CFO offers clarification - Catholic Courier

CFO offers clarification

To the editor:

In the Courier’s January monthly edition, a headline about the Diocese of Rochester’s 2004-05 financial results was misleading. While the Diocese faces fiscal pressures and challenges that many organizations share, the majority of the reduction in net assets seen in this past fiscal year is attributable to timing caused by the required accounting treatment of the Partners in Faith campaign, not by some dire fiscal circumstance.

Simply put, net assets increased when Partners in Faith pledges were made, and are reduced when pledges are paid and the cash is used to fulfill Partners in Faith objectives in parishes and in the Diocese. For example, total net assets increased $17.4 million a year ago largely because of pledges to the campaign. The pattern of declining net assets associated with the payment of Partners in Faith pledges will continue to affect the Diocese’s financial statements in future years as pledges are paid. This decline in net assets will not signal negative financial news; rather, the decline in net assets associated with Partners in Faith will mean that pledges have been paid and the goals identified by the Diocese and the parishes have been accomplished.

I’d like to take this opportunity to thank each and every donor to the Partners in Faith campaign. Your generous gifts have enabled wonderful things to happen throughout the Diocese. To those who still have balances to pay on their pledges, please remember that your parish is counting on you.

James Rinefierd

Chief Financial Officer

Diocese of Rochester

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