Faithful of Charleston,
We are pleased to provide to you the financial results of the Chancery of the Diocese of Charleston.
Activities of the Chancery include diocesan level programs such as: family life, Catholic youth ministry, religious education, Catholic schools, diocesan cemeteries, social and outreach programs, and pastoral and church personnel development — vocations, seminarians and formation.
The Chancery also provides administrative support to parishes, missions and schools throughout South Carolina, including certain insurance, lending and cooperative investment activities. Similar support services are provided to The Catholic Miscellany, Catholic Charities and others.
The current economic uncertainties bring new challenges as the need for outreach and support services increases and the ability to meet those needs becomes increasingly difficult. It is through your continued support that we strive to assist those in need while continuing to build the Kingdom of God through increased evangelization and education programs.
The Chancery was not immune to the impact of the financial markets, with realized and unrealized losses of $3.5 million. As a result, unrestricted net assets decreased by $2.3 million. The accompanying charts illustrate the sources of revenue and expenses for 2009. The complete financial statements of the Chancery and our independent auditor’s report are available on our website, www.catholic-doc.org.
During the year, your continued support of the Our Heritage, Our Hope Campaign enabled the establishment of the $2 million endowment restricted for Hispanic Ministries. In addition, the Retirement Plan for Priests benefited from the $1 million collected for this purpose. It is anticipated that three elements of the Our Heritage, Our Hope campaign will be funded this year: 1) Catholic Charities Endowment; 2) Seminarian Endowment and 3) Catholic Education. Completion of these funds will assist in providing the resources necessary for the diocese to meet some of the many challenges it faces.
Your continued support and prayers will help our ministries to flourish as we spread the good news of the Gospel.
In the Lord’s Peace,
Most Rev. Robert E. Guglielmone
Bishop, Diocese of Charleston