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14 FINANCIAL REPORT 2015 ARCHDIOCESE OF DENVER STATEMENTS OF FINANCIAL POSITION As of June 30, 2015 and 2014 2015 2014 ASSETS: Cash & cash equivalents $4,392,959 $4,172,265 Inventories 2,313,592 2,423,57 7 Accounts receivable, net 2,525,640 2,198,188 Note receivable from St. Simeon 1,299,438 1,299,438 Restricted investments 12,194,241 11,501,404 Property & equipment, net 2,898,442 3,011,717 Total assets $25,624,312 $24,606,589 LIABILITIES: Accounts payable & accrued expenses $322,301 $318,962 Pre-need trust 6,528,287 6,156,616 Total liabilities 6,850,588 6,475,578 NET ASSETS: Unrestricted 18,758,724 18,131,011 Temporarily restricted 15,000 - Total net assets 18,773,724 18,131,011 Total liabilities & net assets $25,624,312 $24,606,589 STATEMENTS OF ACTIVITIES Years ended June 30, 2015 and 2014 2015 2014 SUPPORT & REVENUE: Cemetery sales $5,557,863 $4,888,216 Miscellaneous support, net 94,504 250,158 Rental & miscellaneous income 241,966 236,837 Total support & revenue 5,894,333 5,375,211 EXPENSES: Gis & grants 750,750 500,425 Cemetery operating costs 3,7 72,565 3,529,113 Support & administrative expenses 1,013,044 1,331,420 Total expenses 5,536,359 5,360,958 Income from operations before investment return 357,974 14,253 Investment income, net 284,739 1,397,834 Increase in net assets $642,713 $1,412,087 MOUNT OLIVET CEMETERY ASSOCIATION During fiscal 2015 and 2014, Mount Olivet provided burial services to 1,703 and 1,399 families, respectively. Included in the funeral services data are services to the county Social Services offices for 234 cases in 2015 and 182 cases in 2014. Accordingly, Mount Olivet contributed more than $685,000 in care services to the poor and their families in fiscal 2015. In addition, pre-need burial contracts for future services, totaling 516 and 533, were contracted for in 2015 and 2014, respectively. The income of $357,974 from operations in 2015 reflects an improvement of nearly $350,000 from the comparable amount in fiscal 2014. This improvement is primarily aributable to an increase in cemetery sales. Overall, the decrease in investment income due to the performance of the financial markets throughout fiscal 2015 was the primary reason for the overall decrease in net assets in fiscal 2015 compared to 2014. Mount Olivet's board continued its long-standing tradition of funding other ministry programs in the archdiocese when it approved respective grants of $383,000 and $217,000 ($600,000 in total) to St. John Vianney and Redemptoris Mater seminaries in fiscal 2015, and respective grants of $283,000 and $217,000 ($500,000 in total) in fiscal 2014. Archbishop Samuel Aquila kneels in prayer at Gallagher Chapel in the Mount Olivet Cemetery. The cemetery was blessed as a sacred burial space for the Archdiocese of Denver in 1892. It is of significant importance to the church that proper reverence be afforded to the body in life, and also aer death.