Diocesan financial statements released

Dear Friends in Christ:

We have all witnessed some very challenging economic times and hardships over the past year, but as a people of God we are rich in faith and blessed with His steadfast love. South Carolina Catholics have a steady history of inspired generosity of sharing what the Lord has bestowed upon them.

As Bishop of the Diocese of Charleston, I am pleased to provide the financial information regarding the administrative offices and pastoral programs for the fiscal year ended June 30, 2011, so you can see the active ministries that you support.

The funds that you contribute to our local and regional churches provide the building blocks of all our ministries whether brick and mortar or spiritually sustaining. Even in this world’s difficult economy you have remained devoted stewards and have given sacrificially. Indeed, total restricted and unrestricted net assets increased over $5 million dollars this year.  A significant amount of the gain was a result of the rebound in the financial markets, certainly good news given the market losses we experienced in years prior.

The major sources of revenue come from parish assessments, the Bishop’s Stewardship Appeal, and investment earnings and revenues from diocesan-sponsored programs. The Our Heritage Our Hope capital campaign allowed for the establishment of a Hispanic Ministry endowment and the St. Elizabeth Ann Seton Endowment. This year we saw earnings from both of those funds which enabled us to provide tuition assistance to Catholic schools throughout the diocese and solidify our evangelization efforts amongst our Hispanic brothers and sisters. The continued participation by you — the faithful — has reinforced our mission to spread and keep our faith throughout the community, reach out to people in need through Catholic Charities, and invest in a most important asset, our youth, through Catholic education and Campus Ministry.

As you will see in the financial information, 87 percent of that amount goes back into our pastoral and church-related programs while 13 percent is used for the general and administrative expenses required to support those ministries.  The complete financial statements and auditors’ report is available on the diocesan website at www.catholic-doc.org.

So it is with sincere gratitude that I offer my prayers for you, and that we continue to grow as one, through Christ our Lord.

In God’s peace,

Most Rev. Robert E. Guglielmone
Bishop of Charleston