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Diocese of Rockville Centre

Finance Office

Home About Financial Reports 2013 Financial Statements 2007
Financial Statements 2007 Print E-mail


The Roman Catholic Diocese of Rockville Centre, New York (the “Diocese”) is pleased to publish the financial statements of the Diocese’s administrative offices, and its cemeteries and insurance units for the fiscal year ended 2007.  Appointed in 2006, KPMG LLP audited these financial statements.

Also published on this site are the audited financial statements of entities associated with the Diocese. Regarding certain of these entities, Holtz Rubinstein Reminick LLP audited the financial statements of Catholic Charities.  Nawrocki Smith LLP audited the financial statements of the Diocesan high schools and the Seminary. KPMG LLP performed the remainder of the audits.

Following the significant reporting and audit changes that occurred in 2006, the issuance of comparative financial statements have resumed in 2007.  Below is a brief synopsis of the financial reports of the Diocese’s administrative offices, and its cemeteries and insurance units, as well as of certain entities associated with the Diocese, for the fiscal year ended 2007. These synopses include fiscal year performance and notation of any major changes in financial reporting format.


>>> Click on the Offices and Entities Below to Download the Specific Statements (Adobe PDF)

I. The Diocese’s Administrative Offices, and its Cemeteries and Insurance Units

Administrative Offices

The financial statements of the Administrative Offices include Pastoral Center Operations, Plant, Diocesan Loan Account, and the Catholic Ministries Appeal.  In 2007, total net assets of the Administrative Offices increased from $58.0 million to $61.1 million, an increase of $3.1 million.  The increase was the result of a $13.9 million decrease in total expenses and losses as compared to 2006.  $5.4 million of the reduction is attributed to an initial transfer of the Diocesan Loan Account to the newly created Mission Assistance Corporation that occurred in 2006, and not 2007. 


Catholic Cemeteries 

Catholic Cemeteries include the assets and operations of Holy Rood Cemetery, Holy Sepulchre Cemetery, Queen of All Saints Cemetery and St. Francis de Sales Cemetery.  During the 2007 year, the Cemeteries contributed $1.7 million to the Administrative Offices.  The Cemeteries ended the year with a net increase of $10.4 million in total net assets.

When a “right of burial” or entombment is sold by Catholic Cemeteries, a percentage of the fee is designated as a Permanent Maintenance fund or a Mausoleum Maintenance Care fund. These funds are not donations; therefore, they are not permanently restricted under U.S. generally accepted accounting principles. Further, New York State only regulates permanent maintenance funds when they are held by entities other than religious corporations, requiring that such funds be treated as trust funds, prudently invested with the intent of preserving capital and producing a reasonable income. Although Catholic Cemeteries is exempt from the State regulations, it recognizes a written promise to invest the principal of the Permanent Maintenance Fund and to use the income to fund the general maintenance and improvements of the cemetery.  As of August 31, 2007, Catholic Cemeteries had $85.7 million of net assets contractually committed for such purposes. 

Beginning in fiscal 2008, Catholic Cemeteries will undertake a study to estimate the amount of maintenance that they would incur in the future to care for Catholic Cemeteries.  It is estimated that the present value of future care obligations resulting from this study will be substantial.


Protected Self Insurance Program (P.S.I.P.) 

The Protected Self Insurance Program (PSIP) administers a program for the self-indemnification of property and casualty losses of participating parishes, health facilities, institutions and organizations (including individuals) within the Diocese on an occurrence basis.  During fiscal 2007, net assets held for the benefit of participating organizations decreased by $14.1 million, which represents a percentage decrease of nearly fifty percent.  The decrease was the result of higher loss reserves, which have consistently increased over the last five years, with significant losses occurring in fiscal 2007 and 2006.


Health Insurance Program

The Health Insurance Program provides medical, dental, life, and non-occupational disability insurance for participating employees of the Diocese and many entities associated with the Diocese. During 2007, the Health Insurance Program had a decrease of $4.0 million in net assets available for benefits, which was the result of a one-time jubilee grant of $6.5 million that was awarded to parishes, schools and entities associated with the Diocese. . The fiscal year ended with total net assets available for benefits of $22 million and a benefit obligation of $4.2 million.



II. Entities Associated with the Diocsese

Unitas Investment Fund, Inc.

