Finances

Fiscal Year-to-Date Financial Report

  • Total income for the first nine months of the fiscal year was $1,089,884, significantly over budget by $104,257. The favorable budget variance was due to the receipt of three generous unrestricted planned gifts (bequests) and several major gifts made to the Newman Challenge. We are grateful for the generosity of our community.
  • Expenses for the same period were $995,317, under budget by $27,846, with a portion of the variance being a matter of timing of when certain expenses are paid and other expenses simply coming in under budget. Total expenses increased by $92,259 over the same period as last year, mainly in supply costs due to an increase in ministry activities in the building.
  • The significant increase in income directly impacted the bottom line. The net gain on March 31 was $94,567, significantly better than the budgeted loss of $37,536.
  • The unrestricted cash balance on March 31 was $552,362. The strong cash position is in part due to the Paycheck Protection Program loan received last year to assist in funding operations and the operational gains this year to date. To fund operations, approximately $120,000 per month is needed. Our goal is to maintain a cash reserve balance equal to three months’ expenses, approximately $360,000.
We are deeply grateful for all the ways our community supports the Newman Center - financial, in prayer and in service to Catholic campus ministry at The Ohio State University.

Newman Challenge Progress Update
This year, we will continue our new accounting practice of including all unrestricted offertory gifts in the Newman Challenge. This does not include unrestricted planned giving. During this uncertain time we are also prudently budgeting all our income for this fiscal year.
* Offertory gifts include basket collections at Mass, mailed gifts, and online gifts, not designated for a specific purpose

​2020-2021 Spiritual & Fiscal Report

Partners in Ministry: Grant Funding

A huge thank you to The Catholic Foundation for supporting St. Thomas More Newman Center by awarding us two grants during this year’s responsive grant cycle!
The Newman Center will receive grant funding to support our Speaker Series and grant funding to update our lighting to LED and motion sensor lighting. 
We are so appreciative of The Catholic Foundation’s support for the mission and work of the Newman Center!