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The Message
Evansville, Indiana
January 31, 1997     The Message
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January 31, 1997

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The Message -- for Catholics of Southwestern Indiana X I i ual Audit 1: Revenue, Gains, and Other Support [ Catholic Parishes Campaign Bequests and Donations iiiii ,ii I Expenses i-: :i ii:ili iii:;; ; .... Communications -] Investment Income Other Administrative offices -] Clergy Salaries and Benefits Lay Pension Plan  Subsidies -- Capital Improvments Interest Expense ly PAUL It. LEINGANG Message editor expenses for the administra- Diocese of Evansville, dur- which ended August 31. on provided by Robert Cox, expenses totaled $4,124,156. gains and other support was ',641 more than the expenses. and Programs of the Diocese of Evansville YSar Ended August 31, 1996 and Other Support n $2,730,822 70,416 216,237 1,327,346 215,346 $4,560,325 !Offices Benefits $2,402,589 188,104 577,251 446,085 78,456 432,156 $4,124,641 Unt of revenue was derived from am al ' P "gn, $2,730,822, which for the year. added up to $1,327,346, or Lions was largely the =Ption income earned by the "Other" income included fees for services pro- vided by various offices. On the expense side of the audit, $2,402,589 was reported by diocesan offices admininistering pro- grams at various locations, including the Catholic Center, Catholic Charities and Catholic campus ministry. That amount was 58 percent of the total. Expenses associated with the Lay Pension Plan were $577,251 -- an item many people do not understand, according to the diocesan treasurer. The lay pension plan listed in the budget and in the accounting reports includes eligible partici- pants in the parishes and schools of the diocese, as well as "diocesan" employees. The lay pension plan is administered through diocesan offices, but its benefits apply to approxi- mately 1,000 parish, school and diocesan employ- ees. The audit, performed by George S. Olive and Company, shows that during the fiscal year, the total increase in net assets was $1,510,536. How- ever, almost two-thirds of that amount is the result of accounting statements due to new accounting guidelines. An additional amount of $99,973 came from insurance fees collected over and above claims paid -- money which has been set aside for a future year when insurance claims may exceed fees. Cox pointed out that the insurance fees and claims are for covered employees of parishes, schools and diocesan offices. As in the case of the lay pension plan, lay employee insurance is admin- istered through diocesan offices, but church employees throughout the diocese participate in its benefits. Cox also pointed out the relative "immensity" of the insurance activity, in both premiums collected and claims paid. Premiums collected totaled $3.1 million -- or some $300,000 more than was col- lected in last year's Catholic Parishes campaign. And the amount paid out in insurance claims was more than $3 million -- or $600,000 more than the annual operating expense of all the "Catholic Cen- ter" offices. Administration and Programs of the Catholic Diocese of Evansville Year Ended August 31, 1996 Income from Operations $435,684 Insurance Fund Property and Liability Insurance Premium $710,410 Clergy Medical Premium 451,580 Lay Medical Premium 1,961,884 Total Premium Income $3,123,874 Property and Uability Insurance Claims 825, t83 Clergy Medical Claims 351,285 Lay Medical Claims t ,847,433 ...... Total Insurance Claims 3,023,901 Income from the Insurance Fund 99,973 Current Period Accounting Restatement" 136,391 Cumulative effect of accounting restatement* $807,100 Change in Unrealized Loss on Marketable Equity Securities 31,388 Total .Increase in Net .assets per the Audit Report 1,510,536 * The changes in accounting classification are required by Statement of Financial Accounting Stan- dards SFAS} No. 116, which "requires the recogni- tion of promises to give to be recognized as revenues in the period such promises are received," according to the report from George S. Olive. Administration and Programsof the Catholic Diocese of Evansville Combined Statement of Financial Position Assets Receivables Loans -- parishes and institutions $2,614,051 Accrued intete= 183,273 Catholic Parishes Campaign 1,063,203 Services 61,836 Other Diocesan Entities 129,194 Other 326,720 Marketable equity securities Investments Pre expens Permanent investments with Catholic Foundation of Southwestern Indiana 4,378,277 3,011,122 12,112,006 475,558 222,000 Total assets $20,852,988 Liabilities Accounts payable 81,990 Other accrued expenses 278,457 Unearned serwce revenue -- Catholic Parishes Campan 2,925,750 Accrued interest 46,531 Oher Total liabilities $14,259,980 Net Assets Unrestricted Undesignated 3,! t9,19t : : i,,013 Net unrealized toss on marketable equity secunts (3.841 - 4.883.363 Temporarily restricted 400,4 t 7 1.3o9228 Total net assets 6,593,008