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ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral Ce11ter a11d Affiliates) COMBINED FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION Years Ended June 30,2014 and 2013 (With l11dependent Auditor's Report Thereon)

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Page 1: ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral ...owensborodiocese.org/_documents/administration/audit_reports/201… · ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral

ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral Ce11ter a11d Affiliates)

COMBINED FINANCIAL STATEMENTS AND

SUPPLEMENTARY INFORMATION

Years Ended June 30,2014 and 2013

(With l11dependent Auditor's Report Thereon)

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Independent Auditor's Report

Combined Financial Statements:

CONTENTS

Combined Statements of Financial Position

Combined Statements of Activities

Combined Statements of Cash Flows

Notes to Combined Financial Statements

Supplementary Infonnation:

Combining Statements of Financial Position and Activities - 2014

Combining Statements of Financial Position and Activities - 2013

2

3

4

5-20

21-22

23-24

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Riney Hancock CPAs · · · · · · · · · · · · · · · · · · · · · · · · · · · · PSC

INDEPENDENT A'UDITOR'S REPORT

Diocesan Finance Council Roman Catholic Diocese of Owensboro

We have audited the accompanying combined financial statements of the Roman Catholic Diocese of Owensboro (Catholic Pastoral Center and Affiliates) (Diocese) (a nonprofit organization), which comprise the combined statements of financial position as of June 30, 2014 and 2013, and the related combined statements of activities and cash llows for the years then ended, and the related notes to the combined financial statements.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these combined financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and .maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these combined financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standard<> require that we plan and perform the audit to obtain reasonable assurance about whether the combined financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the combined financial statement<>. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the combined financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and f:1ir presentation of the combined financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the combined financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the combined financial statements referred to above present fairly, in all material respects, the financial position of the Roman Catholic Diocese of Owensboro (Catholic Pastoral Center and Affiliates) as of June 30, 2014 and 2013, and the changes in their net assetc; and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Other !\latter

Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The combining statement<> of financial position and the combining statements of activities on pages 21- 24 are presented for purposes of additional analysis and are not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

Owensboro, Kentucky December 30, 2014

. . www.rincyhancock.com- info (it rincyhancock.com

2900 Veach Road, Suite 2- Owensboro. Kentucky 42303 - 270-926-4540- Fax: 270-926-1494

313 Southeast First Street- Evansville, Indiana 477 13 - 812-423-0300- Fax: 812-423-6282

A member (11 PKF Ntmh Americ:o - A11 o~·.wl(:iatimr f11 lc~:ally im/epemlcllt firms

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ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral Center and Affiliates)

COMBINED STATEMENTS OF FINANCIAL POSITION

June 30, 2014 and 2013

2014 2013 ASSETS

Cash and cash equivalents $ 2,347,952 $ 2,128,877 Cash restricted for construction 8,150 10,927 Investments 34,788,183 31,848,761 Real estate investments 461,833 521,465 Accounts receivable:

Due from parishes 317,132 227,165 Other 248,866 330,822 Grants 12,405 89,787 Lease 4,651,850 239,073

Promises to give, net 1,229,195 Loans receivable 2,477,968 3,420,890 Accrued interest receivable 8,385 22,343 Due from related party 13,908 Prepaid expenses 6,576 14,799 Inventories 85,285 113,963 Cemetery property 257,514 260,813 Property and equipment, net 6,606,086 4,733,340

Total assets $ 52,292,093 $ 45,192,220

LIABILITIES AND NET ASSETS

Accounts payable and accrued expenses $ 683,178 $ 425,927 Due to related party 37,454 Deferred revenue 203,740 178,258 Deposits payable 13,119,881 12,463,369 Collections payable 80,549 70,864 Note payable 4,660,000 250,000 Accrued retirement obligations 2,022,910 2,260,175

Total liabilities 20,770,258 15,686,047

Net assets: Unrestricted:

Undesignaled 12,292,727 11,226,284 Board designated 16,966,561 12,732,172 Legally mandated 693,515 634,388

29,952,803 24,592,844

Temporarily restricted 1,569,032 4,913,329

Total net assets 31,52 I ,835 29,506,173

Total liabilities and net assets $ 52,292,093 $ 45,192,220

<;cc 'lotcs tu < umbin~d rinond~l Statements

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ROMAN CATIIOLIC DIOCESE OF OWENSBORO (C .. bollc Pastoral Cu1u .. d .unu .. cs)

COMDII'EO STA TE.\tENTS OF ACTIVITIES

Yean Ended June 30. 201~ and 2013

---201~ 2013

Temporanly T~mpomily

Unn:slncled R.:slr..:lcd Tout UM:Sinclcd Rcslnctcd T01al Re•eau~. support aad &al .. :

Paruh assessmtn~S s 2.7~.9$7 s s 2.7~.957 s 2,S98,790 s - s 2.598,790 Contributions and bcquesu SS0,483 1.341,391 1,891,87-1 131,802 1.006.1165 1.138,467 ln•csnncnt 11:111111 4,7$2,356 4)0.~ 5,182.420 l,02S,l63 203,2~7 3.228,6SO lnlen:siiW:ome oo loans li8.SS-I 118,SS4 1Sl,873 - 153.873 Renul non"' 29,038 19,038 30,219 30,219 Income on real cs1.11e ~nvesm~tnl$ 39S,8Sb - 39S,8S6 232.S2l - 132.523 Granu 607.507 ~0.706 628.213 66-1,376 149,725 814.101 Program and sci\' tee fe.: LIICome 6,102,092 6,101,092 5,938,540 S,938,S40 Gam 1 bul oo sale: of propcny and cqut~ot (-17,090) (~7.090) 318 318 Oll..,r U><\'UIIe 94.275 9.J,l7S 48.S9S -18.S9S Netou~l5 n:lea.cd from n:suictions S, I36.4S8 (S.I3o,-IS81 1,198.376 ( 1.198,376)

Toul n:•·enuc. 5uppon and pillS 20."""·"~ (3.344.2971 17.100.189 14.021.775 161.301 ·~.184,076

Eaprases aad lossn: Salaries and "''21ld 3,186,66-1 3,186,664 3,106,400 3, 106.400 l'a)roll wcs 213,-170 - 113,470 196,9$0 . 196,950 l:mplo)ce benefits 3,447,177 . 3,447.177 3,14S.OS9 . 3,14S,OS9 011..,. ctnplo)ce anLSWICe 32.514 32,Sl~ 43,333 - 43,)ll ~tim! priests bcr~tliiS 463.321 -163.321 446,371 . -1-16 .. 371 Rent CAp<R$C 7,200 7.200 7,200 7,200 l'rofosoonal and tccluucal fees 4S9,471 4S9,471 407.283 . 407.283 Tra•d and aulo c•pc~LSe 238.245 238.24S 199,614 199,614 f>OSiaie aod pnlllllljl 168,912 168,911 179,769 - 179,769 Alh·cniSKIJ 9,SS7 9.SS7 19.S41 - 19,S~1

