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Diocese posts extensive financial report on its website

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Dialog Editor

 

The audited financial statements of the Diocese of Wilmington, Inc, have been published on the diocesan website, www.cdow.org.

The report includes a 28-page document from Belfint, Lyons & Shuman, Wilmington certified public accountants, that presents statements of assets, liabilities and net assets; statements of support revenue and expenses, statements of cash flows and the accounting firm’s notes to the report.

Bishop Malooly said last week that the publication of the complete “audited financial statement on the diocesan website is the most transparent accounting of diocesan assets in our history.

“I’m happy that our faithful parishioners can see the thorough report of our assets and liabilities. The Catholics of Delaware and the Eastern Shore of Maryland have a long history of generosity to their parishes and the diocese. So we plan to continue this transparency about our financial status on an annual basis.”

The diocese’s Chief Financial Officer Joseph P. Corsini writes in a letter that accompanies the financials that “without the generosity and support of the Catholic faithful, the many pastoral, educational, and charitable services and ministries the diocese offers would not be possible.”

The report from the CPA firm lists the assets and liabilities for the incorporated diocese, the parent corporation of the Catholic Church in Delaware and the Eastern Shore of Maryland, as of June 30, 2014 and 2013.

While the financial statement shows $30.3 million in net assets, Corsini notes $21.5 million of that sum is restricted in use.

“There are more than 60 individual restricted accounts,” he says. “The most significant examples include $8.7 million in the Diocesan Education Fund that provides tuition assistance for families wanting a Catholic education.” There is also $4.2 million for the Sustaining Hope for the Future Campaign.

“Within the Restricted Asset section you will also see $29.1 million under the captions ‘Assets held for affiliates’ and ‘Assets owed to affiliates,’” Corsini notes. “This money belongs to parishes and other related organizations, such as Catholic Cemeteries and Catholic Charities. Since these funds are invested in the diocese’s investment program, they are shown on the diocese’s balance sheet, both as an asset and a corresponding liability.”