Skip to comments.Archdiocese of Baltimore ends fiscal year in strong position
Posted on 02/21/2014 7:33:17 AM PST by Welchie25
Buoyed by increased contributions and a strengthened economy, the Archdiocese of Baltimore ended Fiscal Year 2012-2013 in a stronger position than the previous fiscal year.
According to an annual report released at the beginning of February, the archdiocese had a consolidated operating surplus of $44.3 million. In Fiscal Year 2011-2012, the archdiocese had a consolidated operating deficit of $12.6 million.
The new report shows that last fiscal year, $12 million of the surplus was gained prior to factoring in investment income, which amounted to $10.8 million. It was the second consecutive year in which the archdiocese had a surplus prior to investments.
We experienced incredible generosity from the folks who participated in the capital campaign, said William Baird, chief financial officer for the archdiocese, referring to the Embracing Our Mission Shaping Our Future capital campaign, the archdioceses first capital campaign in 16 years.
We also benefitted greatly from improvements in equity in fixed income markets that helped our portfolios, Baird said.
Baird emphasized that investment gains do not necessarily give us the opportunity to have cash to spend, but they improve or limit some of our liabilities in things such as our retirement plans.
As key interest rates began to climb, valuations on underfunded retirement plans or struggling investments improved, according to the archdiocese, reducing liabilities associated with the plans by $13.2 million.
John Matera, controller of the archdiocese, added that the operating budget is not dependent on investments.
(Excerpt) Read more at catholicreview.org ...
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