut down St. Bernard. The Diocese does it to our parishes, so they should hold their school of heresy to the same standard.

~Dr. K

Dr. K said...

Then again, this institution is Bishop Clark's pride and joy. Let's see how out of the way he will be willing to go to pump money into St. Bernard. One will give effort when one cares about the thing in need.

~Dr. K

Anonymous said...

One of the things the new bishop will do early in his administration is take diaconal formation away from SBSTM under the pretext that he wishes to be more personally and directly involved in their preparation, etc. This will be the death knell for the place which survives on tuition from deacon candidates supplied by the DOR. St. Bernard's will be closed within 3 years of the new bishop's tenure and Nazarthe College will buy the place, giving the diocese a nice financial shot in the arm.

Mike said...

Anon. 11:45,

Why do you think Nazareth would be interested in acquiring SBSTM?

Yes, it does border its property, but it's also a pretty good hike from the other classroom buildings on its campus.

The reasons Nazareth would want it don't seem that obvious to me.

Dr. K said...

Nazareth also is no longer a Catholic institution.

~Dr. K

CPT Tom said...

Actually my hope is the new bishop takes St Bernard's back as a Seminary for priests and deacons and shutters the program for lay "ministers." Of course with a new and orthodox staff.

Anonymous said...

Nazareth was at one time using St. Bernard's classrooms in the daytime. I'm not sure if they are still doing so.

Clustering and downsizing of the diocese is killing St. Bernard's enrollment for graduate programs.

I hear that a couple of catholics are over at Northeastern Seminary (Chili)studying theology.

Anonymous said...

Actually, you are not correct. Gains and losses on investments (realized and unrealized) are presented in the Statement of Activities for not-for-profit organizations, so it sounds like they've presented it correctly.

Mike said...

Anon. 4:51,

It's been almost 50 years since I studied "accounting" or "bookkeeping" (or whatever it was called back then), so I'm certainly not going to challenge you on this.

However, I still feel that mixing gains/losses (and depreciation) with normal income/expense items only serves to cloud the day-to-day operations picture.

But if that's the way it's supposed to be done, I guess that's fine with me.

Anonymous said...

"One of the things the new bishop will do early in his administration is take diaconal formation away from SBSTM under the pretext that he wishes to be more personally and directly involved in their preparation, etc. This will be the death knell for the place which survives on tuition from deacon candidates supplied by the DOR. St. Bernard's will be closed within 3 years of the new bishop's tenure and Nazarthe College will buy the place, giving the diocese a nice financial shot in the arm."

Are you a prophet? How do you know know these things?

Anonymous said...

"Are you a prophet? How do you know know these things?"

No, but I do personally know the messiah. In fact, I call him brother Jesus.

RochChaCha said...

If St. Bernards is losing money then they need to take simple steps to get back in the black. I would suggest offering more courses and certifications which will increase enrollments and revenues. Some suggestions for new classes/certifications are as follows;

Pastoral Minister of Ushers
Pastoral Minister of Greeters
Pastoral Minister of Youth Groups
Pastoral Minister of Groundskeeping

You never know......maybe it is worth a shot.

Anonymous said...

"No, but I do personally know the messiah. In fact, I call him brother Jesus."

Oh, so HE tells you. How does he do that, by voice, by sign, by The Holy Spirit?

I've had my knuckles twacked for assuming, speculating and just plain guessing and have confessed my utter inability to predict the future, but you, you KNOW, and I'm just asking, how?

Anonymous said...

He sends me golden plates from heaven with the answers written upon them.

Anonymous said...

Maybe this IS the Holy Spirit.

The place is falling apart and there seems to be little interest from the laity. May it die a quiet, swift death.

Anonymous said...

But the diocese thinks its will is stronger, and it will shutter parishes to keep pumping cash to St. Bernard.

Dr. K said...

Merry Christmas!

~Dr. K

In the choir loft said...

A Merry and Blessed Christmas.