We are emerging cautiously from a global pandemic and activity on the Cathedral campus is slowly resuming. I am grateful for our wonderful staff and volunteers who found new ways to connect and lead the community this past year and to the congregation who continued to faithfully support the Cathedral’s ministries.
A summary of the Cathedral’s finances for the quarter ended March 31, 2021 appears below. Results this quarter were especially encouraging. Operating income through March 31, 2021 of $433,659 was higher than plan by $83,992. Although we experienced a loss of plate giving since no in-person worship services could be held in the Cathedral during the quarter, pledge and other offerings more than offset the loss. A number of parishioners prepaid pledges for the year. In addition, an annual grant to the Cathedral through the San Diego Foundation was larger than expected.
Operating expenses through March 31, 2021 of $322,313 were $17,353 below budget due the campus closure and cancellation of activities. As a result, net operating income through March 31, 2021 was $111,344 compared to $10,001 planned, an excellent result given these challenging times.
I am so thankful for this community and for your continued financial support of ministry at St Paul’s Cathedral! Stay safe!
St Paul’s Cathedral Operating Fund – Quarter Ended March 31, 2021
Actual 2021 Budget 2021 Difference
Pledge & Other Giving $347,149 $264,600 $82,549
Other Income 86,510 85,067 1,443
Total Operating Income 433,659 349,667 83,992
Less: Operating Expenses 322,313 339,666 -17,353
Net Operating Income $111,346 $10,001 $101,345