Issue link: http://read.uberflip.com/i/618558
20 FINANCIAL REPORT 2015 ARCHDIOCESE OF DENVER As previously reported, a significant fire occurred at the adult retreat center at St. Malo on Nov. 14, 2011 and since that date, the center has been closed. While the historic St. Catherine Chapel on the grounds of St. Malo was not impacted by the fire, the guest lodging units were damaged extensively. In September 2013, the center was impacted again from the significant rainstorms and flooding that occurred in northern Colorado. Specifically, a mudslide originating at Mount Meeker swept down the mountain and onto the center's property, causing significant damage to the natural terrain of the property. In light of significant remediation costs to the property, the ongoing uncertainty regarding the stability of Mount Meeker and the unknown impact of future water and sediment flows on the property, it has been determined that it is not prudent to rebuild a conference center or youth camp on the St. Malo property. There is a plan underway, however, to refurbish the historic St. Catherine Chapel and to convert the existing St. William's Lodge into a visitor's center. In May 2015, a 250-acre lot in Jefferson County was purchased for $2.1 million as an alternative location for the possible reconstruction of an adult retreat center and a new youth camp. Management of Camp St. Malo and the archdiocese are in the process of working through the rezoning process in Jefferson County for this property. If appropriate zoning is obtained, construction would begin in fiscal 2017 at the earliest. In 2015 and 2014, the board of directors of St. Malo granted $80,000 and $100,000, respectively, to the John Paul II Adventure Institute (JPII Institute), an independent apostolate in northern Colorado that provides outdoor education activities and camping experiences for both youth and young adults. While no long-term commitment was made to the JPII Institute, the board of directors of Camp St. Malo recognizes the need and importance of providing such experiences to the youth of northern Colorado, especially to the poor and needy. Interest earned from the fire and mudslide insurance selements was used to fund these grants. STATEMENTS OF FINANCIAL POSITION As of June 30, 2015 and 2014 2015 2014 ASSETS: Cash & cash equivalents $135,480 $158,346 Investments 8,172,945 10,492,027 Property & equipment, net 2,467,041 100,429 Total assets $10,775,466 $10,750,802 LIABILITIES: Accounts payable & accrued expenses $110,684 $15,593 NET ASSETS: Unrestricted net assets 10,664,782 10,735,209 Total liabilities & net assets $10,775,466 $10,750,802 STATEMENTS OF ACTIVITIES Years ended June 30, 2015 and 2014 2015 2014 REVENUE: Support revenues $80,000 $24,37 7 Investment income (loss) 130,133 188,794 Other income 67,323 Total revenue, net 277,456 213,171 EXPENSES: Administrative & other 267,883 847,489 Gis & grants 80,000 100,000 Total expenses 347,883 947,489 Operating loss before non- operating support & write- down of impaired assets (70,427) (734,318) In-kind grants and other contributions - 588,100 Decrease in net assets ($70,427) ($146,218) CAMP ST. MALO RELIGIOUS RETREAT AND CONFERENCE CENTER, INC. The St. Catherine of Siena Chapel, known as the Chapel on the Rock, is a landmark on Highway 7, siing in the shadow of Mount Meeker. Each year, tens of thousands of visitors stop to admire, take pictures, and pray.