Condensed Financial Statements

Roman Catholic Archdiocese
February 13, 2014

http://www.archspm.org/news-events/news-detail.php?intResourceID=11845

[Click here to read the full audited annual report]

Notes to condensed financial statements

The Archdiocese of St. Paul and Minneapolis (the Archdiocese) was first established as a diocese by the Holy See in 1850 (originally Minnesota and the Dakotas) and elevated to an archdiocese 38 years later.

Now comprising a 12-county area, there are 188 parishes and 91 Catholic schools (including elementary and high schools) within the Archdiocese. The Archdiocese is home to roughly 825,000 Catholics, hundreds of clergy and religious men and women, and thousands of lay leaders, employees and volunteers who serve in the parishes, Catholic schools, and many other ministries.

The mission of the Archdiocese is to make the name of Jesus Christ known and loved by promoting and proclaiming the Gospel in word and deed through vibrant parish communities, quality Catholic education, and ready outreach to the poor and marginalized.

Nature of organization

The financial statements include all administrative and program offices and departments of the Corporation named the Archdiocese of St. Paul and Minneapolis (the Chancery Corporation). Parishes, their related schools, and other separately incorporated and operated Roman Catholic entities within the 12-county area of the Archdiocese are not under the fiscal or operating control of the Chancery Corporation and, therefore, in accordance with accounting principles generally accepted in the United States of America, are not included in the Chancery Corporation’s financial statements. Certain members of the Chancery Corporation are on the board of trustees of some of such other Catholic entities.

Basis of presentation

The financial statements of the Chancery Corporation have been prepared on the accrual basis of accounting. The Chancery Corporation reports information regarding its financial position and activities according to three classes of net assets: unrestricted net assets; temporarily restricted net assets; and permanently restricted net assets, based on the existence or absence of donor-imposed restrictions.

Financial statements

The financial statements of the Chancery Corporation for FY 2012 and FY 2013 were audited by independent certified public accountants who rendered an unqualified opinion on the financial statements. An unqualified opinion means that an independent auditor finds that an institution’s financial statements are fairly and appropriately presented, and in accordance with generally accepted accounting principles (GAAP).

The accompanying condensed Statement of Financial Position and condensed Statement of Activities are prepared from the audited financial statements but, in the interest of brevity, do not contain a similar level of detail and are not accompanied by complete explanatory footnotes. In order to see the full footnotes, please refer to the archdiocesan website at archspm.org.

Accordingly, the opinion of the independent certified public accountants is not presented. It, too, can be found on our website.

General Insurance Program Trust

The Chancery Corporation, along with parishes and other Catholic entities operating within the boundaries of the Archdiocese, participate in the General Insurance Program Trust (the Program). The Program is a trust, of which the Chancery Corporation is the Trustee, that provides comprehensive, uniform coverage for all of the participants.

The net assets of the Program are held for the benefit of the participants, as the participants have contributed such funds in exchange for obtaining insurance coverage. The coverage includes general liability, employment practices, building and contents, burglary, personal property, student accident, auto, public library, boilers, and workers’ compensation.

Other programs

The Chancery Corporation acts as a conduit for special collections in the parishes designated by the United States Conference of Catholic Bishops (“USCCB National Collections”) or for local purposes. During 2013, $1,500,000 was contributed by parish communities for such collections and sent to the Chancery Corporation for remittance to the intended recipient. This amount includes $270,000 for service of debt at the Cathedral parish resulting from the building restoration.

Commitments

The Chancery Corporation has entered into a number of contracts with lending institutions to assist affiliated parishes and schools with credit for facility additions. This includes loan guarantees that aggregate approximately $54,500,000 at June 30, 2013.