2022-23 Financial Report – Frequently Asked Questions

Our current Financial Report for 2022-2023 is available in a virtual format or at the Parish Office.
If you did not receive an email with the report, please contact the Parish Office at 407-365-3231 or email info@oviedocatholic.org to have a copy emailed to you.  Thank you. 

What does the Sunday offering support?

Just as your home has bills such as utilities, home repair, lawn care, insurance, and groceries, the parish has expenses. Our main expense is the parish staff and two priests, as well as, giving support to a variety of parish events and ministries. We also have facility expenses such as utilities, insurance, rent, cleaning, and landscaping.

 What do we owe?

A home, besides bills, has a mortgage. You pay a monthly mortgage consisting of the principal and interest on your home loan. The parish now has one mortgage. The balance on the parish mortgage for the Parish Life Center, site development, and the Administration and Ministry Buildings is $3,433,226. We need $339,480 a year to pay down the mortgage.

 What is the interest rate on our loan?

The Diocese gave us our mortgage loan and set the interest rate at 5.437% based on its cost of capital. Most Precious Blood is part of the Diocese and as such we are bound by Diocesan Policy.

How much of the contributions for debt reduction pays down the debt?

All of it. Our current collection for the parish debt is applied 100% to the parish debt. We make our mortgage payments, and with any additional monies raised our parish has the goal of lowering the principal on the loan.

What was the cost of Most Precious Blood Catholic Church from ground level down?

Remember, this land was a swamp. The Diocese purchased 60 acres, cleared the land, trucked in a mountain of fill dirt, graded it, paved roads and parking, put in sewers and lighting, and put down sod. The cost of land and its development was $6,147,700.  This amount is split approximately 60% to Most Precious Blood and 40% to the Diocese.  Of Most Precious Blood’s 60% approximately $2.6 million is deferred, and the balance is not included in Most Precious Blood’s land cost or debt obligation.

What was the cost of Most Precious Blood Catholic Church for everything above ground?

Once the land was ready, we could put up buildings. The Parish Life Center, its furniture, furnishings and equipment, was the main cost.  Installing the rented modular buildings for classroom space and parish office was another cost.  The total of everything you see above ground was $5,185,559.

What is the total cost of the campus?

Between the Diocese and Most Precious Blood, the amount of money invested in the campus on Lockwood to date is $11,333,259.  That is comprised of the $6,892,567 of Most Precious Blood’s current investment, $2,593,364 of Most Precious Blood’s deferred investment, and the Diocese’s $1,847,328 investment for future use.

 What happens to the money for Our Catholic Appeal?

The Diocese of Orlando has Our Catholic Appeal which allows you to freely give to help support all the different ministries in the Diocese, such as Catholic Charities, San Pedro Center and the formation of future priests. The Diocese does set a goal for each parish based on their offertory. Last year we met our goal with contributions of over $300,000. This year we reached and exceeded our goal of $322,920 by September 2022!

What is the difference between Mortgage & Debt Reduction and Campus Development Debt Reduction on online giving (Vanco)?

Our current Mortgage and debt Reduction allow us to make the monthly payments on the current loan we hold with the Diocese. The Campus Development Debt Reduction initiative allowed us to identify the funds and pledges made during a particular time frame (April 2021 – June 2021) to assist in reducing our current loan amount. This in turn gave us a stronger position to present to the Diocese, and gain approval to begin building.

Donations to both accounts go to the same loan and reduce the same debt. Through the Campus Development Debt Reduction Account, we demonstrated to the Diocese that we were able to reduce our loan amount significantly before we could begin building.

How can I find out more about our parish finances?

Copies of the Financial Report are available in virtual format, or at the Parish Office.  Please contact our Parish Office at 407-365-3231 to have a copy emailed to you. Please direct questions to finance@oviedocatholic.org. Please offer our thanks to Jack Lehman, the Chair of the Parish Finance Council, Ana Nazarian, our parish accountant, Larry Calise, Bill Christie, Frank Milmore, Marta Ayala, and Cindy Gainer for their fiscal talents and oversight.