Finance Committee
Meeting are held every 3rd Tuesday of the month at noon in the Rosary Room.
Helpful Links
August 23, 2024
Dear St. Matthew Parishioners,
The St. Matthew Finance Council is pleased to provide you with the financial report for the fiscal year, 2023-24. We have provided a table to show a breakdown of income, expenses and a comparison of the actual expenses to the budget that began on July 1, 2023.
The following are some key points we would like to highlight:
Unlike the past two years, we did not need a budget appeal in order to operate in the black. For the first time since 2020, our parish has been able to operate a full year post-COVID with a realistic budget. Our bookkeeper, Marcie Stumpf, has done a tremendous job overhauling the St. Matthew bookkeeping and report-creating process. This has allowed the Finance Council to have the accurate data we need in order to fully understand the financial position of our parish at any given time. In turn, the Finance Council was able to create a realistic budget and feels confident creating future budgets.
Adult giving of $918,139.17 was in line with our budgeted amount. Factoring all income sources and subtracting expenses of $884,148.39, the church had a positive ending balance of 67,130.62. It is worth mentioning the church is careful in monitoring staffing expenses, which contributed to the positive overage in net income. We are thankful for all contributions received and encourage everyone to continue the good work.
Our capital campaign account has a balance of $ $4,337,181.62 as of July 31, 2024. This is the total amount we have after paying all expenses incurred to this point. We still continue to be able to pay as we go which means we have no debt related to completed projects.
Net profit for the ECC was $209,241.34. This money supports the grade school. It’s important to note with the systemization of Catholic schools in Cedar Rapids/Marion, the Finance Council has taken into account any revenue generated by the ECC will go directly to the Xavier Catholic School System.
We continue to support our Catholic schools as they help to form the hearts and minds of our young people. The assessments provided to the St. Matthew Elementary School, Regis and Xavier totaled $353,356. The utilization of Education Savings Account funds (ESA funds) this year reduced the overall subsidy needed to cover expenses at the elementary school.
We currently have $218,593.10 at the Catholic Foundation in the Archdiocese of Dubuque. This money is used for____, as a way to invest into our parish’s future.
The Second on the Second collection brought in $14,336.58 that was then given to the various charities as recommended by the Social Concerns Committee. We also support Metro Catholic Outreach in addition to the amount collected on the Second on the Second for MCO for a total of $10,000.
While there are many changes that have happened since August of 2023 and more to come, one constant is the Finance Council’s commitment to transparency and accuracy. We strive to continue to be good stewards to the contributions our parish receives. Our parish is incredibly fortunate to have such a caring, dedicated and generous congregation. Thank you for your support and may God continue to bless us all.
With Gratitude,
The St. Matthew Finance Council
