Diocese of Worcester Releases Financial Reports for Fy2013

Roman Catholic Diocese of Worcester
January 16, 2014

http://worcesterdiocese.org/communications/DioceseReleaseFinancialReportsforFY2013/tabid/1608/Default.aspx

Small operational surplus attributed to “tight fiscal controls.”

January 16, 2014, WORCESTER, MA -- Following a complete audit of its financial accounting, the Diocese of Worcester has issued an online Financial Report and online and printed editions of the Annual Report on Financial Activities for the fiscal year ending August 31, 2013.

In his letter, the Most Reverend Robert J. McManus, S.T.D., Bishop of Worcester, wrote that “our financial reports demonstrate that we have been good stewards of the donations we have received either directly or through our parishes.” The online Financial Report showed an operating surplus of $122,418 after expenses totaling $24,750,617 for 2013 compared to a surplus of $109,804 the previous year on expenses totaling $26,037,091. Given the reduction of more than $1.28 million in expenses, the bishop’s letter noted that “the various departments in our central administration exercised tight fiscal controls in order to operate within their budgets.”

Bishop McManus wrote that “two significant areas of ongoing concern” are the need to service outstanding debt, which cost Central Administration $994,797, and Priests’ Retirement Care. Even with a subsidy of $865,000 from Partners in Charity, retirement programs for clergy operated at expenses over revenues by $715,325, down from the previous year’s difference of $1,113,125. The total expenses incurred were 2% lower than the previous year.

The Diocesan Expansion Fund, which provides “a safe and secure resource for parish and diocesan savings while meeting borrowing needs with competitive rates,” ended the year on a positive note at $215,700 after allowing for unrealized losses, down from $492,965 the previous year.

Partners in Charity revenue appearing in the report was raised in the 2012 campaign and was disbursed to 30 agencies, ministries, and programs. They included Catholic Charities, Grant-in-Aid for Catholic School Students, Haitian Apostolate Ministry, Seminarian Education, and Religious Education. In his letter Bishop McManus noted that the 2013 appeal raised $33,526 more than the previous year. “I am grateful for the commitment to our mission by over 17,825 households in our diocese, including 1,608 new households who participated through online giving and the 117 members of the St. Paul Society who donated a minimum of $5,000 each.”

The St. John Cemetery System showed a balanced report due in part to a subsidy of $119,098 from Partners in Charity, down from $167,820 in the previous year. The Catholic Free Press operated with a loss of $119,147, up from a loss of $95,681 the previous year.

Central Catholic Schools’ expenses totaled $11,652,177 resulting in revenues of $146,011 over expenses prior to accounting for depreciation and non-operational funding. Central Catholic (C.C.) Schools include the financial activity of the Holy Name C.C. Jr./Sr. High School, St. Bernard C.C. High School, and St. Peter-Marian C.C. Jr./Sr. High School, as well as St. Peter C.C. Elementary School. There were 1,623 students in Pre-K through grade 12 in those four schools during the school year ending June 2013.

The complete text of the Bishop’s management letter accompanies the Annual Report on Financial Activities for FY2013 prepared by the diocesan Fiscal Affairs Office. The Annual Report on Financial Activities is being distributed as a supplement for parish bulletins for distribution on the weekend of January 18 and 19 and is posted online at www.worcesterdiocese.org. A complete copy of the audited Financial Report is also available online at worcesterdiocese.org. As in recent years, this year’s report was audited by O’Connor, Maloney & Co., P.C. of Worcester.

Any questions about the reports can be directed to Carol Adams, co-director of Fiscal Affairs at 508-929-4340 or by email to cadams@worcesterdiocese.org