Denver Catholic

2014 FINANCIAL REPORT I B3 DENVER CATHOLIC REGISTER I DECEMBER 3, 2014 fiscal 2013 2013 2013 7,291,225 6,347,449 8,574,274 165,967 22,378,915 731,559 2,190,776 615,504 3,537,839 25,916,754 2,640,408 2,653,666 1,054,728 2,258,067 2,111,629 2,580,270 2,704,499 70,009 16,073,326 1,823,684 867,823 18,764,833 7,151,921 1,526,900 8,678,871 the arch- the AFC is fine-tuning the issues con- chairperson is updates on council. primary advi- provided by Fund Trust Committee, Committee, the Pension Plan stewardship Family of Nazareth is a Colorado nonprofit corpora- tion established in 1998. The Family of Nazareth primari- ly assists the Redemptoris Mater Seminary and supports the work of the new evangelization and all persons con- nected with the mission of the Neocatechumenal Way of the Roman Catholic Church. Since 1998, the Family of Nazareth has procured real and personal properties as deemed necessary to carry out the missionary work of the new evangelization. Family of Nazareth's net assets decreased by $109,333 in 2014 as compared to a decrease of $205,764 in fiscal 2013. During 2013, Family of Nazareth realized an $83,000 loss from the sale of property it owned near Bailey. Both program revenue and expenses increased in fis- cal 2014 as a result of travel and other costs associated with more than 128 pilgrims attending World Youth Day in Rio de Janeiro, Brazil. Other program expenses and grant expenditures reflect the ongoing support of the new evangelization in Denver, the United States and worldwide. EDUCATION AND FORMATION Redemptoris Mater House of Formation (Redemp- toris Mater), a Colorado nonprofit corporation, was established in 1996 by the archdiocese as an archdi- ocesan missionary seminary. Redemptoris Mater pre- pares men for the priesthood who come from all over the world ready to serve the Catholic Church, according to the direction of Presbyterorum Ordinis No. 10. The priests being formed in Redemptoris Mater are priests for the archdiocese and accordingly, the archbishop de- cides their assignments. Given the universal mission- ary purpose of the Catholic Church, candidates from all over the world help to create an open environment without discrimination of language, culture or race. Presently, there are 34 men studying at Redemptoris Mater. In fiscal 2014, Redemptoris Mater ordained one man to the priesthood and one man as a transitional deacon. Both men now serve within the archdiocese. Since 1996, 22 Redemptoris Mater seminarians have been ordained as priests of the archdiocese. Similar to St. John Vianney Seminary, the operations of Re- demptoris Mater are supported by contributions from the public, including a share of the proceeds from the annual parish seminary appeal, grants from the archdiocese through the generosity of donors to the Archbishop's Catholic Appeal, Mount Olivet Cemetery, the Archdiocese of Denver Mortuary and grants from various restricted endowments owned by The Catholic Foundation, including the New Harvest campaign. Statements of Financial Position As of June 30, Assets: Cash & cash equivalents Other assets Due from others Property & equipment, net Total assets Liabilities & net assets: Accounts payable & accruals Net assets: Unrestricted Temporarily restricted Total net assets Total liabilities & net assets 2013 $ 27,661 36,434 - 36,585 $ 100,680 $ 9,396 35,727 55,557 91,284 $ 100,680 2014 $ 10,942 12,486 36, 876 56,749 $ 117,035 $ 6,731 84,613 25,691 110,304 $ 117,035 Statements of Activities YEARS ENDED JUNE 30, 2014 AND 2013 Support & revenue: Grants & contributions Fundraising & other Total revenue & support Expenses: Program expenses Support & administrative expenses Total expenses Increase in net assets 2013 $ 1,401,668 259,960 1,661,628 1,388,761 263,867 1,652,628 $ 9,000 2014 $ 1,428,893 219,949 1,648,842 1,358,668 271,154 1,629,822 $ 19,020 REDEMPTORIS MATER HOUSE OF FORMATION Statements of Financial Position As of June 30, Assets: Cash & cash equivalents Prepaid expenses and other Note receivable from property sale Property & equipment, net Total assets Liabilities Accounts payable & accruals Deferred revenue Total liabilities Net assets: Unrestricted Temporarily restricted Total net assets