MACS MECKLENBURG AREA CATHOLIC SCHOOLS OUR LADY OF THE ASSUMPTION CATHOLIC SCHOOL Catholic School St. Gabriel
2 Contributing to the educational successes of the 2022-23 school year is a healthy financial foundation for the MACS system. We continue to direct available financial resources (donor restricted and general purpose funds) to renovating and expanding facilities, implementing state-of-the-art technology and attracting and retaining quality teachers. MACS completed the 2022-23 school year with an excess of revenues (without donor restrictions) over expenditures of $10.8 million, representing a decrease over the previous school year of $1.9 million. The decrease in operational surplus is primarily attributable to an increase in salaries and benefits for teachers and teacher assistants. Financial assets at year-end (primarily cash and savings) available for general operations totaled $5.1 million up from $2.0 million at June 30, 2022. The increase is primarily attributable to the change in deposits with DL Catholic (see page 4), while liabilities – excluding tuition received in advance of the school year – at June 30, 2023 totaled $5.8 million. Compensation and benefits for our dedicated instructional staff represented 52% of annual expenses. In addition to their annual salary, many of our teachers receive stipends for extracurricular activities related to sports programs, fine arts programs, and school sponsored clubs. Teachers with children attending our schools received a tuition discount between 40% and 60% depending on length of service. This translated into discounts ranging from $3,166 to $7,591. Teachers with children attending our schools also receive free after school child care from the Diocese of Charlotte’s Dependent Care Assistance Program. All our non-temporary staff working at least 1,000 hours annually receive an annual contribution to their tax-deferred retirement account equal to 5% of their salary. They are also eligible to receive an additional 2% of their annual salary as a match to their 4% contribution to their retirement account. Another MACS priority is providing financial aid to families with limited financial resources and to families with multiple children enrolled in the school system. During 2022-23 $6.5 million in aid to those families. Our local parishes generously contributed $4.4 million in fiscal 22-23 which provided all the funds for needs-based financial aid awarded. I invite you to review the following financial report of revenues and expenses, capital expenditures and available financial resources at June 30, 2023. A financial audit has been performed by the independent accounting firm of Deloitte and Touché. They have issued an “unqualified” report on our 2023 financial statements. The audited financial statements are available for your review on our Catholic Schools website at https://charlottediocese.org/schools. Letter from Matt Ferrante Chief Financial Officer, Chief Administrative Officer
3 Participating Parishioner Tuition Reduction Amount: $23,031,757 Our schools are supported both financially and spiritually by the parishes within the Charlotte-Mecklenburg area. By actively participating as a member of one of these parishes, families are eligible for a reduced tuition rate. Multiple Child Discount Amount: $2,499,907 Recognizing the additional burden that a family bears in sending multiple children to our schools at the same time and recognizing the commitment to family that is a prime tenet of our faith, we offer a discount for our participating Catholic families. Needs-Based Financial Aid Amount: $4,009,940 The parishes in the Charlotte Vicariate provide funds for the MACS Tuition Assistance Program. Through the generosity of the parishes, funds are provided to cover a portion of tuition and capital fees based on the need as determined by a third-party agency. The percentage of tuition assistance granted to families each year depends on the number of families who apply. Percentage of Families that Apply: 18% Percentage of Applying Families Awarded Financial Aid: 86% NCSEAA Scholarships The state of North Carolina offers two scholarship programs for students attending non-public schools: the Opportunity scholarship, an income-based scholarship, and Education Savings Account (ESA+), for students with certain disabilities. All MACS schools accept both scholarships, which help bridge the gap between a family’s need and educational expenses. Opportunity Scholarship Funds Received: $867,050 ESA+ Funds Received: $544,877
4 Liquid and Available Assets Financial assets available for general expenditure, that is, without donor or other restrictions limiting their use, within one year of the statement of financial position date (June 30, 2023), comprise the following: Cash and cash equivalents $1,933,795 Deposits with DL Catholic, Inc. $34,615,343 Tuition and other receivables, due within one year $631,078 Endowment investments available for general purposes and for distribution in accordance with the Diocesan Foundation spending rate policy $605,677 $37,785,893 Less amounts unavailable for general expenditures: Required to satisfy donor restrictions $906,099 Required to satisfy management designations $31,760,507 Financial assets available to meet cash needs for general expenditures within one year $5,119,287 Liabilities Accounts payable and accrued expenses $667,841 Accrued salaries and benefits $3,497,491 Lease obligtion $1,638,787 Unearned revenue (tuition received in advance) $13,132,234 Total Liabilities $18,936,353 Revenue and Other Support (Including donor restricted gifts) Tuition & Fees, net of tuition discounts & financial aid $57,865,579 Parish Support $4,418,780 Contributions & Gifts $2,463,299 School Activity Revenue $706,310 Income from Rental Property $1,118,748 Other $1,972,930 $68,545,646 Expenses Instructional Personnel $31,752,958 Other Instructional Costs $2,835,130 Facilities $11,284,590 Administrative Personnel $4,133,039 Supplementary programs (1) $5,239,507 Other $5,318,322 $60,563,546 Additions to Property & Equipment Additions $5,338,591 (1) Supplementary Programs include: Extracurricular activities Transportation program After-school program Cafeteria program Learning language stimulation Pre-kindergarten program Summer Camp Band program Transitional kindergarten PACE program