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Archdiocese of New York Releases Financial Report

November 18, 2010

Letter from His Eminence, Cardinal Edward Egan to Most Reverend Timothy M. Dolan regarding archdiocesan financial report  

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FOR IMMEDIATE RELEASE: November 18, 2010
ARCHDIOCESE OF NEW YORK RELEASES FINANCIAL REPORT
 
The Archdiocese of New York today released a financial report on the services provided by the Archdiocese for the fiscal year ending August 31, 2009. 
Archdiocesan services represents a combination of 15 entities providing health and social services; pastoral and educational programs; and financial, administrative, and program support to parishes, schools, and other organizations of the Archdiocese.
The financial report, presented to and approved by the Archdiocese’s Finance Council, shows that the stewardship provided by the faithful has been well spent towards a variety of ends: feeding the hungry, sheltering the homeless, providing counseling and monetary assistance whenever possible, education, and many other services and ministries of the Archdiocese of New York.
The financial report illustrates that the Archdiocese continued to provide services to those in need despite the pressures of a weak economy incurring a total net asset decline of $19 million or 8.5% in fiscal year 2009 compared to a decline of $25.6 million in FY 2008. The Archdiocese incurred an operating loss of $21 million in FY 2009, compared to a $16.5 million operating loss in FY 2008.
As a result of ongoing expense control, the Archdiocese was able to reduce costs in fiscal year 2009 by approximately $23 million (exclusive of grants and subsidies to parishes and schools) which enabled it to increase the level of support to programs. The weakened economy, however, created even greater needs at archdiocesan schools and parishes, and, as a result archdiocesan grants totaled nearly $40 million, an increase of $5 million compared to FY 2008.
For enhanced transparency, the condensed financial services reports for fiscal year 2009 are delineated into greater detail for six essential operating areas within the Archdiocese. 
“Like every household in the nation, the Archdiocese has likewise been hurt by the recession,” said the Most Reverend Timothy M. Dolan, Archbishop of New York. “While our donors-thank the Lord-remain steadfast, actual revenues have declined somewhat as a reflection of the poor economy. At the same time, the need for our compassionate services rose. The figures in this report are a testimony to the generosity of Catholic New Yorkers as well as to the prudent stewardship of the dedicated archdiocesan employees who work on their behalf.”
It is the intent of the Archdiocese that future financial reports will be published annually in the spring by Catholic New York.
The Archdiocese of New York includes 370 parishes, 274 schools, and 90 Catholic Charities related institutions spread across Manhattan, the Bronx, Staten Island, and the counties of Westchester, Putnam, Rockland, Orange, Sullivan, Ulster, and Dutchess. 
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Letter from His Eminence, Cardinal Edward Egan to Most Reverend Timothy M. Dolan regarding archdiocesan financial report  

 

November 18, 2010
Feast of the Dedication of the
Basilicas of Saint Peter and Paul in Rome

Dear Archbishop Dolan,

First and foremost, I wish to express my warm congratulations on the splendid financial report that was published in the current edition of Catholic New York.  Also, I would ask you to accept my heartfelt gratitude for your very kind words about the administration of the Archdiocese during the years in which I had the privilege of serving here as Archbishop.  In addition, I thank you most sincerely for noting in your letter introducing the report that the Archdiocese has been able over the past many years to stretch its resources “effectively and efficiently” for the benefit of our parishes, schools, healthcare institutions, and charitable undertakings.

As the report accurately reflects, 2008 was a year filled with economic challenges not only for the Archdiocese but also for the entire nation.  Happily, more than half of the $25 million “decrease in net assets” for that fiscal year has been restored thanks to the wise advice from our distinguished Finance Council and skilled Chief Finance Officer that we not exit the market at its lowest point.  The other half was, of course, due to the unbudgeted costs of the pastoral visit of our Holy Father, Pope Benedict XVI, the spiritual benefits of which outstripped any and all expenses.

Finally, I take this occasion to express my genuine admiration for what you and those working with you are achieving in containing expenditures while at the same time continuing needed support for our most essential pastoral services.

Begging the Lord to inspire the People of God to continue to sustain the works of our beloved Archdiocese during the years of your pastoral leadership as they so generously did during mine, may I remain

Fraternally in Christ,
 
Edward Cardinal Egan
Archbishop-Emeritus of the
Archdiocese of New York
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

Letter from His Eminence Cardinal Edward Egan to Most Reverend Timothy M. Dolan regarding archdiocesan financial report