PHILADELPHIA (PA)
Roman Catholic Archdiocese of Philadelphia
Core operational deficit shrinks by $1.8 million as compared to fiscal year 2013.
Significant progress is being made in regard to balance sheet liabilities.
Contextual Background
In December 2013, the Archdiocese of Philadelphia published audited financial statements for the fiscal year ended June 30, 2013. Those financial statements disclosed a $4.9 million core operating deficit for that period exclusive of non-recurring credits and charges. That figure compared very favorably to the $17.6 million core operating deficit experienced for the fiscal year ended June 30, 2012. Additionally, several very significant and ongoing balance sheet liabilities that measure in the hundreds of millions of dollars were detailed.
These financial statements were for the entity designated as the “Office for Financial Services (OFS),” which is the official title for the majority of administrative offices and ministries located at the Archdiocesan Pastoral Center. OFS provides administrative and programmatic support to the parishes, schools and other related ecclesiastical entities of the Archdiocese. For financial reporting purposes, it is considered a wholly-owned subsidiary of the Archdiocese.
Comparative Operating Results: Fiscal Year 2014 Versus Fiscal Year 2013
The analysis presented below compares the “Change in Net Assets Before Other Items” for fiscal years 2014 and 2013. The “as reported” deficit of $ .7 million in FY 2014 compares to an “as reported” surplus of $3.9 million in FY 2013. These amounts can be found in the Statements of Activities and Changes in Net Assets under the caption “Change in Net Assets Before Other Items” in the “Unrestricted” column. This analysis provides a meaningful comparison of each fiscal year after adjusting for the impact of items that are non-recurring in nature. All figures are in millions of dollars. Endnotes are provided with additional information on selected line items.
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