The audited financial statements with footnotes and independent auditors’ report are posted here.
The Archdiocese of Saint Paul and Minneapolis (the Archdiocese) was first established as a diocese by the Holy See in 1850 (originally Minnesota and the Dakotas) and elevated to an archdiocese 38 years later. Now comprising a 12 county area, there are 187 parishes and 90 Catholic schools (including elementary and high schools) within the Archdiocese. The Archdiocese is home to roughly 825,000 Catholics, hundreds of clergy and religious men and women, and thousands of lay leaders, employees and volunteers who serve in parishes, Catholic schools, and many other ministries. The mission of the Archdiocese is to make the name of Jesus Christ known and loved by promoting and proclaiming the Gospel in word and deed through vibrant parish communities, quality Catholic education, and ready outreach to the poor and marginalized.
Nature of Organization
The financial statements include all administrative and program offices and departments of the Chancery Corporation. Parishes, Catholic schools, and other separately incorporated and operated Catholic entities within the 12-county area of the Archdiocese are not under the fiscal or operating control of the Chancery Corporation and therefore, in accordance with generally accepted accounting principles (GAAP), are not included in the Chancery Corporation’s financial statements. Certain members of the Chancery Corporation are on the board of trustees of some other Catholic entities.
Basis of Presentation
The financial statements of the Chancery Corporation have been prepared on the accrual basis of accounting and in accordance with GAAP. The Chancery Corporation reports information regarding its financial position and activities according to three classes of net assets: unrestricted net assets; temporarily restricted net assets; and permanently restricted net assets, based on the existence or absence of donor-imposed restrictions.
The financial statements of the Chancery Corporation for FY 2013 and FY 2014 were audited by independent certified public accountants who issued a disclaimer of opinion and a going concern qualification on the sole basis of the uncertainty of the financial impact due to sexual abuse litigation and our resulting inability to provide sufficient evidence to form a basis for an audit opinion on litigation matters.
The accompanying Condensed Statement of Financial Position and Condensed Statement of Activities are prepared from the audited financial statements but, in the interest of brevity, do not contain a similar level of detail and are not accompanied by complete explanatory footnotes. In order to see the full footnotes, please refer to the full report.
The Chancery Corporation acts as a conduit for special collections in the parishes designated by the United States Conference of Catholic Bishops or for local purposes. During 2014, $1,820,000 was contributed by parish communities for such collections and sent to the Chancery Corporation for remittance to the intended recipient. This amount includes $275,000 for service of debt at the Cathedral parish resulting from the building restoration.
The Chancery Corporation has in the past entered into a number of contracts with lending institutions to assist parishes and Catholic schools within the archdiocese with credit for facility additions. This includes loan guarantees that aggregate approximately $43,000,000 and $47,300,000 at June 30, 2014 and 2013, respectively.