Insurance 101.~77 101,477 llS,776 - l3S,776 T ekphon.: and utdllk:S 223,782 . 223,782 186,474 . 186.474 Rq>aon and mallllcnance 147,33() 147,330 llS.SIS llS.81S Supplies lll.311 133.321 98,909 98,909 '-hs.:ellancous 44.336 - 44.336 34.696 . 34,696 Books. m:uenals. sub<criptions and dues 8$,010 . 85,010 78.521 . 78..$21 Assessments 68.362 68,362 61,610 61,610 Pro~an ser\'icc:s expense 3.S74.2o9 J,S74,.269 2.016,699 2,016,699 l'rofcssoonal dc~clopmenl expense 48,239 48.239 72.-*24 72,424 Oq!n:ci.lcion CApcnsc 231.108 131.108 216,5)9 . 216,.$39 Interest c1pcn.c 263,739 263,739 236,93$ 236.935 Granu. subsidies, and olhcr dim:t aid 993.241 . 993.242 923,680 92),680 Bad dcbl CAp<R$C 943.781 943.781 200,378 200.378

Toral e•pcr~SeS and loues 1S,08U27 IS.08U27 12.149,976 12.1-*9,976

hacruse (dec~ast)la aet assrts S.J$9,959 (3.344,297) l,OIS,b62 1,872,799 161.301 2,034,100

Net aaaeu, M&t•••l of )tar 24.S9l.844 4.913.329 29.S06.17l 22.720.~S 4.7Sl,0:!8 27,472.073

!"'ct a.scts, cad of JCar s 19.952.80) s 1.569.032 s .....,ll;,S21.113S s 24.592.844 s 4,91),3~9 s 29.S06.1 7l

5« Notes lo Combmal F"IIWICW SUimiCIIIS

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Sec Notes to ( \ unbinc!l Financial Statements

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ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral Center and Affiliates)

NOTES TO COMBINED FINANCIAL STATEMENTS

Years Ended June 30, 2014 and 2013

1. Organization and Summary of Significant Accounting Policies

Nature of Organization

The Roman Catholic Diocese of Owensboro (Diocese) is a not-for-profit organization, founded under the laws of the Commonwealth of Kentucky and commencing operations in 193 7. The Diocese provides support for the administration of pastoral, vocational, educational, and other services to the parishes of Western Kentucky.

Principles of Combination

The combined financial statements include the accounts of the Catholic Pastoral Center and Affiliates, which are under common control. Such entities are collectively referred to as the Diocese in the financial statements and related notes and include the Catholic Pastoral Center and the following affiliates:

Deposit and Loan Fund Charitable Trust Fund Diocesan Benefit Plan Bishop Soenneker Home Division of School and Community Nutrition Capital Campaign Owensboro Catholic Cemeteries Owensboro Catholic League Gasper River Catholic Retreat Center Gideon Productions

All significant transactions among the entities included in the combined financial statements have been eliminated. The combined financial statements do not include parishes, schools, or other entities not under the control of the Catholic Pastoral Center.

Basis of Presentation

The Diocese reports infonnation regarding its financial position and activities according to three classes of net assets: unrestricted net assets, temporarily restricted net assets, and pennanently restricted net assets. The Diocese had no pennanently restricted net assets at June 30,2014 and 2013.

5

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ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral Center and Affiliates)

NOTES TO COMBINED FINANCIAL STATEMENTS

Years Ended June 30, 2014 and 2013

l. Organization and Summary of Significant Accounting Policies, Continued

Cash and Cash Equivalents

The Diocese considers all operating cash on hand and in financial institutions with an original maturity of ninety days or less to be cash and cash equivalents, excluding cash and cash equivalents held as investments in brokerage accounts.

Investments

Investments are stated at fair value. Investment return is reflected in the statement of activities as unrestricted, temporarily restricted, or permanently restricted based upon the existence and nature of any donor or legally imposed restrictions. Investment income that is initially restricted by donor stipulation and for which the restriction will be satisfied in the same year is included in unrestricted net assets. Unrealized gains and losses are included in the change in net assets. Investment return is reported net of investment expenses.

Allowances for Uncollectible Receivables

Accounts, pledges, and loans receivable are stated at face amount, less an allowance for doubtful accounts. Management provides for probable uncollectible amounts through a provision for bad debt expense and an adjustment to a valuation allowance based on its assessment of the current status of individual accounts.

Promises to Give

Unconditional promises to give are recognized as revenues in the period received net of an allowance for uncollectible amounts. Management utilizes the allowance method of accounting for uncollectible promises to give, based on a review of existing outstanding amounts. Promises to give are recorded at net realizable value if expected to be collected within one year. Promises to give expected to be collected in more than one year are discounted to the present value of future cash flows using appropriate rates commensurate with the risks involved.

Contributions

Contributions received are recorded as unrestricted, temporarily restricted, or permanently restricted support, depending on the existence and nature of any donor restrictions. All

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ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral Center and Affiliates)

NOTES TO COMBINED FINANCIAL STATEMENTS

Years Ended June 30, 2014 and 2013

I. Organization and Summary of Significant Accounting Policies, Continued

Contributions, Continued

donor-restricted contributions are reported as increases in temporarily or permanently restricted net assets depending on the nature of the restriction. When a restriction expires (that is, when a stipulated time restriction ends or purpose restriction is accomplished), temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions. Restricted contributions whose restrictions are met in the same period received are reported as unrestricted contributions.

lnventories

Inventories, which consist of purchased and commodity food items utilized in the Division of School and Community Nutrition, are stated at the lower of cost or market determined by the first-in, first-out method.

Contributed Goods and Services

A substantial number of volunteers donate significant amounts of their time to benefit the mission and programs of the Diocese. However, the value of these services is not reflected in the tinancial statements as it does not meet the criteria for recognition.

The value of commodities (non-cash assistance) received in the Division of School and Community Nutrition and reflected as grant revenue in the statement of activities totaled $192,791 and $193.422 for the years ended June 30, 2014 and 2013, respectively.

Cemetery Property

Cemetery property consists of mausoleums, columbariums, lots, and lot development costs, stated at cost. As burial sites and vaults are sold, an allocated portion of the costs are expensed.

Property and Equipment

Property and equipment are carried at cost, or at estimated fair market value at the date acquired, if donated. Assets donated with explicit restrictions regarding their use arc reported as restricted support until such restrictions expire. Absent donor stipulations, contributions of property and equipment arc recorded as unrestricted support. Acquisitions of property and equipment in excess of $1,000 are capitaliL:ed. Depreciation expense is computed by the straight-line method over estimated useful lives of the related assets.

