Newspaper Archive of
Arkansas Catholic
Litlte Rock, Arkansas
December 2, 1990     Arkansas Catholic
PAGE 9     (9 of 16 available)        PREVIOUS     NEXT      Full Size Image
 
PAGE 9     (9 of 16 available)        PREVIOUS     NEXT      Full Size Image
December 2, 1990
 

Newspaper Archive of Arkansas Catholic produced by SmallTownPapers, Inc.
Website © 2019. All content copyrighted. Copyright Information.     Terms Of Use.     Request Content Removal.




ARKANSAS CATHOLIC DECEMBER 2, 1990 PAGE 9 l What do these financial statements include? [ They include Balance Sheets, Statements of Revenues and Expenses, and [ Changes of Fund Balances of all funds administered directly by the bishop. 17 [ "- Funds supporting Diocesan Ministries & Central Offices !1 t -" Clergy Welfare Fund . iv, "--St. John's Seminary (Burse)Fund ] What are the kinds of Funds which support diocesan ministries? ;6 [ i * Current Funds - to support Diocesan Ministries [ Undesignated - available for current expenses )9 1 "' Designated - set aside by the Bishop for specific purposes ;6 i Restricted - available for current expenses, but only in compliance with I8 ! restrictions specified by contributors or grantors [ * Endowment Funds - earnings only are available for current expenses; princi- ! pal remains intact p0 [ : * Plant Fund- property owned by Diocese for ministries of the Church (Note: p0 1 Properties owned by Diocese for investment purposes are included in the Endow- [ bent Fund.) .7 ] 'i * Deposit and Loan Fund - funds deposited by, or lent to, parishes [ * Custodian Fund - funds received by Diocese as fiscal agent on behalf of 07 t !thers.' 1 Are parish financial statements included in this report? No, parishes, schools, hospitals, etc. report their finances directly by them- Selves. Are the financial reports of the Diocese audited? Yes; this financial information is taken from the audit reports prepared by tadependent certified public accountants who have given their unqualified opinions eir reports. These reports are available for inspection upon request to the l)iocesan Director of Finance. Vho administers these funds? Bishop McDonald, who has overall responsibility for the Diocese for all affairs the Diocese, administers these funds. In the financial area, he is assisted by: * Priests' Senate * DioCesan Consultors :. * Diocesan Finance Board :: * Clergy Welfare Fund Board * St. John's Seminary ("Burse') Fund Board * Diocesan Finance Office * Outside professionals, including Diocesan attorney, property consultant, in- VeStment manager, insurance consultant, actuary and auditor. How much were the contributions to national collections? l or the years ended June 30, 1990, and 1989, you contributed: Latin America Black and Indian Missions Campaign for Human Development o) Catholic Relief Services Catholic Communications Holy Land Mission Sunday Propagation of Faith Peter's Pence Catechetical Sunday c3) Retired Religious Christmas Collection -- Retired and Infirm Priests (4) Special: Thanksgiving Clothing Drive Operation Rice Bowl San Francisco Earthquake Hurricane Hugo $ 199.___0 24,064 $ 37,508 40,967 46,732 60,937 45,454 47,327 41,405 $7,494 21,117 30,336 28,980 49,558 45,367 16,174 2i,685 46,726 43,727 24,205 19,792 98,575 77,086 187,916 146,958 | i~ ~ Diocese retains 50% for support of Communications Ministry p~ o) Diocese retains 50%, parishes retain 50% ~eEare Board receives 100% 1,007 3,385 46,686 53,902 $ 769,259 $ 575,811 How will contributions for C, ASA be allocated? Your contributions to CASA will be distributed during 1990-91 fiscal year to: CASA Priests' retirement Our poor Our mission churches Adoptions Parish Social Services Other Diocesan ministries: (including: Prisons, Lay, Blacks, Hispanic and others) St. John's Center Renovation Asbestos Removal Assistance A.S.U. Student Center Total pledges (gross of expense) *less expense 199___.Q $ 25,000 25,000 100,000 2O,OOO 25,000 230,000 199,671" 199,671" 199,671" $1,024,013 How does the Diocesan Deposit and Loan Fund work? Parishes deposit cash reserves in a central fund from which parishes may borrow to help finance their construction needs. The Diocese administers this program at no cost to the Deposit and Loan Fund, so that excess of interest earned (on loans) over interest paid (on deposits), increases Fund balance available to parishes. Funds are lent at 1% more than the 30-day CD rate (7.70% as of June 30, 1990), and are credited interest at 90% of that rate. As 0f June 30, 1990, 87 parishes had deposits of $8,877,702 with the Fund and 47 parishes had loans of $4,078,004 owing to the Fund. I see that the balance sheet lists investments of $10,263,146. Which funds own these, and who manages them? These investments of stocks and bonds are owned by: Stocks Curren t fund Endowment fund Bonds Current fund: Endowment fund Custodian fund Deposit and Loan Fund Annuity Contract Joint Ventures Cost Market $ 32,595 $ 32,606 1,053,077 1,306,110 $ 1,085,672 $ 1,338,716 $ 2,177,283 $ 2,289,100 1,046,669 1,016,244 4,726,405 4,694,735 $ 7,950,357 $ 8,000,079 288,909 288,909 635,44 635,442 $ 9,960,380 $10,263,146 These funds are managed by professionals, reporting regularly to the Bishop and to the Diocesan Finance Board for compliance to investment policies and performance. send m0reinf0rmati0n on: ( ) Naming a Diocesan Agency in our will ( ) Making a Will ( ) More information in financial planning ( ) Giving Securities ( ) Creating a Trust ( ) Avoiding Capital Gains Tax Send to: Development Office Diocese of Little Rock 2500 North Tyler St. P. O. Box 7565 Little Rock, AR 72217-7565 Name [ Address ICity ]Parish S tate_.._Zip_._...___