DECEMBER 20, 2018
THE CATHOLIC SPIRIT • 1B
ARCHDIOCESAN CHANCERY CORPORATION ANNUAL FINANCIAL REPORT • 2018
Seeing beyond the numbers
W
hile it’s not unusual to hear Christ characterized in our tradition as “teacher,” “shepherd,” “physician,” “advocate,” “judge” or “lawgiver,” I’m unaware of any instance in which he’s known as the “divine accountant” or the “celestial CFO.” That’s not to say that he doesn’t provide great advice in that area. His parable of the talents suggests that he has a good sense of investment, and his oftquoted statement that “to anyone to whom much has been given, much shall be required” reveals an appreciation of the necessary connection between assets and debits. Moreover, he manifests a ARCHBISHOP passion for faithful stewardship and BERNARD HEBDA rendering accounts, and he was careful not to lose any of the sheep his Father had entrusted to him. I am delighted to present this year’s Annual Financial Report, and I hope that you will read it carefully as an accounting of what we have done over the course of the last fiscal year with the substantial resources that have been made available to us. I continue to be humbled by the generosity of the faithful of this archdiocese. I hope that you, like me, will see beyond the mere numbers when you study this report. One of the blessings of being the archbishop is that I have had etched in my brain the faces, for example, of the young people who participated in Archdiocesan Youth Day, and of the graduates of the educational programs offered by our Office of Latino Ministry, and of our newly ordained priests as they begin their priestly ministry. Those numbers in the report also remind me of all the efforts of the Office for the Protection of Children and Youth and the Office of Ministerial Standards and Safe Environment to make sure that we are following
“
As is reflected in this year’s Annual Financial Report, we are blessed to be part of an archdiocese in which so many lay faithful are willing to so generously offer their time and talents to the service of the local Church, responding in fidelity to Christ’s call to servant leadership. through on our promise to foster safe environments in our parishes and schools. They recall for me as well our commitment to provide fair compensation to those who have been hurt by those who minister in the name of our Church. They bring back memories of the children encountering Jesus in our Catholic Schools and of those living on the peripheries of our communities whose lives are changed by the great work of Catholic Charities. I hope that this year’s Annual Financial Report will be an occasion for you to share my pride in the work that was accomplished by our brothers and sisters around the archdiocese in very difficult times. When it comes to financial administration, we are truly blessed to have a very competent professional staff, who have met head-on the challenges posed by our bankruptcy. They have responded well to the direction set by the Archdiocesan Finance Council (AFC) and Corporate Board, who, along with the priests serving on the College of Consultors and Presbyteral Council, have been valued collaborators in the important work of achieving stability and creating structures and procedures that will help us restore trust. Throughout the bankruptcy process, the volunteers
serving on the AFC and Corporate Board have gone above and beyond the call of duty. I am grateful to all of them, and especially to the AFC chairman, Tom Abood, for the additional commitment of time that was required to help us arrive at the consensual plan that was essential for moving us beyond bankruptcy. As is reflected in this year’s Annual Financial Report, we are blessed to be part of an archdiocese in which so many lay faithful are willing to so generously offer their time and talents to the service of the local Church, responding in fidelity to Christ’s call to servant leadership. The archdiocesan website archspm.org provides annual financial reports stretching back to 2012. Anyone comparing this year’s financials with the 2012 figures will note that we are today a much leaner operation. While the needs of God’s people have remained constant if not grown, we now have a significantly smaller archdiocesan staff to respond to them. I’m grateful to all those working at the Archdiocesan Catholic Center for finding creative ways of collaborating with our pastors and parish staffs that have enabled the Church to maintain a high level of service with significantly fewer resources. I feel privileged to work with these colleagues and know that I have benefited from their contagious Christ-centered commitment to our essential mission. While our pledge to pay $1 million each of the next five years to the Bankruptcy Trust will necessitate that we continue to be disciplined in our expenditures, I hope that this 2018 Annual Financial Report helps you to share my confidence that our local Church is nonetheless prepared to move forward. Please know of my gratitude for your generous financial support and expressions of growing trust. Through the intercession of Our Lady, Undoer of Knots, may the Lord continue to bring fruit to our labors.
