Finances
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Due to the COVID-19 pandemic, the closure of the Newman Center to onsite activities and worship, and the cancellation of on-campus classes at Ohio State presented us with major challenges beginning in March. While staff and community members rallied to find new ways to stay connected and engaged in ministry, many in our community also found new ways of giving online and through the mail without the passing of the offertory basket at Mass. For this, we are deeply grateful and humbled by the generous support so many have demonstrated during this unprecedented time. We will continue to keep you updated on our finances as we navigate through the coming months.
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- Income for the month of May was $89,363, under budget by $8,098. The Giving Tuesday NOW appeal added $6,865 to unrestricted income, as well as $5,000 in early Giving Day/Big Give boost donations. The Newman Center’s income is now slightly over budget for the year by $9,501.
- Expenses were under budget in May, consistent with previous months. Total year to date expenses are approximately $61,000 less than expected at this point in the fiscal year.
- The cancellation of activities due to COVID-19 has reduced the need for supply purchases and related materials.
- Primarily due to lowered expenses, the year’s net gain was $76,595 at the end of May, substantially better than the budgeted gain of $5,577.
- Unrestricted cash on hand at May 31 was $485,492, a decrease of $11,927 from the prior period due to capital expenditures on HVAC replacement at the Paulist House. The total unrestricted cash balance is boosted by the receipt in April of $145,000 in Paycheck Protection Program loan proceeds. Details of the Small Business Administration loan can be found below. 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 Center Finance Committee fiscal year 2019-20:
Tim Dooley (chair), Fr. Ed Nowak (ex-officio), Casey Cross, Debbie D’Aurora, Cheryl Hoon (ex-officio), Fil Line, Bob Salmen, Chris Spartz, Josh Weidus and Mark Wengerd
Partners in Ministry: Grant Funding
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A huge thank you to The Catholic Foundation for supporting St. Thomas More Newman Center by awarding us two grants during this year’s accelerated responsive grant cycle! For 2020-21, the Newman Center will receive a $5,000 grant for Outreach that will be utilized for our Food for the Homeless ministries. Also, The Catholic Foundation has again awarded the Newman Center a grant for Religious Vocational Discernment, for $7,500. This will help support the Paulist Fathers in their efforts to raise awareness and teach skills needed for vocational discernment.
As we wrap up the 2019-20 grant cycle, we are grateful for the grants we received for Vocational Discernment and for our Public Address System. We are so appreciative of The Catholic Foundation’s support for the mission and work of the Newman Center! |
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We are also thankful for a grant of over $27,000 from the Ohio Emergency Management Agency for facility security projects including replacing entryway glass with shatter resistant plexiglass, replacement of certain internal room doors to accommodate door barricade system, extension of electronic (fob) entry system, additional security cameras, extension of our building PA system, and more.
The Newman Center is also grateful to be the recipient of a $2,900 Catholic Relief Services Rice Bowl Local Funds grant to benefit our Food for the Homeless ministries!
The Newman Center is also grateful to be the recipient of a $2,900 Catholic Relief Services Rice Bowl Local Funds grant to benefit our Food for the Homeless ministries!
Newman Center receives Paycheck Protection Program Loan
We are pleased to share that the Newman Center applied for and has received a $145,000 loan through the Paycheck Protection Program provision of the CARES Act, in response to the COVID-19 pandemic’s negative financial impact on small businesses and non-profits. The loan will be fully forgiven to the extent the funds are used for payroll costs, utilities and other expenses. Complete details of the loan provisions can be found here: Paycheck Protection Program. We are confident that we will meet the requirements for forgiveness of the loan.
In the years since the 2008-2009 recession, the Finance Committee has consistently worked to build and maintain cash-on-hand reserves for large-scale expenses and critical needs, especially during times such as this. While we have a modest sum of reserves, this loan will serve as a safety net so that even during this time of uncertainty, we may continue our work toward the replacement of our aging heating and cooling system, among other essential needs.
We are grateful for a community that is strong in their commitment and ongoing support of our ministry.
In the years since the 2008-2009 recession, the Finance Committee has consistently worked to build and maintain cash-on-hand reserves for large-scale expenses and critical needs, especially during times such as this. While we have a modest sum of reserves, this loan will serve as a safety net so that even during this time of uncertainty, we may continue our work toward the replacement of our aging heating and cooling system, among other essential needs.
We are grateful for a community that is strong in their commitment and ongoing support of our ministry.
Newman Challenge Progress Update
2018-2019 Spiritual & Fiscal Report
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