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Diocese of Rockville Centre

Financial Statements 2011 Print E-mail

The Roman Catholic Diocese of Rockville Centre, New York (the “Diocese”) and certain associated entities are pleased to publish the following audited financial statements for the fiscal years ended June 30, 2011, August 31, 2011 and December 31, 2011.

Fiscal year-ended June 30, 2011:

  • Diocesan High Schools

Fiscal year-ended August 31, 2011:

  • Diocese of Rockville Centre Administrative Offices
  • Catholic Cemeteries of the Diocese of Rockville Centre
  • Diocese of Rockville Centre Health and Welfare Benefits Program
  • Protected Self Insurance Program of the Diocese of Rockville Centre
  • Unitas Investment Fund, Inc.
  • Mission Assistance Corporation
  • Catholic Press Association
  • Diocesan Service, Inc.
  • Seminary of the Immaculate Conception

Fiscal year-ended December 31, 2011:

  • Catholic Charities
  • Ecclesia Assurance Company
  • Propagation of the Faith and Mission Office


Below is a brief synopsis of the financial reports of (I) the Diocesan high schools (II) Diocese’s administrative offices, its cemeteries and insurance units (III) certain entities associated with the Diocese, for the fiscal years ended June 30, 2011, August 31, 2011 and December 31, 2011. 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.  Diocesan High Schools

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 2011, the schools had $39.3 million in combined revenues and $39.1 million in expenditures, resulting in a net operating surplus of $205,000 from operations before Diocesan subsidy.  The Diocese provided the schools with $1.1 million in total support: $700,000 towards operations and $362,000 towards mortgage commitments for Bishop McGann-Mercy.  Total temporarily restricted net assets increased by $189,000 in fiscal year 2011.


II. The Diocese’s Administrative Offices, and its Cemeteries and

  Insurance Unit

Administrative Offices
The financial statements of the Administrative Offices include Pastoral Center Operations, Plant, Diocesan Loan Account, and the Catholic Ministries Appeal.  In 2011, total net assets of the Administrative Offices increased from $35.8 million to $36.1 million, an increase of $260,000.  Total revenues decreased by $4.0 million due primarily to a one-time sale of property of $5.8 million, which occurred in 2010 and a decrease in special collections of $1.5 million.  This was offset by increases in Diocesan assessments and bequests and other income.  Net appreciation in the fair value of investments was $420,000.  Total expenses decreased by $5.7 million due primarily to decreases in ministerial, administration and institutional advancement expenses. 

Catholic Cemeteries
Catholic Cemeteries include Holy Rood Cemetery, Holy Sepulchre Cemetery and Queen of All Saints Cemetery.  During the fiscal 2011 year, the Cemeteries contributed $3.25 million to the Administrative Offices.  The Cemeteries ended the fiscal year with an increase of $7.3 million in total net assets which was due primarily to increases in cemetery operations and investment returns.

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, 2011, Catholic Cemeteries had $86.1 million of net assets contractually committed for such purposes.

In fiscal 2009, Catholic Cemeteries undertook a study to estimate the amount of maintenance that they will incur in the future to care for Catholic Cemeteries.  Based on an actuarial projection of 50 years and a discount rate of 3.5%, the present value of future obligations for permanent maintenance are substantial and would require an estimated $134.0 million to be fully funded as of August 31, 2011.

In fiscal 2011, the independent auditors of Catholic Cemeteries were changed from KPMG, LLP to Holtz Rubenstein Reminick, LLP. 

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 2011, net assets available for benefits increased by $61,000, which was the result of lower claims.  The fiscal year ended with total net assets available for benefits of $15.7 million and a benefit obligation of $3.3 million.

Protected Self Insurance Program
The Protected Self Insurance Program (PSIP) was initiated by the Diocese principally to administer a program for the self-indemnification of property and casualty losses of participating parishes, health facilities, institutions and organizations and individuals within the Diocese on an occurrence basis.  During fiscal 2011, net assets held for the benefit of participants decreased by $2.4 million versus $9.3 million in 2010. The improvement over the prior fiscal year was primarily the result of actuarially determined future assessment relief associated with the elimination of the workers compensation board self-insurance program and reductions in insurance premiums expenses.

