Denver Catholic

B6 I 2014 FINANCIAL REPORT DECEMBER 3, 2014 I DENVER CATHOLIC REGISTER Statements of Financial Position As of June 30, Assets: Cash & cash equivalents Accounts receivable, net of allowances Inventories & prepaid assets Investments Property & equipment, net Total assets Liabilities & net assets: Accounts payable Note payable to Mt. Olivet Pre need trust Total liabilities Net assets: Unrestricted Temporarily restricted Total net assets Total liabilities & net assets 2013 $ 757 64,475 824,039 104,166 4,016,498 $ 5,009,935 $ 22,120 1,259,077 110,585 1,391,782 3,614,048 4,105 3,618,153 $ 5,009,935 2014 $ 12,726 110,602 810,124 133,020 3,942,165 $ 5,008,637 $ 19,802 1,299,438 156,674 1,475,914 3,527,618 5,105 3,532,723 $ 5,008,637 Statements of Activities YEARS ENDED JUNE 30, 2014 AND 2013 Support & revenue: Cemetery sales Grants & contributions Investment loss, net Other income Total support & revenue Expenses: Cemetery operating costs Support & administrative expenses Total expenses Decrease in net assets 2013 $ 394,113 20,889 (208) 4,650 419,444 459,607 176,584 636,191 $ (216,747) 2014 $ 620,629 1,000 (197) 79 621,511 543,293 163,648 706,941 $ (85,430) MOUNT OLIVET CEMETERY ASSOCIATION Mount Olivet Cemetery Association (Mount Oliv- et) is a Colorado nonprofit corporation and is located in Wheat Ridge. It was consecrated in 1891. By bury- ing the dead and comforting the bereaved, the staff of Mount Olivet teaches the faithful to look beyond earth- ly existence and thereby deepen faith in eternal salva- tion and life everlasting in the Lord. During fiscal 2014 and 2013, Mount Olivet provided burial services to 1,399 and 1,510 families, respectively. Included in the funeral services data are services to the county Social Services offices for 182 cases in 2014 and 267 cases in 2013. Accordingly, Mount Olivet contrib- uted more than $539,800 in care services to the poor and their families in fiscal 2014. In addition, preneed burial contracts for future services, totaling 533 and 405, were contracted for in 2014 and 2013 respectively. The income from operations of $14,252 in 2014 reflects an improvement of $146,473 from the com- parable amount in fiscal 2013. This improvement is primarily attributable to the non-recurrence of uncol- lectable debt expense charges of $226,000 recorded in fiscal 2013 due to concerns about the collection risk on various customer accounts receivable. Overall, the in- crease in investment income due to the performance of the financial markets throughout fiscal 2014 was the primary reason for the overall increase in net assets during fiscal 2014. Mount Olivet's board continued its long-standing tradition of funding other ministry programs in the archdiocese when it approved respective grants of $283,000 and $217,000 ($500,000 in total) to St. John Vianney and Redemptoris Mater seminaries in fiscal 2014 and respective grants of $203,000 and $297,000 ($500,000 in total) in fiscal 2013. Statements of Financial Position As of June 30, Assets: Cash & cash equivalents Inventories Accounts receivable, net Note receivable from St. Simeon Restricted investments Property & equipment, net Total assets Liabilities & net assets: Accounts payable & accrued expenses Pre need trust Total liabilities Net assets: Unrestricted Total liabilities & net assets 2013 $ 3,820,066 2,544,961 2,375,637 1,259,077 9,821,351 2,948,101 $ 22,769,193 $ 258,080 5,792,189 6,050,269 16,718,924 $ 22,769,193 2014 $ 4,172,265 2,423,577 2,198,188 1,299,438 11,501,404 3,011,717 $ 24,606,589 $ 318,962 6,156,616 6,475,578 18,131,011 $ 24,606,589 Statements of Activities YEARS ENDED JUNE 30, 2014 AND 2013 Support & revenue: Cemetery sales Miscellaneous support, net Rental & miscellaneous income Total support & revenue Expenses: Gifts & grants Cemetery operating costs Support & administrative expenses Total expenses Income (loss) from operations before investment return Investment income, net Increase in net assets 2013 $ 4,377,182 139,881 204,695 4,721,758 500,000 3,413,974 940,005 4,853,979 (132,221) 957,551 $ 825,330 2014 $ 4,888,216 250,158 236,837 5,375,211 500,425 3,529,113 1,331,420 5,360,958 14,253 1,397,834 $ 1,412,087 ST. SIMEON CEMETERY ASSOCIATION St. Simeon Cemetery (St. Simeon), located in Aurora, is a Colorado nonprofit corporation that was established in 2000. St. Simeon provided burial services to 106 families in fiscal 2014 as compared to 88 in fiscal 2013. Of these burial ser- vices, Social