Finances

​2020-2021 Spiritual & Fiscal Report

Newman Challenge Progress Update
This year, in addition to your Newman Challenge commitments, we are including all unrestricted offertory gifts in the Newman Challenge. 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

Fiscal Year-to-Date Financial Report

  • Total income for the first two months of the fiscal year was $184,891 just slightly under budget by $5,509.
  • Expenses year-to-date were under budget by $15,658, with a portion of the variance being a matter of timing of when certain expenses are paid. Total expenses increased slightly over last year to date by $1,915.
  • The decrease in expenses directly impacted the bottom line. The net gain-to-date was $1,596, significantly more than the budgeted loss of $8,553.
  • The unrestricted cash balance on August 31 was $506,940. The strong cash position is in part due to the Paycheck Protection Program loan received last year to assist in funding operations. 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 2021-22:
Tim Dooley (chair), Fr. Ed Nowak (ex-officio), Casey Reith, Cheryl Hoon (ex-officio), Fil Line, and Bob Salmen.

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 accelerated responsive grant cycle! For 2020-21, the Newman Center received a $5,000 grant for Outreach that was utilized for our Food for the Homeless ministries. Also, The Catholic Foundation again awarded the Newman Center a grant for Religious Vocational Discernment, for $7,500. This helped support the Paulist Fathers in their efforts to raise awareness and teach skills needed for vocational discernment.
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 $3,900 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.