News & Events
News & Events
We announced last week that we finalized the sale of the St Hugh properties to St Nikola Serbian Eastern Orthodox Church, a not-for-profit organization currently based in Brookfield.
Until this sale was completed, St Paul VI parish was responsible for all maintenance and upkeep on the multiple buildings. This included but was not limited to the liability insurance, all utilities, snow removal, garbage and water fees, personnel costs, and more.
The cost for us to maintain these buildings for the eight months prior to the closing totaled approximately $55,350.
In addition to those costs, we are required to cover the general liability insurance for the entire year in the amount of $25,410.
To put this in perspective, maintaining the property for 8 months with no use, cost the parish over $80,000. We were blessed that we were able to find a buyer quickly as without the sale this would have continued to drain our finances.
We had a few other costs associated with closing:
The closing costs on the settlement statement totaled an additional $53,132.
This brings our total parish expense for the maintenance and sale of the St Hugh property to a little over $250,000.
With a sale price of $850,000, this leaves the parish approximately $600,000. It is the expectation of the Archdiocese to not use these funds for the day-to-day operation of the parish but to direct these funds to our evangelization efforts as we continue to build our St Paul VI faith community.
We appreciate your patience as we pulled together all the information.
If you have any questions regarding the information above, please feel free to reach out to us.
Your ongoing generosity and support of St Paul VI parish are vital to continuing our efforts to build our faith community together.
With prayers and gratitude,
Rev. Thomas P. May
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