2007 Parish Council Treasurer's Report

February 10, 2008

The following reports represent the financial activity of St Thomas the Apostle Romanian Orthodox Church for the Fiscal Year 2007. Year 2007 has been a challenging year for the members and friends of St. Thomas. Like every year our challenge is to maintain the balance between the income and expenses while our expenses are higher then our income.

I took over the account on September 1 2007 and I will refer for the most part, to the events I am familiar with.

We had two major events that brought us the additional income we usually need every year, one was the picnic and the other was our traditional Fall Festival. Both events added $5,608.32 net profit to our income. This year we obtained $23,846.38 from the Coman Real estate sale. The interest owned from our investments also helped us to increase our monthly income.

Below are the 2007 financial results: We started 2007 with a total account value of $13,517.23, we received $48,891.8 in pledges, $3,126.31 in donations, the picnic, the festival, the candles sales, memorials and other services and activities together with the Coman Real estate sale, totaling $98,282.54. The 2007 expenses were $77,770.44 which brought us to a positive balance of $512.14 and $20.000 added to the Coman Legacy Account.

The 2008 opening balance is $18,333.09 from which $14,172.53 in the Checking Account $1,381.21 in the Money Market, $64.59 Library Fund, $2,714.59 Memorial Account.

Obviously this coming year we will face the same challenges we face every year. Our expenses are growing while the income is declining. In the proposed budget there is a deficit of $-7222.2. We need to find the most profitable activities to provide additional income to our Church. Other alternatives may be to increase our pledge amount, attract more members and also work toward retaining the existing members.

We have to keep the expenses as close as possible to the budget in order to avoid using our savings and investment money. If we will not do so we will find ourselves in a very difficult money crisis in a short period of time. We are very fortunate that we have the Caciavely Legacy Account and the Coman Legacy Account to back us up when we are in great need. Still we have the responsibility and duty to maintain these assets in order to preserve Saint Thomas for future generations.

Thank you for all your generosity and hard work during 2007.

Respectfully Submitted

Cristiana Smith

2008 Parish Council Acting Treasurer

as of September 1, 2007 to present.