November Financial Report
January 16, 2024
Through November, our pledge income continues to fall below budget, as has been the case throughout the year. While below budget, pledge income is over 11% higher than the total originally pledged for 2023. A number of folks came in with late pledges while others transitioned their giving to a pledge during the course of the year. The generosity of our Cathedral family is without equal, and you are all a blessing!
Other income is above budget by over $30,000 for the period, another trend that has been constant throughout the year and a great help in mitigating our income shortfall.
Other income does not include a bequest of $48,423 received in 2023. Cathedral policy and Vestry instructions dictate that bequests be invested in our managed account to build our endowment reserves.
Expenses remain below budget for the period by just under $4,000, reflecting the wise and steady management of our expenses by our staff.
That being said however…
Our expenses through November are over $132,000 above our income, and as a result we have had to make major draws from our managed investment account to pay salaries and keep the lights on. You are probably tired of hearing this (and I am certainly tired of writing it), but using our investments to pay regular expenses is just not a sustainable option. We cannot continue to do this and remain a viable Mission, much less aspire to return to Parish status.
While the income and expense numbers are not optimal, all in all 2023 was a very successful year for St. Mary’s. Thanks to designated gifts for capital repair, we completed the repairs to the bell tower roof and Nave ceiling, a $1,400,000 construction project, without incurring a single penny of debt. All will agree that the interior of the Cathedral has never looked better.
In addition, so many of you stepped up to support the cost of removing the organ pipes and equipment during construction, and reinstalling it all upon completion of the work. This work ($60,000) was not within the scope of the roof/ceiling project and could not have been accomplished without your generosity.
As the Cathedral nears its centennial birthday (2026) there will always be repair and update work needed, but in the immediate future your giving is vital to support the mission and ministry of St. Mary’s. Whatever draws you to the Cathedral, be it Worship, Music, Outreach, Education, Service, Fellowship, or any other aspect of our life together, it deserves your support. Our pledge commitments at the end of December were just over $250,000 for 2024, a healthy jump over 2023 but still short of budgeted needs for the year. If you have not yet confirmed your pledge for 2024, please do so as soon as possible. You can scan the QR code that appears everywhere (communications, e-news, bulletins, pew cards) or simply contact me (georgegc57@icloud.com) to confirm your pledge.
St. Mary’s Cathedral needs your support. Now more that ever!
George Clarke,
Treasurer