A snapshot of the Cathedral’s finances as of June 30, 2023 appears below. We are running very close to budget on both income and expenses. Operating income of $1,138,452 exceeds budget by $25,733 as of June 30, 2023 largely due to prepayments of pledge income partially offset by slightly lower than anticipated program and facility useincome.
Operating expenses through June 30, 2023 of $871,985 slightly exceed budget by $7,914, mainly due to higher than expected utility costs. Net operating income through June 30, 2023 of $266,467 exceeds budget by $17,819, a very favorable result at this point in the year. Following the normal pattern, operating expenses should exceed operating income for the remainder of the year and we anticipate ending the year at close to breakeven as planned.
* Chapter approved the use of $200,000 of bequests received in 2022 to balance the 2023 Operating Budget. This is not a sustainable solution. Cathedral staff, Chapter members and others are working together on options to generate additional revenue for the Cathedral as well as to reduce expenses.
Betsey Monsell
Treasurer
St. Paul's Legacy Society Service and Dinner: A Legacy that Lasts, September 15th, 5.30PM
Did you know that St. Paul’s has a Legacy Society? There are people who raise St. Paul’s Cathedral to the level of family by including the Cathedral in their estate plans (living trusts). When people do this, and make us aware, they become members of the Legacy Society. These precious gifts sustain St. Paul’s beyond any one lifetime, and allow them to build a permanent legacy at St. Paul’s. Such gifts are a large part of why we are able to do much of the ministry we accomplish each year!
Because of the significance of these gifts, both in the spirit of generosity in which they are offered and in what they enable us to do, we have an annual service and dinner to honor those who have left a Legacy, to celebrate those who are building one now, and to induct those who recently made us aware of their planned giving. This year, that service and dinner will be held on campus Friday, September 15th, at 5.30PM. Jim Murphy, Managing Program Director of Stewardship Resources and Operations, for the Episcopal Church Foundation will be our preacher at our brief service this year. Following that will be the dinner, where we will remember those who’ve departed us but left gifts to our Cathedral, and induct at least one new member. Have you planned to raise St. Paul’s to the level of family, or are you considering it? Contact Rev. Richard to learn more! Will you join those who’ve gone before, and build “A Legacy that Lasts”?
