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Diocese of Norwich Issues Financial Report

Posted on November 06, 2018 in: News

By Karen Huffer, Diocesan Finance Officer

The Diocese of Norwich has issued a financial report for The Norwich Roman Catholic Diocesan Corporation and The Annual Catholic Appeal of The Diocese of Norwich, Inc. for the fiscal year ending June 30, 2017.

The Diocese of more than 228,520 Catholics spent $3,977,445 on funding for ministries and programs, including but not limited to, Catholic Charities/Family Services in Norwich, New London, Willimantic and Middletown, St. Vincent de Paul Places in Norwich and Middletown, Project Northeast in Putnam, the Hispanic and Haitian Ministries throughout the Diocese, and the offices of Faith Events, Prison Ministry, Pastoral Planning, and Ministry to the Sick.

Contributions and collections including the Annual Catholic Appeal and diocesan assessments accounted for approximately 34 percent of the total diocesan revenue of $16,524,088.

Contributions and collections decreased 52 percent from the previous year, due to a decrease in bequests, to $3,146,135 and diocesan assessments were $2,453,926, an increase of 5 percent from the 2016 fiscal year. Insurance premiums that the Diocese charges various diocesan entities for property and liability coverage, amounted to $2,503,816. Insurance premiums paid to Catholic Mutual Insurance and other commercial carriers for property and liability insurance, for Catholic Umbrella Pool assessments, claims paid under the self-insurance program, and auto and workmen’s compensation insurance amounted to $1,753,759. The Diocese is a member of the RETA Trust, which is a self-insured trust comprised of Catholic Dioceses and organizations nationwide with over 30,000 insured lives participating in its medical plan. The plan operates as a fully insured plan and is presented in the financial statements in the same manner as the other types of insurances carried by the Diocese. For the fiscal year ended June 30, 2017 premiums billed under the plan were $6,377,777 and payments to the Trust were $5,625,127.

All Diocesan investments are made in accordance with guidelines issued by the USCCB and they are subject to an independent scanning process semi-annually by Aquinas Associates to ensure compliance with these guidelines. For the year ended June 30, 2017, net investment income including realized and unrealized gains and losses on securities was $889,238 which is fairly reflective of overall market trends. Expenses for seminarians totaled $347,410 and include expenses for tuition and subsistence for current seminarians and payment of educational loans for seminary graduates who are active priests in the Diocese.

Payments to aid in the support of retired and infirm priests were $330,754. These costs are offset partially by the Easter Sunday collection, which amounted to $170,077. Administration expenses decreased by 1 percent to $1,696,976 consisting primarily of $1,133,992 in direct employee expenses including salaries, payroll taxes, pensions and medical insurance. Direct subsidies to high schools attended by diocesan students were $1,363,040 including the fair market rental value of the facilities. In the fiscal year ended June 30, 2009, the Diocese was required to adopt the Financial Accounting Standards Board Statement 158 which requires full disclosure of post- retirement benefits. The actuarially determined benefit of the priests’ post-retirement benefits at June 30, 2017 was $4,342,788 and $4,193,946 at June 30, 2016. The combined diocesan financial statements do not reflect the finances of the Diocese’s parishes or any of its schools.

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