Department of Finance

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, 2020, were audited by WIPFLI LLP. The 2020 audit report included an opinion that the financial statements for the fiscal year ended June 30, 2020, are fairly presented in accordance with accounting principles generally accepted in the United States. 

For fiscal year 2020, the Diocese of Trenton reported a decrease in total net assets of $0.6 million, compared to a decrease of $11.8 million in fiscal year 2019. The net decrease in fiscal year 2020 was due primarily to the impact of the COVID-19 Pandemic on operations.  The net decrease in fiscal year 2019 included approximately $10.9 million from increased insurance program expenses, most of which relate to potential costs for misconduct cases, compared to a decrease in insurance program expenses of approximately $9.0 million in fiscal year 2020.

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 $0.5 million in fiscal year 2020, which is an improvement over the $0.9 million decrease in fiscal year 2019. 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.

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 Diocese raises, uses money;
points to areas of improvement
 

• Support of, service to priests, deacons, religious and seminarians
• Education, catechesis and lay formation
• Support for parish and family life
• Helping those in need of pastoral care and basic needs

• Parish Assessments – Each parish in the Diocese pays a percentage of its income to support the overall operations and ministries provided by the Diocese.
• Fundraising – The Diocese conducts several fundraisers, from the Annual Catholic Appeal, Golf Outing, and school giving campaigns.
• 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.

• Management of a 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.
• Administration of a pension plan for parish, school and other diocesan employees.
• Basic legal and real estate support services for parishes and schools
• Administrative support of parishes in areas like Human Resources, Child Protection, and Risk management.

• The Diocese conducts audits to ensure appropriate controls and best practices are in place at parishes and schools.
• Finance Councils – The Diocese has a Finance Council as do all parishes, established under Canon law, which provides support, guidance and oversight to the Diocese and the parishes. A listing of Diocesan Finance Council members appears on this page.
• Audit – Annually, the financial statements of the Diocese of Trenton are audited by an independent public accounting firm.  The financial statements for the year ended June 30, 2020 were audited by WIPFLI LLP in accordance with auditing standards generally accepted in the United States.   The 2020 audit report included an opinion that the financial statements for the fiscal year ended June 30, 2020 are fairly presented in accordance with accounting principles generally accepted in the United States.  The audit report and financial statements are available below.

• The Diocese takes its responsibility to manage resources seriously and strives for improvements in efficiencies and operations to ensure good stewardship.
• Managing spending and budgets and working with parishes to help improve their financial health are examples of initiatives.

• For 2020 the Diocese showed a reduction in net assets of $0.6 million compared to a reduction of $11.8 million in 2019. This was primarily due to a large charge to insurance for costs related to misconduct claims in 2019.

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