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17 FINANCIAL REPORT 2015 ARCHDIOCESE OF DENVER ARCHDIOCESE OF DENVER MANAGEMENT CORPORATION During fiscal 2015, the management corporation incurred a decrease in net assets of approximately $445,000, or a $324,000 decline from the comparable amount in fiscal 2014. This decrease in net assets was aributable to a number of open positions in the archdiocese which were not filled for portions of fiscal 2015. The decrease in administrative expenses was also a result of these empty positions. Significant services provided by the management corporation during fiscal 2015 included the following: The Office of Parish Finance finalized the implementation of a new accounting program for all parishes in northern Colorado. Construction management services for parishes and related ecclesiastical entities involved the oversight of 39 new projects with an estimated value of $5.3 million in fiscal 2015. In fiscal 2015, 50 construction projects were completed throughout northern Colorado with a value of approximately $15.8 million. The Office of Legal Services, in conjunction with various other offices, assisted Human Resources with health care reform compliance, redrafted the archdiocesan Code of Conduct, and assisted in the establishment of the legal form of The Catholic Foundation Alliance. Real estate services for the archdiocese, parishes and related ecclesiastical entities in fiscal 2015 included the purchase of five new properties, valued at $4.4 million, the sale of two real estate parcels valued at $250,000, and 66 leasing transactions valued at $2.8 million. The Internal Audit department visited 62 parishes and issued 56 reports in fiscal 2015. STATEMENTS OF FINANCIAL POSITION As of June 30, 2015 and 2014 2015 2014 ASSETS: Cash & cash equivalents $- $- Prepaid expenses & other assets 117,137 127,709 Accounts & other receivables, net 51,303 13,97 7 Due from other related entities & parishes 95,741 27 7,565 Property & equipment, net 393,012 588,234 Total assets $657,193 $1,007,485 LIABILITIES: Accounts payable & accrued expenses $821,710 $729,709 Due to other related entities 28,686 26,171 Total liabilities 850,396 755,880 Net (deficit) assets (193,203) 251,605 Total liabilities & net assets $657,193 $1,007,485 STATEMENTS OF ACTIVITIES Years ended June 30, 2015 and 2014 2015 2014 SUPPORT & REVENUE: Management & service fees $6,815,517 $6,376,213 Other income (3,314) 36,295 Total support & revenue 6,812,203 6,412,508 EXPENSES: Support & administrative expenses 7,257,011 6,532,978 Total expenses 7,257,011 6,532,978 Decrease in net assets ($444,808) ($120,470) The Archdiocese of Denver Director of Human Resources, Deacon Clarence G. McDavid, visits with a co-worker in the breakroom of the St. John Paul II Center for the New Evangelization.