Unitas Investment Fund, Inc. (Unitas) is an investment company operated by the Diocese to facilitate cost efficient investing in harmony with the teaching and beliefs of the Roman Catholic Church .  The net assets of Unitas represent separate accounts owned individually by each of its participating entites, such as the Diocese, parishes and schools.  The Unitas statements for 2007 have been prepared in accordance with the AICPA’s Audit and Accounting Guide for Investment Companies.  The fiscal 2007 total return for all Unitas Assets was 8.68%.  At the close of 2007, Unitas had net assets of $348.8 million available for participants.


Mission Assistance Corporation

2007 was the second year of operations for the Mission Assistance Corporation (MAC).  MAC was formed to provide financial assistance in the form of loans and grants to parishes in need. In order to do so, MAC assumed much of the loan portfolio from the Diocesan Loan Account (DLA),  In 2007, total net assets increased $0.5 million to $6.9 million due to total earnings of $1.5 million, which was the result of positive investment returns, increased loan activity and mission fees fees charged to Unitas investors.  Total earnings were offset by total expenses of $1.0 million, which consisted primarily of direct grants and loan forgiveness to parishes.  At year-end, MAC held total parish loans of $1.8 million.


Catholic Charities and Affiliates (CC)

The Catholic Charities financial statements include the Catholic Charities agency and its affiliates: the Catholic Charities Support Corporation (CCSC), Catholic Charities Health Systems, and Regina Maternity Services Corporation.  In 2007, the combined entities had a decrease in unrestricted net assets from operations of $1.9 million and an overall increase in total net assets of $0.1 million, to $26.8 million.  In 2007, Catholic Charities recognized receipt of $2.4 million in assistance from the Diocesan CMA program.


Catholic Press Association

The Catholic Press Association is the publisher of “The Long Island Catholic” weekly newspaper.  In 2007, unrestricted net assets increased from $2.5 million to $2.9 million due primarily to an increase in advertising revenue.  Total expenses were virtually unchanged.  The Catholic Press Association has no temporarily or permanently restricted net assets.



Telecare charged to Unitas investors.  Total earnings were offset by total expenses of $1.0 million, which consisted primarily of direct grants and loan forgiveness to parishes.  At year-end, MAC held total parish loans of $1.8 million.


Diocesan Service, Inc.

Diocesan Service, Inc. provides insurance brokerage services for the Diocese and many  entities associated with the Diocese. In 2006, it had total revenues of $28,000 and new income of $10,000. Its total retained earnings at the end of 2006 were $152,000.


Ecclesia Assurance Company

Ecclesia is a New York State captive insurance company that provides insurance for the Diocese and many entities associated with the Diocese. Ecclesia is a stock corporation the stock of which is wholly owned by the Diocese. In 2006, Ecclesia had net income of $0.4 million, and it closed the year with $0.8 million in retained earnings. The company has $4.4 million in total assets with $2.8 million in total stockholder’s equity.


Diocesan High Schools

The Diocesan High Schools include Bishop McGann-Mercy High School in Riverhead, Holy Trinity High School in Hicksville and St. John the Baptist High School in West Islip.  In fiscal year 2007, the schools had $33.7 million in combined revenues and $35.5 million in expenditures, resulting in a net loss of $1.8 million from operations before Diocesan subsidy and special grants.  The Diocese provided the schools with $3.2 million in total support: $1.7 million towards operations; $0.9 million towards capital improvements and $0.5 million for the Diocesan 50th Anniversary Grant.  When added to operating results, the Diocesan subsidy yielded for the schools a combined $1.4 million increase in unrestricted net assets.  Total temporarily restricted net assets also increased by $0.3 million in fiscal year 2007.


Seminary of the Immaculate Conception

The Seminary of the Immaculate Conception is an institution of higher learning established for the training of men for the priesthood.  In 2007, the Seminary had a net increase in unrestricted net assets of $0.3 million, resulting from an operating deficit, offset by Diocesan subsidies and a grant totaling $1.8 million.


Propagation of the Faith and Mission Office 

The Diocese of Rockville Centre Propagation of the Faith and Mission Office (the Mission Office) is a member of the National Office for the Society for the Propagation of the Faith (the National Office), which was organized to develop an awareness of the work of the Missionaries and a better understanding of the social, economic, cultural and religious conditions of the people with whom they work; encourage support of the Missions and Missionaries through prayer and donations; and develop personal contact with the Missionaries.  In 2007, unrestricted net assets remained relatively unchanged as the majority of the activity within the Mission Office is custodial in nature and the only source of revenues are administrative fees and earnings from the investment of the fees.