Service cases totaled 71 and 53 in fiscal 2014 and fiscal 2013 respectively. In essence, St. Simeon contributed more than $264,900 in care services to the poor and their fam- ilies in 2014. In addition, sales of preneed burial contracts, for future services, totaling 63 and 16 were contracted for in 2014 and 2013, respectively. The board of directors of St. Simeon and management have anticipated that the financial results of St. Simeon will generate operating losses until St. Simeon's advertising and referral efforts increase interest in the cemetery. The 2014 operating loss of approximately $85,000 reflects an improve- ment of $132,000 from the comparable amount in 2013. This improvement is attributable to a significant increase in sales activity and ongoing cost containment efforts during 2014. CEMETERIES PERPETUAL CARE TRUST The Perpetual Care Trust (the trust) funds are ded- icated in perpetuity for the ongoing maintenance of the beautiful pastoral setting that characterizes both Mount Olivet and St. Simeon cemeteries. The ceme- teries may set aside a pre-determined percentage of the gross sales price of each grave and crypt sold and invest such funds in a trust. During the years ended June 30, 2014, and 2013, the cemeteries did not con- tribute to the Perpetual Care Trust based on manage- ment's analysis of the adequacy of such funding. Effective Jan. 1, 2014, with the approval of the cur - rent trustees and the board of directors of the Arch- diocese of Denver Management Corporation (the Management Corporation), the trust agreement was amended. While there was no alteration to the pur- pose of the trust, the trust agreement now specifically requires that an annual perpetual care study be con- ducted by an independent actuary to ensure that the trust is adequately funded. The trust is adequately funded as of June 30, 2014. In accordance with the purpose of the trust as amended, the trust funded various renovation costs of $250,000 at Mount Olivet Cemetery in 2014 as compared to $161,000 in fiscal 2013. Statements of Financial Position As of June 30, Assets: Cash & cash equivalents Prepaid expenses Note receivable Restricted investments Total assets Liabilities & net assets: Accounts payable Net assets: Unrestricted Total liabilities & net assets 2013 $ 51,664 1,914 13,300,291 $ 13,353,869 $ 21,423 13,332,446 $ 13,353,869 2014 $ 50,000 1,480 14,855,831 $ 14,907,311 $ 9,362 14,897,949 $ 14,907,311 Statements of Activities YEARS ENDED JUNE 30, 2014 AND 2013 Support & revenue: Investment income, net Total Support & revenue Expenses: Gifts & grants Support & administrative expenses Total expenses Increase in net assets 2013 $ 1,271,798 1,271,798 160,660 33,164 193,824 $ 1,077,974 2014 $ 1,860,511 1,860,511 250,000 45,008 295,008 $ 1,565,503 SPECIAL COLLECTIONS Contributions to special collections provide funds for Catholic Relief Services, the Holy Land, Peter's Pence, Catholic University of America, Catholic Com- munications Campaign, Church in Latin America, Church in Central and Eastern Europe, Propagation of the Faith, Catholic Campaign for Human Devel- opment and Religious Retirement and many other worthwhile organizations. Such contributions are not reflected in the State- ments of Activities for the archdiocese as, when these funds are collected, they are held in trust for the ulti- mate benefactor and distributed to such entities. The archdiocese does withhold a modest administrative fee from these special collections before remitting such funds to the respective entity or agency within the Church. Such fees cover banking fees and other processing costs and were approximately 5 percent of total special collections. Amounts collected for special collections YEARS ENDED JUNE 30, 2014 AND 2013 Special collections, net of fees: International / national combined collections Catholic Campaign for Human Development Religious Retirement collections Combined mission collections Total 2013 $ 1,071,183 27,040 170,207 413,084 $ 1,681,514 2014 $ 1,080,000 21,655 135,990 543,609 $ 1,781,254 ARCHDIOCESE The Archdiocese (the management poration, accounting, other management es in northern pursuant During curred a or a $90,000 fiscal 2013. crease in lated entities. due to modest an increase ogy initiatives. ment corporation The Office mentation northern the assistance the office er training sessions Construction lated ecclesiastical projects

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