News & Press

April 14, 2011 - Archdiocese of Boston Releases Annual Financial Report

Balanced Budget Achieved For Central Ministries, Catholic Foundation Reports On Fundraising
www.bostoncatholic.org

(Braintree, Massachusetts) April 14, 2011      The Archdiocese of Boston today released its annual financial report for the fiscal year ending June 30, 2010.  The report identifies key milestones during this fiscal period, including achieving a balanced budget in Central Ministries.  The full report is available on the Archdiocese’s website (http://www.bostoncatholic.org/annualreport) together with the audited financial statements of Archdiocesan related organizations.  In addition the Archdiocese released the FY10 report regarding sources and uses pertaining to sexual abuse settlements and related costs.

The report provides a comprehensive review of the Archdiocese’s assets, liabilities and annual revenue.   Included are the audited financial statements of the Roman Catholic Archbishop of Boston, a Corporation Sole (the “Corporation Sole”), encompassing the activities of parishes and central operations. The report also includes an accounting of payments for sexual abuse settlements and related expenses and the sources of these funds.

In his letter to the faithful, Cardinal Seán P. O’Malley stated, “The Archdiocese of Boston strives to fulfill its role in the life of the Catholic Church through ministries that support our outreach and evangelization. As we continue to rebuild our local Church, I am filled with hope and encouragement. Although recent years have been a time of many challenges, our commitment to witness the compassionate presence of Jesus Christ in our parishes, schools and ministries sustains and motivates our work.”

Chancellor Jim McDonough stated, “In the nearly five years I have served as Chancellor, I have witnessed not only the tremendous faith of the Catholic community in Boston but a resiliency and determination among its members to weather each new storm and continue forward in our mission to build up the Kingdom of God. Through the continued commitment of the time, talent and treasure of our lay parishioners, clergy, religious and employees, the Archdiocese of Boston will be strengthened in its ability to bear witness to the saving power of Christ and persist in its mission to be His hands in the world.”

FY10 annual report highlights:

  • Balanced budget was achieved in Central Ministries;
  • Parish offertory remained flat despite impacts from the global economic crisis;
  • 36% of parishes operated above breakeven, 31% at breakeven and 33% operated at a loss;
  • Improved Financial Relationship Model (IFRM) was successfully launched in 33 parishes, who subsequently saw a 17% average increase in offertory collections;
  • Investment performance and portfolio improved from the previous fiscal year; 
  • Archdiocesan Pastoral Planning Commission was launched to continue to address long-term pastoral needs of the local Church;
  • Catholic schools remained a priority and the Archdiocese completed a financial analysis of each school;
  • Boston Catholic Development Services was launched to provide improved collaboration, coordination and effectiveness in our fundraising efforts;
  • A comprehensive plan to address the long-term challenges of the lay pension plan was developed and enacted, meeting the Cardinal’s commitment to our lay staff;
  • Compensation and Vendor Disclosure, modeled after the Internal Revenue Service Form 990, is now included with the release of the annual report, providing greater visibility into RCAB compensation information;
  • Improved financial management systems were implemented to make the Archdiocese more efficient and effective in accounting and financial processing.

2011 Catholic Appeal

The 2011 Catholic Appeal was launched on the March 5 & 6, 2011, and has started with strong momentum. The Catholic Appeal covers two fiscal years and is launched in parishes in March and final pledges are paid through the following February.

Ms. Kathleen Driscoll, Secretary for Institutional Advancement for the Archdiocese of Boston, reported that the goal of the 2011 Appeal is $14M which represents an increase of 11% over the final 2010 Catholic Appeal amount of $13.0M. The 2010 Catholic Appeal ($13.0M) represents a decrease of 14% vs. Catholic Appeal 2009 ($15.0M). This 14% decrease in 2010 was due primarily to the slow recovery of the economy, whereas many non-profits experienced anywhere from 11% to 40% decline in donations.

“We are building strong momentum at the parish level and with our major gifts outreach to overcome the impact of the lingering economic impact of recent years that has touched every sector of our society,” said Ms. Driscoll.  “The energy and commitment of our pastors and lay leaders is critical to the success of the 2011 Catholic Appeal, which is essential in providing support for our parishes, schools and ministries.  The decline in the 2010 Appeal was not unexpected and was much less than what many other non-profits experienced.  In building towards the future, we are well positioned to increase giving across the Church community so that we can succeed in helping to rebuild the Archdiocese of Boston.”

About the Archdiocese of Boston: The Diocese of Boston was founded on April 8, 1808 and was elevated to Archdiocese in 1875. Currently serving the needs of nearly 2 million Catholics, the Archdiocese of Boston is an ethnically diverse and spiritually enriching faith community consisting of 291 parishes, across 144 communities, educating approximately 42,000 students in its Catholic schools and 156,000 in religious education classes each year, ministering to the needs of 200,000 individuals through its pastoral and social service outreach.   Mass is celebrated in nearly twenty different languages each week. For more information, please visit   www.BostonCatholic.org .