7

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ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral Center and Affiliates)

NOTES TO COMBINED FINANCIAL STATEMENTS

Years Ended June 30, 2014 and 2013

1. Organization and Summary of Significant Accounting Policies, Continued

Functional Expenses

2.

Expenses are charged directly to program or supporting services categories based on specific identification.

Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates.

Advertising

The Diocese expenses the costs of advertising as incurred.

Investments

Investments in securities are stated at fair value and consisted of the following at June 30:

2014 2013 Cost Fair Value Cost Fair Value

Cash and cash equivalents s 1,754,584 s 1,754,584 $ 2,699,266 $ 2,699,266 Certificates of deposit 507,000 522,315 Common stocks 7,757,982 11,802,869 7,651,465 10,088,528 Preferred stocks 32,591 16,457 Government securities 799,018 782,215 998,444 953,747 Exchange-traded funds and

closed-end funds 11 ,627,079 13,610,983 11 ,378,227 12,309,251 Mutual funds 5,395,972 5,792,701 4,668,658 4,786,361 Corporate bonds and other 918,490 982,901 454,323 472,836 Real estate securities indexes 54,164 61,930

$ 28,307,289 $ 34,788,183 $ 28,389,974 $ 31 ,848,761

!l

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ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral Center and Affiliates)

NOTES TO COMBINED FINANCIAL STATEMENTS

Years Ended June 30, 2014 and 2013

2. Investments, Continued

3.

Investments in real estate totaled $461,833 and $521,465 at June 30, 2014 and 2013, respectively, and represent donated properties which were recorded at fair value at the date of gift. Fanning, logging, oil and mineral rights income generated from certain of these properties is recorded as distributed by the agents of the properties.

The following schedule summarizes investment return and its classification for the years ended June 30:

2014

Temporarily Unrestricted Restricted Total

Interest and dividend income $ 706,229 $ 51,107 $ 757,336 Realized gains (losses) 1' 151,812 455,134 1,606,946 Unrealized gains (losses) 3,093,230 (65,902) 3,027,328 Investment fees { 198,915) (10,275) (209,190)

$ 4,752,356 $ 430,064 $ 5,182,420

2013

Temporarily Unrestricted Restricted Total

Interest and dividend income $ 755,885 $ 46,134 $ 802,019 Realized gains (losses) 480,835 17,899 498,734 Unrealized gains (losses) 1,960,204 147,962 2,108,166 Investment fees ( 171,561) (8, 708) {180,269)

$ 3,025,363 $ 203,287 $ 3,228,650

Legally Mandated Fund

Kentucky Revised Statutes mandate that cemeteries designate a certain percentage of burial site sales to a perpetual care and maintenance fund as follows:

Grave space 20% Underground and mausoleum crypts 5% Columbariums 10%

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ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral Center and Affiliates)

NOTES TO COMBINED FINANCIAL STATEMENTS

Years Ended June 30,2014 and 2013

3. Legally Mandated Fund, Continued

The balance of this fund, which is maintained in segregated accounts, totaled $693,515 and $634,388 at June 30, 2014 and 2013, respectively. It is included in investments and separately reflected in unrestricted net assets in the statement of financial position.

4. Unconditional Promises to Give

Unconditional promises to give consisted of the following as of June 30:

Receivable in one year Less allowance for uncollectible amounts

$

2014 2013

$ 1,483,778 (254,583)

$ $ 1,229,195 -----Promises to give were related to a capital campaign which was concluded during fiscal year 2014. Contribution amounts remaining in the Capital Campaign Fund at June 30, 2014, will be expended in future periods for the purposes for which the contributions were gtven.

5. Deposit and Loan Fund

A deposit and loan fund is maintained for the benefit of parishes, schools, and certain other Catholic organizations across the Diocese. Funds on deposit at June 30, 2014 and 2013, totaled $13,119,881 and $12,463,369, respectively. Depositors earned 2% on these balances during fiscal years 2014 and 2013, and may add or withdraw funds on demand.

Loans receivable in the Deposit and Loan Fund at June 30, were as follows:

2014 2013 Number of Number of

TygeofLoan Loans Balance Loans Balance

Non-interest bearing 2 $ 145,142 4 $ 208,192 4.50% 15 2,039,480 10 2,406,904 5.00% 3 317,260 4 649,410 5.50% I 120,656

20 $ 2,501,882 19 $ 3,385,162

10

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ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral Center and Affiliates)

NOTES TO COMBINED FINANCIAL STATEMENTS

Years Ended June 30,2014 and 2013

5. Deposit and Loan Fund, Continued

The loans, which are uncollateralized, generally mature five years from the date of the first payment; however, non-interest bearing notes do not have a maturity date. An allowance for loan losses was not recorded as of June 30, 2014 and 2013. In management's opinion, all known and anticipated losses have been written off.

Loans committed but not yet disbursed at June 30,2014 and 2013, totaled $1,200,000 and $577,025, respectively.

6. Property and Equipment

Property and equipment consisted ofthe following at June 30:

2014 2013 Land $ 1,068,597 $ 1,068,597 Buildings and improvements 5,988,124 5,871,632 Furnishings and equipment 806,450 733,264 Construction in progress 1,861,396 Computer and software 21,796 20,057 Vehicles 301,552 279,465 Land improvements 6,442 6,442

10,054,357 7,979,457

Accumulated depreciation (3,448,271 ) (3,246,117)

$ 6,606,086 $ 4,733,340

Depreciation expense for the years ended June 30, 2014 and 2013, totaled $231,108 and 216,539, respectively.

7. Note Payable for Project Financing

In May of 2013, the Diocese obtained financing in an amount not to exceed $8,000,000 to pay for the costs associated with the acquisition, construction, equipping and installation of John Paul II Catholic School in Morganfield Kentucky (School). The note payable bears interest at a variable rate equal to sixty-five percent (65%) ofthe sum ofthe Daily LIBOR Rate plus 150 basis points ( 1.5%) not to exceed a maximum rate of 10%. Interest is due monthly on the cumulative construction draws, the rate of which was 1.073150% and 1.100450% at June 30, 2014 and 2013, respectively. The final advance date is stated as no later than November I, 2014, or such later date as may be abJfeed upon by the lender and the Diocese. The note matures on May I, 2018, at which time all outstanding principal and interest shall be due and payable, and is renewable for an additional 3 terms at 5 years each subject to creditor and borrower agreements.

