A statement from the Diocese of Trenton:
Each year, the Diocese of Trenton undergoes an audit of its financial statements by an independent public accounting firm.
The financial statements for the fiscal year ended June 30, 2019, were audited by WIPFLI LLP. The 2019 audit report included an opinion that the financial statements for the fiscal year ended June 30, 2019, are fairly presented in accordance with accounting principles generally accepted in the United States.
For fiscal year 2019, the Diocese of Trenton reported a decrease in total net assets of $11.9 million, compared to a decrease of $1.4 million in fiscal year 2018. Of that fiscal year 2019 decrease, $10.6 million resulted from increased insurance program expenses, most of which relate to potential costs for sex abuse cases.
As a result of establishing the Independent Victims Compensation Fund in cooperation with the other four New Jersey Catholic dioceses, many more past cases of sexual abuse were identified in fiscal year 2019 and presented for settlement. We are confident that we have provided adequate reserves for the claims known at this time and identified through this outreach process.
The Diocese has effectively managed operational costs, holding the decrease in net assets not related to insurance programs to $1.3 million in fiscal year 2019, which is an improvement over the $1.4 million decrease in fiscal year 2018. The Diocese is committed to exercising good stewardship by carefully managing the funds provided for its ministerial and administrative responsibilities.
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.
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.
Phone: (609) 406-7400
E-mail: TemporalAdmin@DioceseofTrenton.org