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21 FINANCIAL REPORT 2015 ARCHDIOCESE OF DENVER STATEMENTS OF FINANCIAL POSITION As of June 30, 2015 and 2014 2015 2014 ASSETS: Cash & short term investments $2,448,660 4,498,731 Accounts receivable - other 106,381 149,216 Investments 8,602,229 8,101,052 Notes receivable 373,333 Due from parishes & other related entities, net 386,306 239,302 Total assets $11,916,909 $12,988,301 LIABILITIES: Accounts payable $167,338 $154,222 Deferred revenue - 186,667 Claims payable 2,874,000 2,258,000 Total liabilities 3,041,338 2,598,889 NET ASSETS: Unrestricted 8,875,571 10,389,412 Total liabilities & net assets $11,916,909 $12,988,301 The Welfare Benefits Trust is partially self-insured and bears the financial losses on insurance claims up to certain limitations of acceptable risk. Traditional indemnity insurance products cover losses exceeding the fund's risk limitations. The Health Care Advisory Commiee of the trust, comprised of parish representatives and staff from both the Denver and Colorado Springs dioceses, continually evaluates the financial performance of the Welfare Benefits Trust and is sensitive to the impact of rising medical rates on the various participating employers and their employees. For fiscal 2014, there was no increase in our medical and prescription premiums to the participating employers and their employees. Unfortunately, the Welfare Benefits Trust experienced unfavorable claims leading to a decrease in net assets of $1.6 million in this fiscal year. In its evaluation of the renewal for the fiscal 2015 plan year, the commiee focused on the goals for the trust of operating under a balanced budget to prudently manage the level of cash and investment reserves of the trust and to preserve current employee benefit levels as much as possible, but still be responsive and alert to upcoming changes required by the Patient Protection and Affordable Care Act (PPACA) signed into law on March 23, 2010. Accordingly it was determined that a medical premium increase of 7 percent across all plans (medical, pharmacy, dental, vision and life insurance) was both prudent and appropriate for the fiscal year that commenced on July 1, 2014. Even with this increase in premiums, the Welfare Benefits Trust still suffered a decrease in net assets of $1.5 million. This resulted in the commiee once again having to raise the medical premium by 7 percent across all plans for fiscal 2016. ARCHDIOCESE OF DENVER WELFARE BENEFITS TRUST Nurse Paula, of Light- house Wom- en's Clinic, meets with a young mother. Photo by Nicole Dawn Pho- tography STATEMENTS OF ACTIVITIES Years ended June 30, 2015 and 2014 2015 2014 REVENUE: Self insurance premiums & insurance $23,920,916 $19,957,464 Investment & other income 669,916 146,065 Total revenue 24,590,832 20,103,529 EXPENSES: Self insurance claims, premiums, costs 25,682,090 21,434,207 Support & administrative expenses 422,583 280,039 Total expenses 26,104,673 21,714,246 Decrease in net assets ($1,513,841) ($1,610,717)