Total liabilities & net assets 2013 $ 536,502 421,021 120,320 132,043 $ 1,209,886 $ 8,119 387,713 395,832 607,944 206,110 814,054 $ 1,209,886 2014 $ 566,577 6,100 - 132,044 $ 704,721 $ - - - 498,611 206,110 704,721 $ 704,721 Statements of Activities YEARS ENDED JUNE 30, 2014 AND 2013 Support & revenue: Grants & contributions Revenue: Program revenues Net loss from sale of property Investment & other income Total revenue Total revenue & support Expenses: Program expenses Grants expenditures Support & administrative expenses Total expenses Decrease in net assets 2013 $ 277,675 - (83,000) 3,793 (79,207) 198,468 331,512 30,144 42,576 404,232 $ (205,764) 2014 $ 201,167 397,167 - 772 397,939 599,106 663,476 35,231 9,732 708,439 $ (109,333) FAMILY OF NAZARETH INC. St. John Vianney Theological Seminary (St. John Vi- anney) is a Colorado nonprofit corporation that was established in 1999 to provide seminary formation and other programs for the education of seminar- ians, permanent deacons and members of the laity. In addition to the seminary, St. John Vianney oper- ates the Cardinal Stafford Theological Library, the St. Francis School of Theology for Deacons and the Divi- sion of Lay Formation, including the Catholic Biblical School and Catechetical School for the education of the laity. Ten men were ordained priests in fiscal 2014, five of whom will serve within the territory of the archdio- cese. Presently, there are 123 men at St. John Vianney studying for the priesthood, 68 for the Archdiocese of Denver (including those from Redemptoris Mater), 49 men from 15 other U.S. dioceses and six from re- ligious orders. In 2014, seven seminarians were or- dained as transitional deacons. The recurring operations of St. John Vianney Sem- inary for both fiscal 2014 and 2013 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 Mortu - ary, 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 es- tablished 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 increase in net assets of $7.9 million in fiscal 2014 from the prior year is due to increases in support revenue. Specifically, St. John Vianney re- ceived grants from the New Harvest capital endow- ment fund of approximately $7.9 million in 2014 to fund the renovation costs to the various buildings utilized by the seminary on the campus of the St. John Paul II Center for the New Evangelization. While significant planning and coordination efforts oc- curred throughout fiscal 2013, the construction and renovations to the various buildings, which will total nearly $10 million when completed in fiscal 2015, did not begin until September of 2013 (fiscal 2014). Once again, these capital expenditures are being funded from the New Harvest capital endowment owned by the foundation. Statements of Financial Position As of June 30, Assets: Cash & cash equivalents Prepaid expenses & other assets Contribution & accounts receivable, net Property & equipment, net Total assets Liabilities & net assets: Accounts payable & accruals Funds held in trust for others Deferred tuition income Total liabilities Net assets: Unrestricted Temporarily restricted Permanently restricted Total net assets Total liabilities & net assets 2013 $ 954,330 235,521 10,975 1,236,350 $ 2,437,176 $ 623,389 16,666 82,002 722,057 1,497,670 192,449 25,000 1,715,119 $ 2,437,176 2014 $ 3,267,230 164,766 45,517 8,903,510 $ 12,381,023 $ 2,677,181 26,900 84,357 2,788,438 9,021,169 546,416 25,000 9,592,585 $ 12,381,023 Statements of Activities YEARS ENDED JUNE 30, 2014 AND 2013 Support & revenue: Support: Grants & contributions Revenue: Program & service Fundraising & special events Tuition income Investment & other income, net Total revenue Total revenue & support Expenses: Religious education & schools Religious & ordained ministries Support & administrative expenses Development & fundraising Total expenses Increase in net assets 2013 $ 3,084,253 99,120 674,137 2,376,546 4,356 3,154,159 6,238,412 1,116,357 4,452,055 16,072 252,871 5,837,355 $ 401,057 2014 $ 11,268,138 97,242 462,585 2,317,276 4,683 2,881,786 $ 14,149,924 5,711,646 311,655 23,525 225,632 6,272,458 $ 7,877,466 ST. JOHN VIANNEY THEOLOGICAL SEMINARY

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