The Fiscal Year 2020 consolidated financial statements and accompanying annual report were completed and presented for review to the public. We continue to make progress on all fronts with your assistance and the assistance of your Finance & Operations Managers, Business Managers, and other support personnel. We are beginning to work on the 2021 fiscal year and ask that you continue your support.
In the last year, we all faced unprecedented changes in our daily routines due to COVID-19 and settling into a new normal. We’ve seen Finance & Operations Managers and Business Managers adapt, use today’s available technology and through their extraordinary effort and dedication, continue to meet their time sensitive deadlines and provide timely financial information. We want to express our gratitude to the Finance & Operations Managers and the Business Managers for their dedication in helping us adhere to the Corporation Sole audit schedule and ultimately provide timely financial information to our parishioners.
The SBA Paycheck Protection Program (PPP1 and PPP2) loans, while a great benefit to us in these financially trying times, have also added an additional layer of requirements from a recordkeeping standpoint with respect to recording the necessary accounting entries for these loans. These recordkeeping requirements are necessary in order to satisfy our external auditor’s requirements and the possibility of a future SBA review. Additionally, as a result of these loans, some parishes and schools have had to open new bank accounts to maintain these funds. Others have had the funds deposited directly into their existing operating accounts. With the additional layer of cash and recordkeeping requirements brought on by these loans, it is extremely important that all bank reconciliations are prepared timely and included in the year end questionnaire package. We have continued to provide guidance and assistance in order to successfully complete the loan forgiveness application process together. At this point in time, approximately 84% of the loans have been forgiven with the remainder in the process of being forgiven.
To maintain our external audit schedule and ultimately provide timely financial information to our parishioners, the due date for the Fiscal Year 2021 Questionnaire is August 10, 2021. We ask that you carefully review the questionnaire along with the questionnaire instruction letter. You may return the completed questionnaire files electronically via email to [email protected] These files should include all June 30, 2021 bank statements along with the QuickBooks and Intacct reconciliations. If you are unable to send the files via email, please mail them to the following address:
Attention: Paul Dodd, Accounting Manager Archdiocese of Boston
66 Brooks Drive
Braintree, MA 02184-3839