Financial Officer Report Author’s note: The following comments elaborate on the financial statements of the Archdiocese of St. Paul and Minneapolis Chancery Corporation (“archdiocese”) that ended June 30, 2018. Financial statements are included in this issue of The Catholic Spirit. The Management Discussion and Analysis and Financial Statements are posted at archspm.org on the Administration and Finance page. By Thomas Mertens, CFO
Introduction The Fiscal Year 2018 of the Archdiocese of St. Paul and Minneapolis began July 1, 2017, and ended June 30, 2018. For the first time since filing for Reorganization in U.S. Bankruptcy Court in January 2015, the archdiocese has some financial certainty as we approach the New Year. The most significant financial development occurred June 28, 2018, shortly before the end of our Fiscal Year 2018, when the archdiocese and the Unsecured Creditors Committee, representing more than 400 sexual abuse claimants, filed a $210 million Joint Plan of Reorganization that provides remuneration to those harmed and allows the archdiocese to continue the mission of the Church. In the 2017 Financial Report, I noted that the second Amended Plan of Reorganization was filed in December 2016 and proposed a settlement of $156 million. Thanks to mediation involving all parties, that number reached $210 million in late spring. The $210 million Joint Plan was approved by the judge overseeing the case Sept. 25, 2018, and we were discharged from our debts Oct. 11, 2018. We are
emerging from Bankruptcy and expect the case to be closed in December of this year. As was our intention from the Plan’s filing in January 2015, the consensual Plan consisted primarily of insurance settlements with carriers that issued policies for coverage over the past 70 years. The other significant sources were insurance settlements from parishes in the archdiocese; proceeds from the sale of archdiocesan properties; unrestricted cash; the sale of our land to three Catholic high schools; and contributions from parishes, the General Insurance Program, Archdiocesan Medical Benefit Plan and priests. In addition, the archdiocese signed a non-interest bearing promissory note payable to the Bankruptcy Trust that requires an annual payment of $1 million over the next five years. All proceeds have been or will be transferred to the Bankruptcy Trust, which is overseen by a trustee selected by attorneys for the survivors. Most of the funds should be distributed to claimants before the end of this calendar year. Legal and professional expenses incurred since filing for Reorganization in 2015 totaled approximately $20 million. The archdiocese paid nearly $8 million of those expenses during the bankruptcy, and the Plan calls for the remaining amount to be paid from the Bankruptcy Trust. A significant amount of these legal and professional fees were incurred to maximize insurance proceeds from archdiocese and parish insurance policies for those harmed for events dating back as far as the 1940s. Payments from insurance carriers into the Bankruptcy Trust accounted for $175 million of the $210 million Plan. While we provide administrative and pastoral support to parishes, Catholic schools and other
Catholic entities in the 12 counties that make up the archdiocese, this annual fiscal report does not contain their financial information. That is because, under Minnesota law, they are all independent corporations with completely separate finances, and they are required to prepare and publish their own financial reports. In our commitment to accountability and transparency to the Catholic faithful and the public, the archdiocese has released its full audited financial reports annually since June 30, 2013. This is important to Archbishop Bernard Hebda, the Archdiocesan Finance Council and staff because approximately 70 percent of the archdiocese’s funding comes from parish assessments, which is predominately the result of plate and envelope collections from parishioners. People who give so generously to this local Church deserve a full accounting of their resources. For the fourth year, because of the bankruptcy reorganization, the archdiocese asked our CPA firm to perform Agreed Upon Procedures on our financial statements for the fiscal year ending June 30, 2018. These procedures do not represent an audit, and, as a result, you will not see an Independent Auditor’s Report attached to our financial statements. The Agreed Upon Procedures were developed by management and the Archdiocesan Finance Council in consultation with our CPA firm, and they will assist us in governance of the archdiocese by requiring attestation procedures on key balance sheet accounts and review of the income statement and internal controls. The Agreed Upon Procedures are
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2018FINANCIALREPORT
2B • THE CATHOLIC SPIRIT
Archdiocese of St. Paul and Minneapolis Chancery Corporation Operating Expense before Special Issues Expense Fiscal Year 2018: $19.6 Million
Archdiocese of St. Paul and Minneapolis Chancery Corporation Operating Revenue Fiscal Year 2018: $20.6 Million
Contributions $2.73
Other Income $0.64 Parish Assessments $14.56
Investment Income, net $0.29
DECEMBER 20, 2018
Community Services $0.08 Stewardship & Development Marriage, Family & Life $0.47 $0.86 Latino Ministries $0.48 Parish Services & Outreach $1.52
Central Services $5.11
Communications $1.88 Fees & Program Revenues $2.37 General & Administrative $2.91 Clergy Services $4.74 Evangelization $0.27 Catholic Education $1.31 FY 2018 PROGRAM EXPENSES
FY 2018 REVENUE
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Fees & Programs Revenues
Investment than Incomean audit. When we significantly less expensive Contributionslater this calendar year, emerge from Reorganization Other Income practice of annual we will return to the standard independent audits next fiscal year and will continue our practice of releasing the information promptly after completion of our financial statements and auditor’s report.
Financial condition For the year ended June 30, 2018, we generated a surplus from operations before Special Issues Expense of nearly $1 million as compared to a surplus before Special Issues Expense of $2.3 million in Fiscal Year 2017. Our loss from operations in Fiscal Year 2018 was $20 million because of Special Issues Expense of $21 million related to the bankruptcy settlement. Our loss from operations in Fiscal Year 2017 was $2.6 million, which included approximately $4.8 million of Special Issues Expense. The Special Issues Expense of nearly $21 million in Fiscal Year 2018 reflects the obligations of the archdiocese agreed to in the Plan that became effective Oct. 11, 2018. Those obligations include a cash payment of $23,475,000; a promissory note of $5 million; sale of land to three Catholic high schools for $4 million in aggregate; assignment of rights to an estate and workers compensation refund; and mediator and bankruptcy filing fees. These expenses were offset by legal and professional fees previously recorded that were determined to be the obligation of the Bankruptcy Trust under the Plan. The $23,475,000 noted above was transferred to the Bankruptcy Trust in October 2018, and the sale of the high school land also took place in October 2018. Proceeds from the sales were transferred directly to the Bankruptcy Trust by the purchasers.
