Diocese Releases Annual Report for FY2024

The Diocese of Worcester has released its annual report for the fiscal year ending Aug. 31, 2024. The annual report highlights major activities and departments along with details on financial activities. It is published as a supplement in Friday's printed edition of The Catholic Free Press and is posted on the diocesan website. Audited financial statements are anticipated by late Spring.
 
The diocese ended the year with an operational deficit of $166,303 as compared to a deficit of $762,077 the previous year prior to allowing for unrealized gains on investments and other income restricted to non-operational use. The year ended with a change in net assets of $4,572,480 compared to a $986,869 last fiscal year after recognizing unrealized gains on investments and restricted income.
 
In his management letter, Bishop McManus acknowledged that the diocese had to “reduce our overhead costs to be more in line with available funds.” But he acknowledged that investments have been made in an updated accounting system and support services given “today’s increasingly technology dependent and highly regulated world.” He also acknowledged additional investments in personnel “to increase enrollment at St. Paul Diocesan Jr./Sr. High School in order to solidify its future.”
 
In 2023 the diocese asked all parishes to contribute an additional 2.5% to the cathedraticum, which would be designated solely to reducing debt to the Diocesan Expansion Fund (DEF) which acts as a diocesan “bank.” In the past years he noted that much of that debt came from unpaid parish bills such as property and liability insurance which was owed to the diocese. FY24 was the first year to collect that additional income, which totaled $670,000 according to the Report on Financial Activities. 

The letter cited continuing challenges at St. John Cemetery System which are being addressed in the current fiscal year and the conclusion of extraordinary legal costs from organizational restructuring. He also noted that “legal costs for abuse-related claims for incidents which occurred in the 1970s were addressed and it is important to note that only undesignated funds are ever used for these legal costs and settlements.”
 
Bishop McManus also recognized the generosity of donors to all areas of the local Catholic Church. “I continue to be grateful to God for the ongoing generosity of our donors to Partners in Charity, Celebrate Priesthood, the Ash Wednesday Collection, and the many national and international special collections, while supporting parish offertory and honoring long-term commitments to the Legacy of Hope capital campaign.” He went on to note that the number of donors is declining as in our parishes, while the average gift continues to rise “in response to the growing, demonstrated need.”
 
The bishop’s letter also acknowledged the contributions of time by many volunteers on advisory committees, including “finances, pastoral planning, schools, and child safety and healing for victims of past abuse, just to name a few.”
 
As in recent annual reports, the diocese also listed amounts received for national and international collections through the parishes and the diocesan online web portal.
 
The Office for Stewardship and Development included a recap of the Partners in Charity Appeal for FY2024, including a breakdown of how much was spent by the agencies and ministries which received funding from the FY23 annual appeal. The FY24 appeal raised $4,881,164 from 11,842 gifts to support 26 agencies and ministries in FY2025. Of the total number of gifts, the report highlights that 3,958 households were members of the eight leadership giving societies, a slightly more donors than the previous year.
 
The report’s narrative describes the goals and objectives of 16 diocesan agencies and ministries and highlights their accomplishments. They include African Ministry, Catholic Schools, Communications, Hispanic and Latino Ministry, Religious Education, Youth Ministry and Young Adult Ministry.
 
Bishop McManus concluded his letter with a reminder that we are currently in the Jubilee Year of Hope. He added, “It is not a facile hope based on wishes and empty promises. It is the hope that Jesus imparts to all of us when he won the promise of eternal life for us by his suffering, death and resurrection. If we keep our eyes fixed on that mission, we will all be filled with that spirit of hope and empowered to share that hope with the world. 
 
The annual report is posted online along with past diocesan financial reports at worcesterdiocese.org/diocesan-financial-reports.