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FINANCIAL REPORT 2015 ARCHDIOCESE OF DENVER ST. JOHN VIANNEY THEOLOGICAL SEMINARY Seven men were ordained priests in fiscal 2015, four of whom will serve within the territory of the archdiocese. Presently, there are 131 men at St. John Vianney (SJV) studying for the priesthood, 57 for the Archdiocese of Denver (including those from Redemptoris Mater), men from 11 other U.S. dioceses and eight from religious orders. In the Spring of 2016, 6 men are scheduled to be ordained priests. The recurring operations of St. John Vianney Seminary for both fiscal 2015 and 2014 were supported by contributions from the public, including a share of proceeds from the annual parish seminary appeal, grants from the archdiocese made possible through the annual Archbishop's Catholic Appeal, Mount Olivet Cemetery, the Archdiocese of Denver Mortuary, and from various restricted endowments owned by The Catholic Foundation, including distributions from the New Harvest Campaign. In conjunction with the New Harvest Campaign, the Foundation established and owns the New Harvest Campaign's two endowments, one for capital renovation projects and one for an operating endowment for providing long-term sustainability to the seminaries. Accordingly, the endowments and their related activity (pledges, cash payments and related contributions revenues) are not recorded in the financial statements of either St. John Vianney or Redemptoris Mater seminaries. Instead, grant distributions from the endowments are recorded as grants and contributions when received. The significant decline in changes in net assets of $6.6 million in fiscal 2015 from the prior year is due to decreases in support revenue. Specifically, St. John Vianney received grants from the New Harvest capital endowment fund of approximately $7.9 million in 2014 to fund the renovation costs for the various buildings utilized by the seminary on the campus of the St. John Paul II Center for the New Evangelization. The construction and renovation of the various buildings, which will total nearly $10 million when completed in fiscal 2015, did not begin until September 2013 (fiscal 2014). Once again, these capital expenditures are being funded from the New Harvest capital endowment owned by the foundation. 08 STATEMENTS OF FINANCIAL POSITION As of June 30, 2015 and 2014 2015 2014 ASSETS: Cash & cash equivalents $614,797 $3,267,230 Prepaid expenses & other assets 106,078 164,766 Contribution & accounts receivable, net 278,094 45,517 Property & equipment, net 10,209,048 8,903,510 Total assets $11,208,017 $12,381,023 LIABILITIES: Accounts payable & accruals $198,262 $2,67 7,181 Funds held in trust for others 18,332 26,900 Due to other organizations 28,000 - Deferred tuition income 67,020 84,357 Total liabilities 311,614 2,788,438 NET ASSETS: Unrestricted 10,701,688 9,021,169 Temporarily restricted 169,715 546,416 Permanently restricted 25,000 25,000 Total net assets 10,896,403 9,592,585 Total liabilities & net assets $11,208,017 $12,381,023 STATEMENTS OF ACTIVITIES Years ended June 30, 2015 and 2014 2015 2014 SUPPORT: Grants & contributions $4,351,035 $11,268,138 REVENUE: Program & service 192,376 97,242 Fundraising & special events 57 7,929 462,585 Tuition income 2,509,451 2,317,276 Investment & other income, net 8,333 4,683 Total revenue & support $7,639,124 $14,149,924 EXPENSES: Religious education & schools 5,790,629 5,711,646 Religious & ordained ministries 249,445 311,655 Support & administrative expenses 28,363 23,525 Development & fundraising 266,869 225,632 Total expenses 6,335,306 6,272,458 Increase in net assets $1,303,818 $7,877,466 Semi- narians pray daily in the Christ the King Chapel.