Annual Financial Report
Fiscal Year 2015
Madonna della Strada Chapel is the sacramental home of the Catholic community at Loyola University Chicago. Each Sunday approximately 1000 people worship at one of three Masses. This vibrant worshipping community generously contributes its time, talent, and treasure. I would like to take this opportunity to provide the worshipping community with an overview of the finances related to Madonna della Strada Chapel. In this report, I’ll provide an overview of the income from Fiscal Year 2015. In a few weeks, I’ll provided a review of expenses for FY15 and a projected expenses for FY16. A complete budget for the chapel is difficult to construct because so much of the cost is borne by the University.
Loyola University Chicago operates on a fiscal year budget from July 1 to June 30. In Fiscal Year 2015, $54,240.31 was received. Approximately 30% was designated for a Catholic charitable organization. The collections taken at Midnight Mass and Easter Sunday are reserved fully for use at Madonna della Strada Chapel. The organizations represent regional, national, and international charities, and have an affiliation with Loyola University Chicago. In particular, we want to support the works of the Society of Jesus (Jesuits) and the Sisters of the Blessed Virgin Mary (BVM). The 30% tithe was chosen for FY15 to make up for some gaps in previous fiscal years that we had been giving to charity. In fiscal year 2016 the tithe will be 10%.
The funds from the Sunday Mass collection that are available for Chapel ministries provide the salaries for the student sacristans, hospitality following the Sunday liturgies, catechetical resources for RCIA and liturgical seasons, environment and liturgical supplies.
In addition to the mass collection, Campus Ministry receives funds from students’ tuition dollars to cover the cost of salaries for the professional and administrative staff, musicians and cantors, worship aids, reprint licenses, organ tuning, hosts, wine, candles, and vestments. In FY15, the Mass collection funded 27% of the expenses related to Madonna della Strada Chapel.
The physical maintenance of the chapel is covered by the Facilities department at Loyola. The associated costs for utilities, repairs, lights, and cleaning are not reflected in the overall expenses. For example, the cost to change the lights is approximately $20,000 which is covered by Facilities. The lights are replaced once a year. In order to do so, a crane is brought into the chapel. This requires shutting down the chapel for a week, in order to move chairs so that the crane can maneuver.
In conclusion, let me express my profound gratitude to you for your support of the Catholic faith community at Loyola University. Through your generosity we are able to provide our students with a beautiful sacred space and a vibrant worshipping community.
For a detailed listing of specific charities and donation amounts, please click here: Table_of_Charitable_Donations
Lisa Reiter, Ph.D., Director of Campus Ministry