Newspaper Archive of
Arkansas Catholic
Litlte Rock, Arkansas
December 8, 1991     Arkansas Catholic
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December 8, 1991
 

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ARKANSAS CATHOLIC DECEMBER 8, 1991 PAGE F-3 21 flo- g." fin aid What do these financial statements include? rid They include Balance Sheets, Statements of Revenues and Expenses, and Changes of Fund Balances of all funds administered directly by the bishop. m Funds supporting Diocesan Ministries & Central Offices Clergy Welfare Fund -- St. John's Seminary ("Burse') Fund lid ~ve- of 'ed riv ess on What are the kinds of Funds which support diocesan ministries? * Current Funds - to support Diocesan Ministries Undesignated - available for current expenses Designated - set aside by the Bishop for specific purposes Restricted - available for current expenses, but only in compliance with restrictions specified by contributors or grantors * Endowment Funds - earnings only are available for current expenses; princi- pal remains intact * Insurance Fund - Property insurance: reserve for up to $10,000 per claim; Health insurance: reserve for up to $50,000 annually per claimant. * Plant Fund - property owned by Diocese for ministries of the Church (Note: properties owned by Diocese for investment purposes are included in the Endow- ment Fund.) * Deposit and Loan Fund - funds deposited by, or lent to, parishes * Custodian Fund - funds received by Diocese as fiscal agent on behalf of others. Are parish financial statements included in this report? No, parishes, schools, hospitals, etc. report their finances directly by them- selves. How much were the contributions to national collections? For the years ended June 30, 1991, and 1990, you contributed: 199__L 1.99_o Latin America $ 27,207 $ 24,064 Black and Indian Missions 43,426 40,967 Campaign for Human Development 0) 52,395 60,937 Catholic Relief Services 46,357 47,327 Catholic Communications (2) 25,892 37,494 Holy Land 29,023 30,336 Mission Sunday 50,087 49,558 Propagation of Faith 21,433 16,174 Peter's Pence 44,737 46,726 Catechetical Sunday (s) 21,923 24,205 Retired Religious 99,543 98,575 Christmas Collection -- Retired and Infirm Priests (4) 187,916 Special: Thanksgiving Clothing Drive 404 1,007 Operation Rice Bowl 5,502 3,385 San Francisco Earthquake 46,686 Hurricane Hugo 53,902 Eastern Europe 149,138 36t079 $653,146 $ 769,259 0)Diocese retains 25% for local projects (~)Diocese retains 50% for support of Communications Ministry O)Diocese retains 50%, parishes retain 50% (4>Clergy Welfare Board receives 100% Are the financial reports of the Diocese audited? Yes; this financial information is taken from the audit reports prepared by independent certified public accountants who have given their unqualified opinions to their reports. These reports are available for inspection upon request to the Diocesan Director of Finance. Who administers these funds? Bishop McDonald, who has overall responsibility for the Diocese for all affairs of 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 consultants, actuary and auditor. 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 (6.63% as of June 30, 1991), and are credited interest at 90% of that rate. As of June 30, 1991, 74 parishes had deposits of $9,013,608 with the Fund and 44 parishes had loans of $4,238,290 owing to the Fund. I see that the balance sheet lists investments of $10,2312,916. Which funds own these, and who manages them? These investments of stocks and bonds are owned by: How will contributions for CASA be allocated? 1990 CASA funds were distributed during 1990-91 fiscal year, 1991 funds will be distributed during the 1991-92 fiscal year, as follows: C, SA Priests' retirement Our poor Our mission churches Adoptions Parish Social Services Other Diocesan ministries: (including: Prison, Lay, Black, Hispanic and others) St. John's Center Renovation Asbestos Removal Assistance A.S.U. Student Center Total pledges 199___1 199.___Q (~r1991~2) (~r1990~1), $ 25,000 $ 25,000 40,000 25,000"* 100,000 100,000"* 35,000 20,000"* 25,000 25,000"* 275,000 230,000** 217,917 199,671" 108,958 199,671" 217,917 199,671" $ $1,024,013 *less expense **reported as $425,000 in the revenue section of the financial statements (in- cludes $25,000 allowance for expense) Stocks Current fund Endowment fund Bonds Current fund Endowment fund Custodian fund Deposit and Loan Fund Plant Fund Annuity Contract Joint Ventures Cost Market $ 31,001 $ 31,012 1,444,484 1,61.1,685 $ 11475,485 $ 1,642 697 $ 34,688 $ 34,992 1,827,088 1,953,772 852,818 845,456 4,783,425 4,850,845 111,971 112,952 $ 71609 990 $ 71798 017 232,076 232,076 640 126 640 126 $ 9 957,677 $10,312,916 These funds are managed by professionals, reporting regularly to the Bishop and to the Diocesan Finance Board for compliance to investment policies and performance.