11

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ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral Center and Affiliates)

NOTES TO COMBINED FINANCIAL STATEMENTS

Years Ended June 30,2014 and 2013

7. Note Payable for Project Financing, Continued

In conjunction with the issuance of the debt, the Diocese and the School entered into a lease agreement wherein the School has agreed to pay to the Diocese lease payments in amounts equal to the principal and interest due on the debt. The lease agreement tenninates in May of 2018, at which time the School shall have the option to purchase the leased premises for $1.

A summary of transactions for this project financing is as follows:

Balance, June 30, 2012 Loan draws Construction and financing costs

Balance, June 30, 2013 Loan draws Construction and financing costs

Balance, June 30, 2014

$

$

Cash Restricted

for Construction

250,000 (239,073)

10,927 4,410,000

(4,412,777)

8,150 ___ ......__

Lease Receivable

$

239,073

239,073

4,412,777

$ 4,651,850

Note Pa~able

$ (250,000)

(250,000) ( 4,41 0,000)

$ ( 4,660,000)

Construction and financing costs disclosed above include interest expense totaling $22,777 and $252 for the years ended June 30, 2014 and 2013, respectively.

8. Line of Credit

The Diocese has an unsecured line of credit with a bank, which provides for maximum borrowings of $500,000, with variable interest based on the Wall Street Journal Prime Rate, and matures in February of 2015. The interest rate at June 30, 2014, was 4.0%. There were no outstanding borrowings at June 30, 2014 or 2013.

9. Leases

The Diocese leases a vehicle for use at the Cemetery under an operating lease which expires in February of 2016, for which lease expense totaled $2,789 and $930 for the years ended June 30, 2014 and 2013, respectively. Future minimum payments under the lease are as follows:

For the year ending June 30, 2015 2016

$2,789 1.859

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10.

ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral Center and Affiliates)

NOTES TO COMBINED FINANCIAL STATEMENTS

Y cars Ended June 30, 20 14 and 20 13

Net Assets

Unrestricted board designated assets consist of the following at June 30:

2014 Social Needs $ 23,077 $ Disaster Relief 29,450 Contingency Fund 71,347 Future Capital Expenditures Catholic Schools 49,216 Bishop's Fund 29,639 Education 260,375 Deposit and Loan Fund 2,344,876 Charitable Trust Fund 3,113,700 Diocesan Benefit Plan 5,847,710 Bishop Soenneker Home 225,125 Division of School and Community Nutrition 584,909 Catholic Cemeteries 1,052,333 Owensboro Catholic Leabrue 56,726 Gasper River Catholic Retreat Center 3,215,742 Gideon Productions 62,336

$ 16,966,561 $

Temporarily restricted net assets consist of the following at June 30:

2014 Youth/Young Adult Ministry $ 29,838 $ Social Concerns Ministry 162,429 Education Ministry 23,765 Catholic Charities 182,594 Disciples Response Fund 159,361 Social Needs 30,434 Continuing Education 20,372 Restricted Legacies Gasper River Catholic Retreat Center 42,076 Capital Campaign 918,163

$ 1,569,032 $

2013 19,857 39,450 58,317

384,942 25,507

I ,275,380 2,468,336 4,930,022

230,270 686,270

1,090,813 60,645

1,359,567 102,796

12,732,172

2013 25,604

121,907 41,369

163,290 147,829 25,842 28,904 71,347 13,611

4,273,626

4,913,329

The capital campaibrn balance of contributions has been temporarily restricted for the Gasper River Catholic Retreat Center, Catholic Schools, the Cathedral, and the Retired Priest Fund.

13

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11.

ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral Center and Affiliates)

NOTES TO COMBINED FINANCIAL STATEMENTS

Years Ended June 30, 2014 and 2013

Functional Expenses

A summary of expenses by functional classification is as follows for the years ended June 30:

2014 2013 Program services:

Office of the Bishop $ 269,666 $ 360,480 Catholic Pastoral Center 509,176 378,102 Adoption Fund 9,278 16,436 Education 1,775,716 1,350,198 Worship and Spiritual Life 214,412 251,975 Social Concerns 855,719 863,168 Depreciation 108,607 97,933 Vocation Development 805,715 Personnel 738,848 Diocesan Consultative Bodies 3,671 2,605 Grants to Other Organizations 124,992 56,442 Deposit and Loan Fund 272,754 236,935 Charitable Trust Fund 646,638 537,206 Diocesan Benefit Plan 3,570,513 3,376,306 Bishop Soenneker Home 824,518 834,666 Division of School and Community Nutrition 1,828,068 1,871,155 Capital Campaign 4,351 ,752 247,045 Owensboro Catholic Cemeteries 334,163 316,545 Owensboro Catholic League 58,571 58,976 Gasper River Catholic Retreat Center 331,541 265,476 Gideon Productions 208,237 187,161

Total program service expenses 17,103,707 12,047,658

Supporting services: Administration and general 905,359 864,918

Total expenses before eliminations 18,009,066 12,912,576

Less eliminations (2,924,539) (762,600)

Total expenses $ 15,084,527 $ 12,149,976

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ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral Center and Affiliates)

NOTES TO COMBINED FfNANCIAL STATEMENTS

Years Ended June 30, 2014 and 2013

12. Retirement Plans

The retirement plans of the Diocese consist of the following:

Retired Priests Benefit

The Diocese has a monthly retirement benefit commitment for priests who retired on or before June 1, 2012. The Charitable Trust Fund holds the assets which are used to fund these benefits. The actuarial present value of these future benefits totaled $2,022,910 and $2,260,175 at June 30, 2014 and 2013, respectively, and is reflected as a liability in the statement of financial position. Benefits provided to retired priests under this plan totaled $227,932 and $246,960 for the years ended June 30, 2014 and 2013, respectively. Priests who retired after June 1, 2012, participate in the defined benefit plan.

Defined Benefit Plan

The Diocese participates in the Christian Brothers Employee Retirement Plan, a contributory, multi-employer, defined benefit pension plan for Catholic organizations administered by Christian Brothers Retirement Services. The Plan name is the Christian Brothers Employee Retirement Plan and covers all pennanent full-time employees and active Diocesan priests of the Catholic Pastoral Center and Affiliates, as well as various Catholic schools and parishes. The Diocese, schools and parishes contributed 6.5% of each participant's compensation to the plan for fiscal years 2014 and 2013. The actuarial infonnation for the multi-employer plan as of July 1, 2014, indicates that it is in compliance with ERISA regulations regarding funding.

The risks of participating in multi-employer defined benefit pension plans are different from single-employer plans because: (a) assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers, (b) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be required to be borne by the remaining participating employers, and (c) if the Diocese chooses to stop participating in its multi-employer plan, it may be required to pay a withdrawal liability to the plan. Depending on the number of employees withdrawn in any future period and the financial condition of the multi­employer Plan at the time of withdrawal, the associated withdrawal liabilities could be material to the Diocese's change in net assets in the period of the withdrawal. The Diocese has no plans to withdraw from its multi-employer pension Plan.

