On November 17 we held our annual ingathering and dedication of 2025 pledges. It was a moving experience to see the entire congregation come to the altar with our offerings and pledges. We are well on our way to our goal of $1.1 million! But our financial picture is more complex than that.
St. Paul’s Cathedral is a wonderful vibrant, spiritual community known for its outstanding worship, music, outreach, social justice and evangelism. The recent congregational survey puts us in the “transformational” category compared to many other US churches. The costs to support the Cathedral’s ministry have risen over the years. In just the last ten years, annual operating costs have risen from $1.6 million in 2014 to $2.0 million in 2024, a 25% (i.e. 2.5% per year), increase. That seems like a big increase; however, our expenses have actually increased at a slower pace than inflation, which averaged 3% per year over the same time period. Cathedral Chapter, our governing board, working with Cathedral staff has kept a tight lid on expenses by cutting some staff positions and converting some full-time positions to part-time. We have a tiny staff for the amount of ministry we do, and fewer people are in a position to volunteer their time.
While expenses have grown, pledge income has remained flat at about $1 million per year over the last ten years, making it very difficult to balance the budget. Fortunately, we have some other revenue sources (endowment and facility rental income) to help bridge the gap, but not fully. We’re facing a $200,000 deficit for 2025. That’s 10% of our budget.
Many people look at the Cathedral campus and think, “Wow, this is a wealthy church! They don’t need my money.” That is not the case. We depend on steady revenue from our invested funds, most of which have come through legacy gifts, for a significant percentage of our operating income. Grants from the LLC that owns 525 Olive provide revenue that formerly came from rents paid to Park Chateau apartments. To ensure our future, we need to keep those invested funds intact.
We need you now, more than ever so St. Paul’s Cathedral can continue to provide ministry and flourish into the future. We need your prayers, your presence, your gifts (your pledge) and your service. We invite you to step up and pledge, if you haven’t already, or match the Dean’s personal 5% pledge increase if you are able, to help us bridge the gap.
We have something very special here at St. Paul’s, but it doesn’t happen without everyone’s investment of time, talent, and treasure. Help us continue to Love Christ, Serve Others, and Welcome All in 2025!
Image by krzysztof-m from Pixabay
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