WORCESTER (MA)
Roman Catholic Diocese of Worcester
January 15, 2015, 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, 2014.
In his letter, the Most Reverend Robert J. McManus, S.T.D., Bishop of Worcester, wrote that the reports continue to demonstrate good stewardship of donations received throughout the year. The Combined Statements of Activities showed an operating surplus of $1,276,057 after expenses totaling $25,271,377 for 2014 compared to a surplus of $122,418 the previous year on expenses totaling $24,750,617.
Bishop McManus wrote that even with a subsidy of $550,000 from Partners in Charity, retirement programs for clergy operated at expenses over revenues by $993,535, up from the previous year’s difference of $715,325. He expressed his gratitude “to the committee that came together last year to begin the task of raising awareness of this critical need in our diocese” including the Celebrate Priesthood event held in the fall of 2014 which will benefit the 2015 fiscal year. The total expenses incurred for retired priests care were 3.6% higher than the previous year.
The other area which he noted as a challenge is the need to service outstanding debt, which cost Central Administration $995,956. He thanked the parish and diocesan staff and volunteers who participated in workshops on parish finances this past year and noted that dedicated assistance to help parishes with their goal of balanced budgets will begin in 2015.
The Diocesan Expansion Fund, which provides “a safe and secure resource for parish and diocesan savings while providing for the borrowing needs of our parishes,” ended the year on a positive note at $1,782,652 including unrealized gains of $839,486. This gain contributed significantly to the overall 1,276,057 increase in unrestricted net assets reported on the combined statement of activities.
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