IS

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ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral Center and Affiliates)

NOTES TO COMBlNED FINANCIAL STATEMENTS

Years Ended June 30, 2014 and 2013

12. Retirement Plans, Continued

The following presents information about the multi-employer pension Plan as of and for the years ended June 30, 2014 and 2013:

Pension Contributions ror the Protection Act Year Ended

Zone Status June 30,

EIN and Plan FIP/RP Surcharge Number 2014 2013 Status 2014 ~ Imposed

36-2671613 Green Yellow N/A $282,019 $256,203 No Plan No. 333 6/30/1 4 6/30/ 13

The Diocese did not contribute more than 5% of total contributions to the Plan in fiscal years 2014 or 2013.

13. Fair Value Measurements

The Diocese has adopted the provisions of FASB ASC 820, Fair Value !vleasurements. F ASB ASC 820 establishes a framework for measuring fair value and establishes a three­tier hierarchy that prioritizes the inputs to valuation techniques used to measure fair value, as follows :

Level 1: Quoted prices for identical assets or liabilities in active markets. Level 1 investments include money market funds, mutual funds, and corporate stocks.

Level 2: Observable inputs, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar assets or liabilities in inactive markets, or unobservable inputs that are derived principally from or corroborated by observable market data. The Diocese had no Level 2 investments as of June 30, 2014 and 2013.

Level 3: Unobservable inputs that are based on the Diocese's own assumptions as to how knowledgeable parties would price assets or liabilities that are not corroborated by market data.

Ht

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ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral Center and Affdiates)

NOTES TO COMBlNED FlNANCIAL STATEMENTS

Years Ended June 30, 2014 and 2013

13. Fair Value Measurements, Continued

Fair values of assets measured on a recurring basis at June 30, 2014, were as follows:

Quoted Prices Significant in Active Other

Markets for Observable Identical Assets Inputs

Fair Value (Level 1) (Level3)

Cash and cash equivalents $ 1,754,584 $ 1,754,584 $ Common stocks I 1,802,869 11,802,869 Government securities 782,215 782,215 Exchange-traded funds and closed-end funds 13,610,983 13,610,983 Mutual funds 5,792,701 5,792,701 Corporate bonds and other 982,901 982,901 Real estate securities indexes 61,930 61,930

$ 34,788,183 $ 34,788,183 $

Fair values of assets measured on a non-recurring basis at June 30, 2014, were as follows:

Real estate investments $ 461 ,833 $ $ 461,833

The decrease in the fair value of real estate investments during fiscal year 2014 was caused by the sale of certain real estate investment properties. There were no changes in the fair value of the remaining real estate investments during fiscal year 2014.

Fair values of assets measured on a recurring basis at June 30, 2013, were as follows:

Quoted Prices Significant in Active Other

Markets for Observable Identical Assets Inputs

Fair Value (Levell) (Levell)

Cash and cash equivalents $ 2,699,266 $ 2,699,266 $ Certificates of deposit 522,315 522,315 Common stocks 10,088,528 10,088,528 Preferred stocks 16,457 16,457 Government securities 953,747 953,747 Exchange-traded funds and closed-end funds 12,309,251 12,309,251 Mutual funds 4,786,361 4,786,361 Corporate bonds and other 472,836 472,836

$ 31,848,761 $ 31,848,761 $

Fair values of assets measured on a non-recurring basis at June 30, 2013, were as follows:

Real estate investments $ 52 I ,465 $ $ 521,465

There were no changes in the fair value of the real estate investments during fiscal year 2013.

17

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ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral Center and Afflliates)

NOTES TO COMBINED FINANCIAL STATEMENTS

Years Ended June 30,2014 and 2013

13. Fair Value Measurements, Continued

The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value:

Investments: fair value is based on quoted market prices.

Real estate investments: fair value is based on the fair value at date of gift.

14. Concentrations of Credit Risk

Financial instruments that potentially expose the Diocese to concentrations of credit and market risk consist primarily of cash equivalents, investments, and accounts and loans receivable. The Diocese limits its cash credit risk exposure by maintaining accounts at high-quality financial institutions where deposits are insured by the FDIC. Cash on deposit at three financial institutions exceeded the insured limits by a total of $1 ,23 8, I 0 I and $940,107 at June 30, 20I4 and 2013, respectively.

Investment securities are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.

Although the realization of accounts and loans receivable balances due from parishes and schools in the Diocese, which are uncollateralized, is dependent on the various economic conditions of each locality, the Diocese considers these balances to be fully collectible. The Diocese records these receivable balances at estimated net realizable values.

15. Sel~lnsurance

In the Diocesan Benefit Plan, the Diocese maintains a comprehensive self-insurance plan through a third-party administrator for employees' medical, dental, prescription, life, and long-term disability coverage. The plan provides for specific claims coverage up to $100,000 per employee, and maximum aggregate insurance up to $1 ,000,000 per policy period. Settled claims have not exceeded insurance coverage, nor has there been any reduction in insurance coverage from the prior year.

The Diocese recorded an estimated claims liability at June 30, 2014 and 2013, totaling $259,356 and $35,275, respectively, based on actual activity occurring subsequent to year end.

18

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ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral Center and Affiliates)

NOTES TO COMBINED FINANCIAL STATEMENTS

Years Ended June 30, 20 14 and 2013

16. Related Party Transactions

Legal services are provided to the Diocese by a member of the Diocesan Finance Council, for which the Diocese paid $11,033 and $13,965 for the years ended June 30, 2014 and 2013, of which $2,131 and $1,488 was payable at each fiscal year end, respectively.

Accounting assistance and program services provided to the Diocese by family members of management or employees totaled $23,026 and $9,410 for the years ended June 30, 2014 and 2013, of which $47 and $0 was payable at each fiscal year end, respectively.

Construction services provided to the Diocese in fiscal year 2014 by a company owned by the family of a finance council member totaled $1,409,553 for the year ended June 30, 2014, of which $165,146 was payable at fiscal year-end.

Administrative, human resources, and accounting support are provided at no charge to the Catholic Foundation of Western Kentucky, Inc. (Foundation). While the Diocese and the Foundation share a common purpose to support the region's Catholic community, the Diocese does not control the Foundation. Transactions between the Foundation and the Diocese were as follows for the years ended June 30:

2014 2013

Due to the Foundation for Disciples Response Fund offerings $ $ (37,454)

Due from the Foundation resulting from an annuity termination $ 13,908 $

Diocese Disciples Response Fund offerings contributed to the Foundation $ 38,419 $ 37,454

Received from the Foundation for program services: Operating Fund:

Seminarians $ 241' 185 $ 225,000 Religious education 17,985 Outreach 10,830

Charitable Trust Fund: Retired priests 13,908

$ 283,908 $ 225,000

Jl)

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ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral Center and Affiliates)

NOTES TO COMBINED FINANCIAL STATEMENTS

Years Ended June 30,2014 and 2013

17. Income Taxes

The Diocese is a nonprofit organization exempt from income taxes under Section SOI(c) (3) of the Internal Revenue Code, except on net income derived from unrelated business activities. The Diocese believes that it has support for any tax positions taken, and as such, does not have any uncertain tax positions that are material to the combined financial statement. As a religious organization, the Diocese is not required to file annual Federal or state information returns.

