In mid-November, the Archdiocese of Philadelphia published audited financial statements for The Office for Financial Services, its Pastoral Center entity, for the fiscal year ended June 30, 2017. Those reports illustrated a cumulative improvement of over $200 million against underfunded balance sheet obligations since June 30, 2012. The Archdiocese also projects break-even operating results for the fiscal year ending June 30, 2018.
At that time, the Archdiocese indicated it would publish similar statements for additional separate entities.
Audited financial statements for the fiscal year ended June 30, 2017 for the eleven entities listed below were published on www.CatholicPhilly.com today.
- Catholic Human Services: Catholic Community Services
- Catholic Human Services: Catholic Social Services
- Catholic Human Services: Saint Francis-Saint Joseph Homes for Children
- Catholic Human Services: Saint Gabriel’s System
- Catholic Human Services: Nutritional Development Services
- Office of Catholic Education: Administration Account
- Office of Catholic Education: High Schools
- Office of Catholic Education: Schools of Special Education
- Saint John’s Hospice
- Saint John Vianney Center
- The Philadelphia Theological Seminary of Saint Charles Borromeo
The Archdiocese of Philadelphia publicly announced an outsourced management agreement and long-term lease regarding 13 Catholic cemeteries with StoneMor, L.P. in September 2013. The audited financial statements for the following three cemeteries related entities were also published on www.CatholicPhilly.com today.
- Office of Catholic Cemeteries
- Archdiocese of Philadelphia Cemetery Permanent Lot Care Fund Irrevocable Trust (“Perpetual Care Fund”)[i]
- Philadelphia Catholic Cemeteries, LLC (“PCC”)[ii]
Additional Financial Statements for the Fiscal Year Ended June 30, 2017
The audited financial statements published today do not include results for certain divisions of the Secretariat for Catholic Human Services, the Catholic Charities Appeal or the Heritage of Faith—Vision of Hope Capital Campaign. Audited financial statements for these entities will be published in the coming weeks.
Additionally, none of the reports released by the Archdiocese include financial statements for individual parishes. All parishes are independent and autonomous entities.
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Editor’s Note: Complete copies of the audited financial statements for the Office for Financial Services for the fiscal years ended June 30, 2017 and June 30, 2016 can be found at www.CatholicPhilly.com.
[i] The Perpetual Care Fund is an irrevocable trust which has been organized to hold certain funds which will be used to address the perpetual care obligations upon conclusion of the lease agreement with StoneMor, upon which the Archdiocese will resume responsibility for ongoing and future perpetual care obligations of the cemeteries.
[ii] PCC is a “sole purpose entity” – the sole purpose being to hold title to the eight cemeteries subject to a lease agreement with StoneMor. Five other cemetery properties, which are managed by StoneMor, are not subject to the lease agreement.
Contact: Kenneth A. Gavin
Director of Communications