We want to remind you that you can significantly increase the impact of your pledge to Upon this Rock, our capital campaign, by accelerating some or all of your payments prior to the end of the current fiscal year on June 30. Every $1 you pay before June 30 is worth almost 10% more to us than it will be on July 1 (when we begin our new fiscal year).
Why? As you probably know, we pay the diocese a “tax” on all our parish income, called a Cathedraticum. The Cathedraticum helps pay for important diocesan support, plus insurance for our priests and staff. It is paid by all parishes in all dioceses. The formula can be complicated, but begins as a tax of 9.25% on all income received in a year. This percent is sometimes later reduced by other parish expenses.
BUT the rules state that the Cathedraticum cannot grow more than 25% in any one year, regardless of our income. Because we have already received over $2 million in campaign cash this year, we have passed this 25% threshold. All cash we receive before June 30 will be exempt from the 9.25% tax.
Thanks to all who have already made additional payments. If your situation allows, please consider increasing the impact of your gift by accelerating your remaining commitment. We appreciate everything you have done – and will do – to make our campaign a success.
To make a gift of appreciated stock or mutual fund shares, download THIS document.
Contact Karen Conley in the parish office if you have questions.