18. Commitments and Contingencies

The Holy Spirit Parish of Bowling Green, Kentucky, Inc. (Holy Spirit Parish) and the Diocese entered into a Supplemental Loan Agreement on December 9, 2009, with a local financial institution in the amount of $7,200,000. The primary purpose was for the construction of a Church for the Holy Spirit Parish. The Holy Spirit Parish and the Diocese are jointly and severally liable under a promissory note dated December 7, 2009, the terms of which were revised on October 14, 2011 . Under the revised terms, the note matures in monthly payments of: 2 monthly interest payments beginning November 7, 2011, at 4.90%; 95 monthly principal and interest payments of $43,800 each, beginning January 7, 2012, at 4.90%; and one principal and interest payment of $5,557,741 on December 7, 2019, at 4.90%. The Holy Spirit Parish carries the obligation on its financial statements and has made all required payments. The outstanding balance at June 30, 2014, was $6,118,363.

During fiscal year 2014, the Diocese entered into construction contracts totaling $1,877,190 for the Gasper River Catholic Retreat Center to renovate the dining hall and construct a new lodge. Remaining commitments under these contracts at fiscal year-end totaled $200,652, of which $171,377 was included in accounts payable.

The Division of School and Community Nutrition (Division) exists to administer the National School Lunch Program in participating Catholic schools throughout the Diocese. Its revenue is comprised primarily of meal sales, federal reimbursements, and state matching funds under the federal program. These funds are to be used for designated purposes only. For government grants, if based upon the grantor's review, the funds are considered not to have been used for the intended purpose, or if program compliance requirements have not been met, the !:,YTantor may request a refund of monies previously received, or refuse to reimburse the Division for meals served. The amount of such future refunds or unreimbursed meals, if any, is not expected to be significant. Continuation of the Divisions's operations is predicated upon the grantor's satisfaction that the funds provided are being spent in accordance with program requirements, and the grantor's intent to continue the federal program.

19. Subsequent Events

The Diocese has evaluated subsequent events through December 30, 2014, the date the tinancia1 statements were available to be issued.

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RO~L\."1 CATIIOLIC DIOCESE OF OWENSBORO (Cal~olk Pastor Cr&ltr ••d Alrdlalesl

COMBINING !.1 ATE.\IENT OF FINANCIAL POSITION

lunc 30, 2014

-{kpo>ol Dl\uoontrf <aspnll.olct

C•thohc ODd Clw>IOblc DiOCCS&II BO!ollop School and O..auboro O..CIISboro CaLboloc ra.~oral lAwn Trusa Bate lit Socnnd:a Commwury C•patal Calholoc Calholoc Relrcal Godcon

AS:.I:."TS Co:noor Fund F1111~ Plan JIOIM Nlllnboo Cam~l2! C(fll<lcrtCS wsue Center Proolucuons EJtmuu.hons -.9!!.nbtnal

(~>Ia 110J <.3>11 ajWI .&i<nl> s -18" ,1>11 s 311>,HO s 111.116 s 89-1.113 s 16S.ll34 s 205 82) s 9S s 10,13S s 21,9n s 168,311 s 42,1!6 s s 2.H~.'-5 C~>lo r<SU\tl(d (O< COIISiruCioon 8,150 K,I.S. ht\ C"Stmans 9.~52~~) 12.$60,1:7 S,OS7,899 S,IS7,8!l 147,879 918068 693,SIS l4,7M8.18 Real O:SUIC tnl <>Uncn" -'61,8)3 461.81 Accounts rccco,·ablc.

Du< tiom pon>bcs 31",132 . . 317.1) . OU1ct 15,780 l)jO 54,431 . 98,98S 3,J<S 66,589 8,3SI LOS 248,8bo Grant> . 11,405 . . 12.40 . lc.1>C 4,bSI.8SO . . . ~.051.8)1

Pronust) to J;l\c!. ncl . L.>.uu tC:C~I\~blc 103.587 2,501,882 . . 1127,SOl 1 2.477.'-nl -\.:C'NC"d lt\lctc~ ret:'CI\ ·able 8.385 .. . K,38: Due tioon related pollt) . 13,908 . 13,YUI Due ftom olh<r liul<l.s 322.309 . . . Cl22.3091 Prepaod C\P<Jl>"' 3.880 . . . . l.690 t>,S"I lmcntohe\ 85,185 115.28~ C cmetct) propcn> . 157,SI4 . 2S1.SI· Pn>p<rt> an~ cquopmcno. nc1 ~-~6"T.3Jb . 9-1,196 175.583 . 817.318 39.046 3.19-1.539 17.968 b.bliD 0~1

TotalnKIS s 18.SII 80' s IS 68~ S-14 s 5.18~ 873 s 6.107 .161> s 16) 130 s 626.975 s 918.103 s 1.1177,S6l s 6-1.098 s 3.~3~.1)· s t>M 445 s '""~-~051 s S:! :!'11,Uf,l~

liABILITIES A. ... D Sl.T ASSETS

Accounh P.l}Olblc 31\J atalu:d ~'pc:n$CS s 152.302 s s 29.034 s ~$9.JS6 s JI.UO, i 1~.770 $ s 4,118 s 7.l7~ s 17~,}1! ~ o.I09 s 13001 s (Ill), I"~

Due 10 r<l•lo:d p.llt) . . . Due to utliCf fund• 80811 .!1.!,7117 18,300 1:!7,501 (-149,4051 Ocfmed I<' cnue 113.515 9~9 29.196 . . 103.740 i)q>o>Oos p•)'~ble 13,liU81 . . . 13,119.11111 Coll<Ctoon> pay;iblo 80,5~9 . . IIU.H~ :.;.,,. p•):able 4.600.1l00 . ~.660 1100 AccnocJ rcW01nm1 ublo~auons !.lll!.910 . 2.011.910

T~11"1 hab1luu:.s 5.147.111) I l.J42.D68 2.071.173 159.356 38.005 4~.066 131.719 7.372 174.3 11 1>.109 (449.7051 ~77U.~SH

!\<t.&)>d.:

Lntcltnclcd: Lnde>oJ;D.llal l2.19::!.n7 J ~.2CI:! ,717

Uu.ordde.,~cd 463,104 2,)-14,876 ),113,700 S,847,710 .!~5.l.!S SS-4.909 1,05.!JH S6.726 3,215,74.! 6.!.3]b lb,91>1>,5DI lq;all~ lllollldalal 693.515 693.515

1.!,755,831 .!,3.1-1 ,8 7 6 },113,700 5,1147,710 125,125 584,909 . 1,745,8-48 36,126 3,215,7~1 6.!J36 29.952.803

T emporo.nl> rC>D"oeJ bll11.79} . 911.163 41.016 . ~U'.!

