Diocese Ends Fiscal Year with a surplus of less than 1%

 
January 19, 2017, WORCESTER, MA -- Following a complete audit of its financial accounting, the Diocese of Worcester has issued online Financial Statements and online and printed editions of the Annual Report on Financial Activities for the fiscal year ending August 31, 2016. That report also highlights many of the accomplishments of the diocesan agencies and ministries during that timeframe.
 
In his letter, Most Reverend Robert J. McManus, S.T.D., Bishop of Worcester, wrote that he was pleased to report a surplus of 0.8% or $210,373 “including realized and unrealized gains on investments” after total expenses of $26,002,905. By comparison, there was an operating deficit of $1,192,704 in the previous fiscal year. The Bishop attributed this in great part to “the fiscally conservative operations of our agencies and ministries, most notably Central Administration” as well as a surplus of $791,737 in the Diocesan Expansion Fund.
 
Bishop McManus also addressed what he called “positive indicators” which included a reduction by $960,583 in the uncollected receivables due from parishes compared to the previous year. The credit line balance was reduced by $300,928. The Catholic Free Press operated with a smaller subsidy than in recent years and Priests’ Retirement experienced a smaller deficit by $327,960 compared to the previous year “thanks in great part to the successful Celebrate Priesthood initiative.”
 
Partners in Charity revenue of $4,881,860 which appears as part of the FY2016 report was raised in the 2015 campaign and was disbursed to 29 agencies, ministries, and programs during the 2016 fiscal year. Bishop McManus thanked all involved in the successful $5 million 2016 Partners in Charity appeal which will be “a great blessing for tens of thousands of people in need of spiritual, educational and charitable assistance provided by these ministries.” Those 29 agencies and ministries include Catholic Charities, Grant-in-Aid for Catholic School Students, Haitian Apostolate Ministry, Seminarian Education, and Religious Education. All the agencies are listed on the Supplemental details report.
 
Operating expenses for Central Catholic Schools totaled $12,412,643 resulting in expenses over revenues of $318,809 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 1,562 students reported in Pre-K through grade 12 in those four schools during the school year ending June 2016.
 
The complete text of the Bishop’s management letter accompanies the Annual Report on Financial Activities for FY2016 prepared by the diocesan Office of Fiscal Affairs and an impact report from many of the diocesan agencies. The Annual Report on Financial Activities is being distributed as a supplement to parishes for distribution on the weekend of January 22 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.
 
Although they are not included in these financial statements, all individual parish financial reports are posted online separate from the diocesan report at worcesterdiocese.org.
 
Any questions about the reports can be directed to Paul Schasel, director of Fiscal Affairs at 508-929-4333 or by email to [email protected].