2012 Annual Report – Statements

| February 28, 2013 | 0 Comments

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The St. Paul and Minneapolis Archdiocese is an ecclesiastical division of the Roman Catholic Church comprised of 12 Minnesota counties. It was established in 1850 and elevated to an archdiocese in 1888.

The Archdiocese of St. Paul and Minneapolis (the “Archdiocesan Corporation”) was incorporated under the laws of the State of Minnesota as a religious corporation in 1883. The Archdiocesan Corporation exists as part of the jurisdiction of its archbishop over the spiritual and temporal affairs of the ecclesiastical division. While the Archdiocesan Corporation owns temporal goods (personal and real property) and conducts spiritual and charitable activities of its own, it does not own parishes, schools and other separately administered and organized operations of the Roman Catholic Church within the geographic area.

Basis of presentation

The financial statements include all administrative and program offices and departments of the Archdiocesan Corporation. The financial statements do not include the assets, liabilities and operations of the parishes, schools and other separately incorporated and administered operations of the Roman Catholic Church within the archdiocese.  The Archdiocesan Corporation is related to these organizations and entities through some common board members.

The financial statements recognize restrictions on certain net assets of the Archdiocesan Corporation. Where contributions carry temporary or permanent restrictions on use, the related net assets are carried separately.

The Archdiocesan Corporation secures comprehensive uniform risk protection for affiliated entities throughout the archdiocese, including parishes and schools through an activity known as the Archdiocesan General Insurance Program.

The program has a separate committee of advisors. In addition to the accounts identified in the condensed financial statements, the program has $10.7 million of funded reserves that are co-invested with other funds of the Archdiocesan Corporation. While assets and reserves for the program are shown on the financial statements of the Archdiocesan Corporation, they are held for the benefit of the program and its participants.

Financial statements

The financial statements of the Archdiocese of St. Paul and Minneapolis for the above periods were audited by independent certified public accountants who rendered an unqualified opinion on the financial statements. The accompanying condensed statements of financial position and activities are prepared from the audited financial statements but, in the interest of brevity, do not contain a similar level of detail and are not accompanied by complete explanatory footnotes.

Accordingly, the opinion of the independent certified public accountants is not presented.

Other programs

The Archdiocesan Corporation acts as a conduit for special collections in the parishes designated by the United States Conference of Catholic Bishops (“USCCB National Collections”) or for local purposes. During 2012, $1.7 million was contributed by parish communities for such collections and sent to the Archdiocesan Corporation for remittance. This amount includes $200,000 for service of debt at the Cathedral parish resulting from the building restoration.

The Growing In Faith Campaign was initiated in 2001 and is currently in the collection phase. While the Archdiocesan Corporation is not a direct beneficiary of the campaign, its development department manages the campaign effort and a separate cash function. The goal of the campaign was $115 million and as of June 30, 2012 approximately $110 million had been pledged which, after allowances and discounts, had an estimated realizable present value of $87 million. Pledges of approximately $80,000 were collected in 2012 and $1.3 million is expected subsequent to June 30, 2012.


The Archdiocesan Corporation has entered into a number of contracts with lending institutions to assist affiliated parishes and schools with credit for facility additions. This includes loan guarantees that aggregate approximately $69 million at June 30, 2012.

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Category: Annual Report