The Cathedral’s financial report reflects our collective stewardship of our shared resources to carry out the mission to which God has called us. The chart below shows the sources of income that comprise our annual budget.
Pledges are the largest source of annual income for the cathedral and provide for over half of the budget each year. Gifts not associated with a pledge commitment provide for smaller but still significant fractions of the budget. These gifts include plate offerings given on Sunday mornings and gifts designated to specific programs or ministries or one-time events or needs.
Annual giving is supplemented in the budget by investment income. The Enduring Funds, managed by the Endowment Committee, have accumulated from bequests and other long-term gifts made by parishioners throughout the cathedral’s history. Additional investment income originates from the development of land previously owned by the cathedral where the 525 Olive apartments and Vue on 5th condominiums now stand. Nutmeg and Olive, LLC manages these assets on behalf of the cathedral and income arises from the proceeds of the land sales as well as rental of space and parking in the cathedral’s portion of the 525 Olive building. These investments are managed with the goal of limiting annual draws to the income generated each year so that the principal can continue to grow to benefit the cathedral indefinitely.
Rental of space in the cathedral to outside groups and interest from the cathedral’s bank accounts provide additional modest sources of income. The Cathedral receives no substantial income from outside sources including the diocese or national church.
Our giving, past and present, is responsible for almost all of the funds used to provide for the staff, materials, and facilities required to support our congregation and carry out all of the cathedral’s programs and ministries. Thank you for your faithful generosity!
– Jairus Kleinert
Treasurer’s Report
A snapshot of the Cathedral’s finances as of September 30, 2023 appears below. We continue to run very close to budget on both income and expenses. Operating income of $1,514,125 is just slightly higher by $9,131 than budget of $1,504,994.
Operating expenses through September 30, 2023 of $1,342,583 slightly exceed budget by $7,905 mainly due to higher than expected utility costs. Net operating income through September 30, 2023 of $171,542 is right on track with budget, 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.
Cathedral Operating Fund – Year-to-Date as of September 30th, 2023
| Actual YTD | Budget YTD | Difference | |
| Operating Income | |||
| Pledge & Other Giving | $848,804 | $844,825 | $3,979 |
| Other Income | 465,321 | 460,169 | 5,152 |
| Budget Deficit Funding* | 200,000 | 200,000 | 0 |
| Total Operating Income | 1,514,125 | 1,504,994 | 9,131 |
| Less: Operating Expenses | 1,342,583 | 1,334,678 | 7,905 |
| Net Operating Income | $171,542 | $170,316 | $1,226 |
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
Thanks Betsey for your report and your continued good work on behalf of SPC. Do you foresee any possibility that some of the $200,000 of bequest monies can be paid back to the endowment funds either this year or over time? Your comments would seen to indicate that it will not likely happen at least in the current year but I may be missing something. It troubles me, as I’m sure it did the Chapter and as you yourself note regarding its sustainability, to use bequest monies for current operations.
Jim