Mid-Year Financial Report
August 9, 2024
At the beginning of 2024, our long-time accountants Whitehorn, Tankersley, Davis (WTD) merged with another firm, Alexander, Thompson, Arnold (ATA). As with any merger there are always changes in procedures and policies, and these changes led to some delays in receiving timely and accurate reporting of our financial statements. These issues are now mostly resolved and we feel comfortable with our numbers now to resume sending this information to the St. Mary’s congregation. Thank you for your patience.
At the mid-point of 2024, our pledge income is below budget by just under $17,000. While not ideal this is a promising development when compared to the full year 2023 when we finished over $81,000 below budget in pledges. Other income is above budget, driven primarily by receipt of an annual trust distribution in January. A bequest, also received in January, was invested in our managed account per Cathedral policy. Total income is below budget by just under $12,000, which again is promising compared to year-end 2023, when total income was over $55,000 below budget.
Expenses, through careful management by our incredible staff, are below budget at mid-year by almost $30,000.
While all the above income and expense numbers are improvements over 2023, we still have spent over $42,000 more than we have taken in halfway through 2024. This means we have to dip into our managed account reserves to cover expenses, and as you have heard for years this is not a sustainable long-term option.
Apart from our operations, there are a number of capital projects underway or in the works. These are funded from designated, dedicated accounts. We will soon have the access ramp at the west door completed, at which point we will begin reconfiguring the west door to open outward to comply with code. Soon we will also have a decorative iron gate on the Poplar Ave. porch that will match the perimeter fencing, and the chain link construction gate will go away!
We are also beginning to investigate funding options for replacement of the failing roof over Martyrs Hall and the kitchen. One gift has been committed to help with this project and others are welcome, but we may need to secure a small, short-term line of credit to complete this work. You will be hearing more on this as the Finance Committee and Mission Council sort through our options.
St. Mary’s is thriving. Our attendance is up. Our giving is up. The spirit and enthusiasm around the Cathedral these days is inspiring not only to us but to anyone in The Diocese or in the city who is paying attention. Your gifts, be they time, talent or treasure, are very much appreciated. Thank you!
George Clarke,
Treasurer