In fiscal 2011, the independent auditors of PSIP were changed from KPMG, LLP to Saslow, Lufkin & Buggy, LLP. 


III.  Entities Associated with the Diocese

Unitas Investment Fund, Inc.
Unitas Investment Fund, Inc. (Unitas) is an investment company that facilitates 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 entities, such as the Diocese, parishes and schools.  The fiscal 2011 total return (calculated based on the AICPA’s Audit and Accounting Guide for Investment Companies) for all Unitas assets was 6.82%.  For fiscal year 2011, net assets available for participants increased $185,000 to $205.1 million, resulting from net investor withdrawals of $12.1 million, offset by $12.3 million of investment returns.

Mission Assistance Corporation
The Mission Assistance Corporation (MAC) was formed for the purpose of administering loans to Parishes in need. Such loans may be for, but not limited to, short-term bridge financing, construction, and repairs.  In addition, MAC periodically provides financial grants to Parishes that without such grants would be unable to fulfill the mission of the Church.  In fiscal 2011, total net assets increased $864,000 to $15.2 million due primarily to mission fees and net appreciation in the fair value of investments and mission fees.


Catholic Press Association
The Catholic Press Association is the publisher of “The Long Island Catholic” weekly newspaper.  In 2011, unrestricted net assets decreased $423,000 to $1.3 million due primarily to reductions in subsidy from the Diocese.  Total revenues increased by $19,000 to $1.9 million while total expenses decreased $415,000 to $2.7 million resulting from cost cutting measures.  During fiscal 2011, $782,000 was drawn from investments to cover operating deficits.

In fiscal 2011, the independent auditors of Catholic Press were changed from KPMG, LLP to Holtz Rubenstein Reminick, LLP. 

To Be Posted

Diocesan Service, Inc.
Diocesan Service, Inc. (DSI) provides insurance brokerage services for the Diocese and many entities associated with the Diocese.  In 2011, DSI earned total revenues of $15,000 and had total expenses before franchise tax credit of $24,000.  Total retained earnings at the end of 2011 were $142,000, after a net loss of $7,700.

In fiscal 2011, the independent auditors of DSI were changed from KPMG, LLP to Saslow, Lufkin & Buggy, LLP. 

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 2011, the Seminary had a net decrease in unrestricted net assets of $266,000, resulting from an operating deficit, offset by Diocesan subsidies totaling $1.7 million.  Of the total subsidy, $1.3 million was for general subsidy and $340,000 was for tuition and health insurance.

Catholic Charities and Affiliates (CC)
The financial statements of Catholic Charities (the “Agency”) and Affiliates include the accounts of the Agency’s programs and administration, as well as the accounts of three affiliated corporations: Catholic Charities Support Corporation (“CCSC”), Catholic Charities Health Systems of the Diocese of Rockville Centre, Inc. (“CCHS”) and Regina Maternity Services Corporation (“Regina”).  In 2011, combined unrestricted net assets from operations decreased $479,000 and total combined net assets decreased $289,000, to $24.6 million.  In 2011, Catholic Charities recognized receipt of $1.75 million in assistance from the Diocesan CMA program.

Ecclesia Assurance Company
Ecclesia Assurance Company (the Company) is a wholly owned subsidiary of the Roman Catholic Diocese of Rockville Centre (the Diocese), incorporated under the laws of the State of New York.  The Company is licensed to transact insurance and reinsurance business as a captive insurance company pursuant to the applicable statutes of the State of New York.  The company provides various property and casualty insurance coverage to the Diocese.  In 2011, Ecclesia had net income of $1.4 million due to net premiums earned offset by underwriting expenses.   At the close of the fiscal year, Ecclesia had $28.8 million in total assets and $13.8 million in total stockholder’s equity.

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 2011, unrestricted net assets remained unchanged as the majority of the activity within the Mission Office is custodial in nature, except for administrative fees, investment earnings and operating/fundraising expenses.