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To: All pastors, principals, parish administrators and business managers
From: Michael Warren, Director of Financial Services, Office of Finance
Attached you will find the insurance, retirement and other budgeting rates schedule that the archdiocese publishes annually to help you with budget preparation for the next fiscal year.
The remuneration policy with priest salaries, SECA and 403b maximum match will be sent separately this year.
Please create your 2021-2022 budgets in the ParishSoft Accounting system, and submit your final version to Patrick Warner by Thursday, May 27. We prefer you send the information electronically to email@example.com.
The archdiocese continues to have a combined $150,000 deductible (or “loss retention”) for each and every property and liability claim. The parish/school deductibles and roof claim deductible are as follows:
PROPERTY CLAIM DEDUCTIBLE: $5,000 per claim (see Roof claims below).
SPECIAL EVENTS DEDUCTIBLE: $50,000 per claim for events where special events coverage was not obtained, but should have been; otherwise is $5,000.
AUTO DEDUCTIBLE: $500 for auto claims for vehicles insured through the fleet insurance policy.
ROOF CLAIMS: Coverage for storm-damaged roof claims are prorated depending upon age of the roof, before the $5,000 deductible. Terms for coverage of significant roof damage: roofs up to 10 years old have full replacement value; 10 to 20 years old have a 25 percent depreciated value; over 20 years have a 50 percent depreciated rate.
For example, if a 24 year old roof was completely destroyed, and had an $80,000 replacement cost, the insurance coverage would be a depreciated value of $40,000 less the $5,000 deductible.
It is important for each location to know the installation date on the roofs of each building, as they are not likely all installed in the same year. And significant depreciable assets, such as roofs, HVAC systems, carpeting, etc., should always be included in annual budgets for their planned obsolescence.
If you have any questions, please call me at (404) 920-7411. Patrick Warner, Susan Shirley and Carolina Figueroa will coordinate budget assistance upon request for those who would like assistance remotely via computer.