To1~ ne1~1.s 13.31>4.61~ ~.J-14,1176 3.113,700 S,II4UIO "511~5 584909 918,1t>3 1.7~5,1148 56.7.!6 3 . .!S7.818 t>2.336 _2!.S.! 1.83S

To~allbbilitie> ud att aurt$ s IS.SI 1.807 s 15.687,5.14 s 5, 18-4.!173 s 6.107.066 s .!63.130 s o.!6.975 s 918.lbl s 1.877.567 s 6-1,098 s JAJ.!.I30 s 6!1 . .US s c.u~.·us1 s 51.:!t~~.OCJl

tl

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ROIIIA.'Ii CATHOLIC DIOCESE OF OWENSBORO CCallooDc Pulor&l CtDitr oad Alfllbolnl

COt-miNING SHT~CENT OF ACTIVITIES

Year Ended June 30, 20 I~

--llc;pol.lt Dou11on of Gasper Rner

C3lhohc and Chmtable Doocnan BIShop School and 0\o·cruboro Olomsboro Calho~c P3il<r.d I.D ... TRISI llcnc61 Soauoeke< Convnuruty Capiw Cadoolic C3111olic Rcucac Godeon Ccnla fund FunJ Pian Home Numtooa c...,e.,e Caudcncs le.lpue Center ~<oductoon> Ebmuuttons Comluncd

ltneawr, wppurl •IMicaias: P.>n>h OWC»mcnU s 1..S97.199 s s 111.~5& s s s s s s s s s Cl~.iOUI s 2,7(1.1 .~57

C: untnbuuon• and be-que<~> 1 .00~.112 ~!I,OIS 7,01>0 566.215 1.~90 2,095.609 58,74(> 1!~116,7~)1 1.~91.1174 ln\c~cnt rctwn 1,836.419 I ~0.8~8 148,5!9 1>42,156 5,451 U.l40 430.064 60.n3 . S.I8!.4!U ln1erc:~1 intome on Jo.uu 124,073 . . (5,519) 11~.554

Rc·nr.sJ am;cme !S.SIJ 525 !9.038 Income on teal csutc m\es&mcn~ 374,108 21,748 395.8Sb Grant~ 10 •• !>14 10.000 60-1,195 . . 1~4.5%1 o!K~IJ P<"l:RJII and >d\l<C r.., oncomo: 335,715 3,846,045 781,9'» 1,081,071 168,499 51.161 163,907 6,B-19 I~I.VIWI 6,102,11'1! G.&u~llo»lon sale ufpropcn) ollld <qu~pmenl 1),7-lOj Hl.lSO) J47,U91lt Oth.:r mcome 58.b99 76 14,8118 16.301 3.790 IS 102.~57 __ 1101.9311 '1-1 .175

T oUI "" cnuc. wppun .anJ Jll1R> o.J43,699 1.565.0)7 1.:!9: .. ooz ~ ... 88.:!01 819.373 1.726.707 996.189 354,810 54,651 ~16.181 1117.7~7 12.'1!4.S3QI 17.100.189

EaJWo•., ood toun: !'ti!Jries .1rul \\"i.:e:s 1,11857~9 7,.HO 18,S~3 435.5-lO 1178.61tJ 146,692 117,.987 96 .. 003 3,1Kf>.f>ll-l P3)tOU b."'' IU3.JIJ 3S2 33,423 50,497 11,.050 . 8,176 b,.SS9 113,4"0 Empl~)<e bcn<lios 31!.392 . 593 3.354,478 65,615 82,641 3S.lll 15,108 13,745 144!.111>81 3.~'.11" Othc:t onplo\" J . .i.SUI'.uKC 12,514 . 3:.514 Reurcd pne.~s bcn<li11 4o3.J21 . . . 46}.)11 Rent c\pcnse 1.11110 . . 7.200 i'roiC>.Soon•l.mJ l«:lvu<.>l fc:cs 164.018 ~.uu 114,997 197,49! 1,008 3.331 1,007 100 6,935 7,873 146,305) 459,471 Tra\el and 3Uic c\pcruc ·~b. l8b 15.~61 788 18,696 11 ,913 I,.ISI 3,.6S9 1)9.500) 238.245 Posaa~e and pnmin, 166.378 l-19 I~ 1,116 933 321 1129) lo8.912 At.i\CfUStng 39,689 . 214 3,2-17 1,506 301 1)5,4001 9.551 lnsw~c 32.194 3,042 12.757 17,411 14,1!0 10,433 I ,S!O 101,4"' T clcphon~ .ncl utoliton 97,095 12,4~7 42,102 11,717 IO,SOl 4.3116 42,006 3,496 ~.!3,78! R.ep.aus md num1~cc- 34,8SU 2.356 !1,891 45,050 9,813 31.310 . I47J30 Suppli<S 18.140 1,197 18.~ ~.514 10 11.6~ IU 17,141 Z,198 Co2SI 13U!I ~tiscellancou• 211,889 . 1,019 1,858 1),976 )6 1,140 230 1,160- 3,428 ~.3)6

~lr..s.. an.at~n.;ab, •ub$.tnpUoru ~~ond due'S 74,86-l 747 8,012 - 490 . I,OSI 286 cSOOI KS,OIO . .u.c..m<ncs 68,362 U.lo2 PttJp-am ~"cs C\pc::ns.t: 839..S3~ 170,020 Ml.~5 3.420.577 18~U 50.362 36,4)2 S9,1l2 ti.K71,5051 3,S"4 .2oCJ Prof<wunal dn cklpmc:no C\pcn>C 40,9113 0,3116 . 3,009 2,071 14,170) 41Ul~

Dqueci~bon e:\.P<tlSC 108.1107 8,154 37,97) 30,360 3.395 )2,90) 9,716 131 lOti lnlctt>l .,pen,., 263,739 5,519 . tS.51CJI 211),731)

Gr.>nt>, >ub>Oilles. and other direct a.d 1,486,282 - . 4,978 14~8.0Uf Y9),2.J! B•d Jcbt e'pcn"" 278 931,129 1!.37~ ~3.7gl

T 01>1 npcn.cs and loucs S.S82 . .JII 27!.754 ~>-~Mn ),570.5 IJ 8H,518 1.818,0118 4.351.751 3H.I63 ~m 331.541 2tJ8.237 c1.CJ24.SJ91 15.084.5!"

