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ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral Ce11ter a11d Affiliates)
COMBINED FINANCIAL STATEMENTS AND
Years Ended June 30,2014 and 2013
(With l11dependent Auditor's Report Thereon)
Independent Auditor's Report
Combined Financial Statements:
Combined Statements of Financial Position
Combined Statements of Activities
Combined Statements of Cash Flows
Notes to Combined Financial Statements
Combining Statements of Financial Position and Activities - 2014
Combining Statements of Financial Position and Activities - 2013
Riney Hancock CPAs · · · · · · · · · · · · · · · · · · · · · · · · · · · · PSC
INDEPENDENT A'UDITOR'S REPORT
Diocesan Finance Council Roman Catholic Diocese of Owensboro
We have audited the accompanying combined financial statements of the Roman Catholic Diocese of Owensboro (Catholic Pastoral Center and Affiliates) (Diocese) (a nonprofit organization), which comprise the combined statements of financial position as of June 30, 2014 and 2013, and the related combined statements of activities and cash llows for the years then ended, and the related notes to the combined financial statements.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these combined financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and .maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on these combined financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standard require that we plan and perform the audit to obtain reasonable assurance about whether the combined financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the combined financial statement. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the combined financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and f:1ir presentation of the combined financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the combined financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
In our opinion, the combined financial statements referred to above present fairly, in all material respects, the financial position of the Roman Catholic Diocese of Owensboro (Catholic Pastoral Center and Affiliates) as of June 30, 2014 and 2013, and the changes in their net assetc; and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The combining statement of financial position and the combining statements of activities on pages 21- 24 are presented for purposes of additional analysis and are not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.
Owensboro, Kentucky December 30, 2014
. . www.rincyhancock.com- info (it rincyhancock.com
2900 Veach Road, Suite 2- Owensboro. Kentucky 42303 - 270-926-4540- Fax: 270-926-1494
313 Southeast First Street- Evansville, Indiana 477 13 - 812-423-0300- Fax: 812-423-6282
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ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral Center and Affiliates)
COMBINED STATEMENTS OF FINANCIAL POSITION
June 30, 2014 and 2013
2014 2013 ASSETS
Cash and cash equivalents $ 2,347,952 $ 2,128,877 Cash restricted for construction 8,150 10,927 Investments 34,788,183 31,848,761 Real estate investments 461,833 521,465 Accounts receivable:
Due from parishes 317,132 227,165 Other 248,866 330,822 Grants 12,405 89,787 Lease 4,651,850 239,073
Promises to give, net 1,229,195 Loans receivable 2,477,968 3,420,890 Accrued interest receivable 8,385 22,343 Due from related party 13,908 Prepaid expenses 6,576 14,799 Inventories 85,285 113,963 Cemetery property 257,514 260,813 Property and equipment, net 6,606,086 4,733,340
Total assets $ 52,292,093 $ 45,192,220
LIABILITIES AND NET ASSETS
Accounts payable and accrued expenses $ 683,178 $ 425,927 Due to related party 37,454 Deferred revenue 203,740 178,258 Deposits payable 13,119,881 12,463,369 Collections payable 80,549 70,864 Note payable 4,660,000 250,000 Accrued retirement obligations 2,022,910 2,260,175
Total liabilities 20,770,258 15,686,047
Net assets: Unrestricted:
Undesignaled 12,292,727 11,226,284 Board designated 16,966,561 12,732,172 Legally mandated 693,515 634,388
Temporarily restricted 1,569,032 4,913,329
Total net assets 31,52 I ,835 29,506,173
Total liabilities and net assets $ 52,292,093 $ 45,192,220
ROMAN CATIIOLIC DIOCESE OF OWENSBORO (C .. bollc Pastoral Cu1u .. d .unu .. cs)
COMDII'EO STA TE.\tENTS OF ACTIVITIES
Yean Ended June 30. 201~ and 2013
--- 201~ 2013
Temporanly T~mpomily Unn:slncled R.:slr..:lcd Tout UM:Sinclcd Rcslnctcd T01al
Re•eau~. support aad &al .. : Paruh assessmtn~S s 2.7~.9$7 s s 2.7~.957 s 2,S98,790 s - s 2.598,790 Contributions and bcquesu SS0,483 1.341,391 1,891,87-1 131,802 1.006.1165 1.138,467 ln•csnncnt 11:111111 4,7$2,356 4)0.~ 5,182.420 l,02S,l63 203,2~7 3.228,6SO lnlen:siiW:ome oo loans li8.SS-I 118,SS4 1Sl,873 - 153.873 Renul non"' 29,038 19,038 30,219 30,219 Income on real cs1.11e ~nvesm~tnl$ 39S,8Sb - 39S,8S6 232.S2l - 132.523 Granu 607.507 ~0.706 628.213 66-1,376 149,725 814.101 Program and sci\' tee fe.: LIICome 6,102,092 6,101,092 5,938,540 S,938,S40 Gam 1 bul oo sale: of propcny and cqut~ot (-17,090) (~7.090) 318 318 Oll..,r U>
Sec Notes to ( \ unbinc!l Financial Statements
ROMAN CATHOLIC DIOCESE OF OWENSBORO (Catholic Pastoral Center and Affiliates)
NOTES TO COMBINED FINANCIAL STATEMENTS
Years Ended June 30, 2014 and 2013
1. Organization and Summary of Significant Accounting Policies
Nature of Organization
The Roman Catholic Diocese of Owensboro (Diocese) is a not-for-profit organization, founded under the laws of the Commonwealth of Kentucky and commencing operations in 193 7. The Diocese provides support for the administration of pastoral, vocational, educational, and other services to the parishes of Western Kentucky.
Principles of Combination
The combined financial statements include the accounts of the Catholic Pastoral Center and Affiliates, which are under common control. Such entities are collectively referred to as the Diocese in the financial statements and related notes and include the Catholic Pastoral Center and the following affiliates:
Deposit and Loan Fund Charitable Trust Fund Diocesan Benefit Plan Bishop Soenneker Home Division of School and Community Nutrition Capital Campaign Owensboro Catholic Cemeteries Owensboro Catholic League Gasper River Catholic Retreat Center Gideon Productions
All significant transactions among the entities included in the combined financial statements have been eliminated. The combined financial statements do not include parishes, schools, or other entities not under the control of the Catholic Pastoral Center.
Basis of Presentation
The Diocese reports infonnation regarding its financial position and activities according to three classes of net assets: unrestricted net assets, temporarily restricted net assets, and pennanently restricted net assets. The Diocese had