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Archdiocese of Denver 2015 Financial Report

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19 FINANCIAL REPORT 2015 ARCHDIOCESE OF DENVER ARCHDIOCESE OF DENVER RISK MANAGEMENT AND PROPERTY/CASUALTY INSURANCE TRUST The Risk Management Trust is partially self-funded and bears the financial loss on claims up to certain limitations of acceptable risk. Traditional indemnity insurance policies cover losses exceeding the trust's risk limitations. Effective July 1, 2014, the Risk Management Trust modified its workman's compensation program in an effort to further reduce costs, but more importantly, to enhance safety standards for the participating entities throughout northern Colorado. During fiscal 2015, the Risk Management Trust processed 102 workman's compensation claims, valued at $587,000 and 131 property and casualty insurance claims totaling $1.2 million (excluding the Camp St. Malo claims). During fiscal 2014, 130 workman's compensation claims totaling $488,000 and 175 property and casualty claims totaling $3.4 million (excluding the Camp St. Malo claims) were processed. The Risk Management Trust increased its net assets by $519,000 during fiscal 2015, which was an increase of $129,000 as compared to fiscal 2014. Specifically, the Risk Management Trust realized an increase in premium costs and a decrease in favorable claims experienced under its property and casualty insurance program due, in part, to the rainstorms and related flooding that occurred in the fall of 2013, which continued to impact the results into 2014. STATEMENTS OF FINANCIAL POSITION As of June 30, 2015 and 2014 2015 2014 ASSETS: Cash & cash equivalents $4,788,305 $3,693,159 Prepaid expenses & other assets 22,117 25,000 Accounts receivable - 1,855 Due from parishes & other related entities, net 437,388 383,786 Investments 3,075,921 3,037,895 Property & equipment, net 142 660 Total assets $8,323,873 $7,142,355 LIABILITIES: Accounts payable & accrued expenses $41,052 $69,312 Claims payable 1,118,480 427,743 Total liabilities 1,159,532 497,055 NET ASSETS: Unrestricted 7,164,341 6,645,300 Total liabilities & net assets $8,323,873 $7,142,355 STATEMENTS OF ACTIVITIES Years ended June 30, 2015 and 2014 2015 2014 SUPPORT & REVENUE: Self insurance premiums & insurance billings $5,197,7 72 $4,903,187 Investment income 38,541 54,328 Miscellaneous, net - 2,070 Total support & revenue 5,236,313 4,959,585 EXPENSES: Self insurance claims, premiums, selements & other costs 4,183,541 4,274,386 Support & administrative expenses 533,731 295,403 Total expenses 4,717,272 4,569,789 Increase in net assets $519,041 $389,796 Archbishop Samuel J. Aquila celebrates Mass in the gymnasium at St. Mary's, Greeley. Mass was moved to the gym aer the ceiling of the church collapsed on Saturday, Aug. 15. Thankfully, no one was hurt.

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