E'et•u ttkfidc-acU uf rnr•.a.c. support aallpiM O\Or UJWD>OS .. d loun 761,388 1,19~.:!83 1>45,364 917,688 (5,1451 1101.361) t3.35S,-1631 20,1>47 (3,919) 1.8~.640 HU,460) 2,01 S.b112

Trao•rrn ~~:.7tH C122.7K7!

latre•}C' (dccra}cJ i11 acl assets 984,175 1,069,496 f>.ISJI>.J 917,6~8 IS.I·UJ (101,3611 (3,355,463) 20,647 13.919) 1.8~.640 140.4601 !,OIS,b62

S.c ouou, IJtciaalac u( )nr 1!.180.~9 l.l7SJ80 2,-168.316 4,930.0" 130.!70 686.270 4,17),6!6 1,725.:!01 60.64S IJ73.178 102.796 ~9.51111 1"3

~rl •ucu, cad uf )Hf s 13.31>4.6!4 s ~.3~.876 s 3,113.700 s 5,847,710 s 1~5.115 s 5M.909 s 918.1113 s 1.7~5.M8 s S6.726 s 3.257.818 s 6!.336 s s JI.S~I.liJS

ll

Page 25: ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral ...owensborodiocese.org/_documents/administration/audit_reports/201… · ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral

ROMAN CATHOLIC DIOCESE OF OWENSBORO (Ce~olit PaolO<" c .. ttr ••<I Aftllbua)

COl\IBININQ STATEMENT OF FlNANCIAI. POSITION

June 30, 2011

--l)o:p>SII Dinilonor OaspetRnct

C•lhoht .an4 Clw>uble Doocesan Biollop Sdloolond O..·auboro O..CIUboro C•lholit P;u~or>J L<w> Trwl Ilene tit Socnn<m Commllllity Cap lUI Catbolic: C~lholit R.drcal Gi<kon

~S£TS C"-ota Fund fw.d Pbn Home Nulril>On c .... i!!!l!!! Cemet:cnes Lu~ue Center ProdUCIIOIIS Elumn.uions Cumbmol

C•m m.J oa•ll <qw\.li<DU 5 193,715 5 Slll,7~11 s 411.8~ s 71',713 s 179.5H s ~n . .ws s 4SJ60 s )9,7011 s H,S91 s ~.7~ s 81.401 s s ~. I~UT CoWl fQU1Ctai for coru.truca.on 10.9~7 . 10.9~·

ln\ tsunaur. 9,3 38.167 9.9~3.116 4,6118,518 4,21S,745 129,7b6 2,999,061 634,3118 . . 31,UK,76 Real e"St:J.le In\ e~mmts S21,46S . . S~ l.46 Atcuunb rec~J\ able;

Outltomp.lllsh., 22" 118 . . -17 1!7,16 Oilier 173.3211 8,445 ) 7,479 99,1-lS 91 75 i~.:!S7 JJU.H2. Onnu 119,787 . 1111,711 . la.lc ~39,073 . . 239,07

Prunu~ hJ ~\t. nd . 1.:!29,19S . 1.~~.19 lo.lll$re!'Ctt\~e 9' .H8 3,3KS,I6~ . . 161.6201 3.4~0.K\II Act.-rued Lntctest ICC:tl\ able ~.IIOS . . . 146!1 ~~.)-1. Due from otllct IUrnb 2S4,S3C. 71,1H 10 ')110 (333,CJIU, l'rop.,d e\pdUC$ 14,7!4 . . 75 1-1.79• ln\ ~tcnes . 113,961 . . 111.96 C anct<f} pr~Jldl~ - ~.81) 260 Il l. Propert~ and "''Wpmenl, net 2.167,:!llJ . . 92.889 196.085 8)6,9G7 41.-l41 1.371.161 26.S-l8 -l,733.J-ll

Tul•lattcb s 13.131..614 s IHI:!.IIII s 4,743.61-l s 4,970 937 s :!72,442 s 7-1~.009 s 4.:!73.6~6 s 1,87li.961 s 68.1~5 s 1.374.211 s IVI.698 5 ___....!. ]8:!.8~ih s .$S l'J:!.1:!•

LlABILITil.S A..'D :-ET ASSETS

.\ccount~ p.J)able md .teaucd e.\pensd s 208,4CIO s s 13,632 s 35,275 s 4!.172 s 29,160 s s 81,678 s '~110 s I.OH ' 5.902 5 1~711 ~ -'~S.9:!"

Due'" rcloted p.ut) 37.~S4 37,45-Due tn \:Other fundi 140,17) 1 7-IJI(I.~ 5,640 . 6~,082 ll81 ,9S7J D~fmed re\ cnuc 150,208 . 1,471 26,579 . l iH.~5t

Ocpo"'u P•)>blc 12,46),}69 . . ·~.463,361

CoUecuon• p•).WI• 78,864 . . 71,8b-!\ot< po~able 250.000 . . . . ~50,110(

~aucd u:~lt.rcmenl ut.lepuons 2.1t1G.I1S . . : .1CtoO, I ~I

Tol.all•abllouos ss·.1os 12,637,431 :!.:!75.~78 40.915 42.1i;:! 55.739 145.760 7.480 I.Oll 5.902 __ 13112 .K~MI I 5.oKo.O-l'

~et .t..Ueli:

Lnrr:<~ntled: Lnd..,.,...red 11.:!26.:!114 11.126.2~' 8oud dn•l'Jialed 528,073 1.175,380 2,-168.336 4,930,02! ~30.~70 686.;!70 1,090,813 60,645 I.JS9.S67 102.796 1~.731.1-:

lq;all~ m.>nll.lled 63-1.1811 . l>l4 . .lM 11.75-I,H7 1.:!75,3110 !,468,336 4,93o.on ~10.:! 70 686,270 1,725,:!01 60.645 I,JS9,567 102.796 !4,591,114'

l etnporml} re>ln<led 6~b.U9~ 4.:!73.626 13.611 __ 4_.~13.3 :!'1.

Total net o~~ucu I~JS01449 1.!75.180 !,468,.!36 4.930.02~ !30.:!70 686~70 4,:!73.626 1171S.!OI 60.645 1.373 1711 ~796 ! 9.SU6.1. '

Tulolliabililia oad act uscu s 13.211.to14 s 13.91~.811 s 4,"43.61-l s 4,970,937 s :!7:!.-U:! s 74!.009 s 4.:!73,6!6 s 1.870.961 s tr8,125 s I .HUII s 108.698 s 138~ .82111 s .SS.t{).:! -1:•

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