Department of Finance

In accordance with the early Christian community, the Department of Finance strives to safeguard the assets of the Diocese of Trenton in a responsible manner to benefit the common good of all the people of the Diocese.

Our Services

In order to accomplish our mission, we provide numerous services in the areas of collection & distribution of financial resources; preparation of operating budgets & financial statements (certified with unqualified opinion by external public accounting firm); compliance of all required state and federal filings related to Diocesan finances; banking assistance to parishes/schools; financial auditing of parishes, schools and other entities of the Diocese (internal controls provided); assistance in transition to accounting software upgrades; financial analysis in the planning of future expansion/consolidation of Church operations and, the wise and prudent investment of diocesan and parish assets (guidelines provided).

The director of the Department of Finance serves as staff to and works in collaboration with the Diocesan Finance Council, serves as a member of the Diocesan Budget Committee, serves as a member of the Diocesan Building Commission; serves as a member of the Diocesan Investment Committee; and assists/supports the Chief Administrative Officer in all areas of the Diocese business, including analysis and recommendations pertaining to major financial decisions facing the Diocese.
 

Q & A on how funds are raised, managed

• Parish Assessments – each parish in the Diocese pays a percentage of its income to support the overall operations and ministries provided by the Diocese. This is the model across the country for all dioceses.

• Fundraising – the Diocese conducts several fundraisers, from the Annual Catholic Appeal to Golf Outings to scholarship funds and school alumni giving campaigns. In addition, the recently concluded Faith to Move Mountains campaign raised funds for trusts to support ongoing operations.

• Investments – The Diocese maintains funds in trusts and accounts that are invested and generate returns that can be used to fund operations while maintaining the principal of those funds.

• Manages centralized insurance procurement for all diocesan entities. This enables better pooling of risk and purchasing power to reduce costs for insurance across all categories – medical, property, workers comp, auto, life, etc.

• Administers a pension plan for diocesan employees.

• Provides basic legal and real estate support services for parishes and schools.

• Conducts reviews to ensure appropriate controls and best practices are in place at parishes and schools.

A deficit in recent years, exacerbated by the impacts from Superstorm Sandy in 2012, has been reduced as a result of careful and prudent planning. (An $11 million deficit has been reduced to $3 million.) In 2016, the Diocese implemented a Reduction in Force, which included, but was not limited to, early retirement offers. Several expense items have been reduced, and constant scrutiny of all aspects of the operations is exercised. Again, the Faith to Move Mountains campaign will provide funds to support ministries and activities on an ongoing basis from trusts established to allow ongoing support.

• Finance Council – The Diocese has a Finance Council, established under Canon law, which provides support, guidance and oversight to the Diocese.

• Audit – Annually, the Diocese has a full external audit completed on its operations as well as trusts by outside auditor, WIPFLi, LLC. This audit is done to ensure the financials fairly and completely represent the results of the Diocese in accordance with Generally Accepted Accounting Policies. The Diocese has had a clean audit every year.

Phone: (609) 406-7400
E-mail: TemporalAdmin@DioceseofTrenton.org