September Financial Report

November 10, 2023

Through September, the end of the third quarter of 2023, our pledge income continues to lag behind budget. As you are all aware this is not a new trend and has been the case throughout the year. Pledge income represents almost 90% of the total amount initially pledged in early 2023, although quite a few members have made new pledges or increased their pledge during the course of the year. God bless you!

Other income is above budget by almost $34,000, which has been a blessing in mitigating our income deficit for the year. Other income has also allowed us to provide outreach grants to community and regional organizations from the offering from our glorious Celebration of Remembrance and Renewal on September 9th. Of the almost $4,000 received that evening we were able to send grants of over $400 each to the following: Community of St. Mary, ChurchHealth, MIFA, Mid-South Food Bank, Hospitality Hub, Lisieux Community, Thistle & Bee, Calvary Episcopal Church, Bridges USA. Other income does not include a bequest of $48,423 received during the year. In accordance with Cathedral policy and Vestry instructions, bequests are invested in our managed account to build our endowment reserves.

Expense management by our staff continues to be a benefit to our financial health, with expenses almost $19,000 below budget.

However…

Our total expenses through September are now just over $84,000 above our total income, meaning we continue to draw down on our managed investment account. While this account exists to cover occasional shortfalls we cannot live on it on an ongoing basis, as has been the case in 2023, and actually for the past several years as well. Your gifts are critical for St. Mary’s to return to fiscal responsibility, balance our budget in 2024, and begin the process of returning to Parish status. The Cathedral needs your support, now more than ever!

George Clarke,
Treasurer