Revenue Total Operating Revenue in Fiscal Year 2018 was $20.6 million, down approximately $150,000 from Fiscal Year 2017. Parish Assessments, Fees and Program Revenues, and Investment Income all were
$ % $ % Central Services 5.11 26.06% lower, while Contributions and Other Income The General Insurance Program of the Archdiocese 14.56 70.73% Clergy Services 4.74 24.17% increased slightly. The Investment Income is of St. Paul and Minneapolis provides comprehensive, 2.37 11.49% Catholic Education 1.31 6.70% generated from restricted funds and is not available uniform coverage to all of the parishes, 0.29 1.42% Evangelization & Catechesis 0.27 Catholic 1.36% for general operations. schools and certain other Catholic 2.91 entities14.82% within the 2.73 13.25% General & Administrative archdiocese, as well as the Chancery Corporation. The Communications 1.88 9.57% 0.64 3.11% Parish Assessments, our primary source of revenue, and Outreach 1.52 7.74% 20.59 coverage provided by the General Insurance Program are generated from the 187 parishes within the Parish Services Ministries 0.48 general 2.43% includes commercial property, casualty, archdiocese, and they decreased slightly in 2018Latino from Development & Stewardship 0.47 2.39% liability and workers’ compensation. The General 2017. Assessments are calculated and billed on a twoCommunity Services 0.08the benefit 0.38% of the Insurance Program is maintained for year lag, which means the parish financial results for Marriage, Family and Life 0.86 participants who have contributed to those4.37% funds in the years ended June 30, 2015 and 2016 formed the 19.60
basis for the Parish Assessment revenue for the years ended June 30, 2017 and 2018, respectively. Under the Plan, the archdiocese agreed not to change the assessment methodology or rates to the parishes for a two-year period.
Operating expense
Our Operating Expense Before Special Issues Expense in 2018 totaled approximately $19.6 million as compared to $18.5 million in 2017, an increase of 6.1 percent. The increase is the result of increased costs to support seminary education and graduate education for priests, and costs related to ministerial standards and safe environment initiatives. In addition, the archdiocese increased its allowance for doubtful accounts by nearly $470,000 on loans it made decades ago under a program where parish deposits provided funds for those loans. Under the Plan, those parish deposits are required to be refunded to parishes through offsets against current and future assessment billings.
Non-operating activity — Gain on sale of assets The archdiocese sold the Dayton Building, which was previously used as office space by staff, in 2017. This sale resulted in cash received of approximately $875,000 and a book gain from the sale of $779,000. There were no gains or losses on the sale of assets in 2018. The gain on the sale of land to the three Catholic high schools in October 2018 will be recorded during the Fiscal Year ending June 30, 2019.
Non-operating activity — General Insurance Program
exchange for obtaining insurance coverage.
The General Insurance Program had a surplus from operations of $2.8 million in 2018, as compared to $2.1 million in 2017, due to lower claims in the most recent year. As stated earlier, the General Insurance Program contributed $6 million to the Plan. The expense of this contribution is included in Special Issues Expense and not General Insurance Program Expenses. In addition, the archdiocese has assigned a potential refund from the workers’ compensation investment account of excess funds not required by the Minnesota Department of Commerce for self-funded plans. We estimated this refund for purposes of the bankruptcy settlement at $800,000 and have classified it as a Special Issues Expense. It is included on the Balance Sheet under Bankruptcy Settlement Liability. This refund request was submitted to the Minnesota Department of Commerce, and the archdiocese is anticipating a response in the near term.
Non-operating activity — Priest Benefits The archdiocese coordinates a self-insured health and dental benefit fund for active priests and seminarians within the archdiocese. The archdiocese invoices parishes, Catholic schools and other Catholic entities based on clergy assignments and pays benefit providers directly for any claims. Priest Benefits generated $487,000 of income in 2018 as compared to a slight profit in 2017 and a significant loss in 2016. The income was the result of lower claims per participant in the current year as compared to the prior year.
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2018FINANCIALREPORT
DECEMBER 20, 2018
THE CATHOLIC SPIRIT • 3B
Supporting the mission of the Church The Archdiocese of St. Paul and Minneapolis serves Catholics and the greater 12-county Twin Cities community. The following narrative explains the function of each department and the funding level for Fiscal Year 2018. There also is a chart that illustrates the expenditures, as compared to other departments.
Catholic Education • $1,313,560 The Office for the Mission of Catholic Education (OMCE) provides support for Catholic schools and parish faith formation programs in the archdiocese by focusing on Catholic identity, leadership development and assistance in implementing academic programs. A particular area of emphasis is providing programmatic oversight to promote innovation and excellence in local urban Catholic Schools. The OMCE is focused on forming a new generation of Catholic students by teaming up with private partners including the Aim Higher Foundation, Catholic Schools Center of Excellence and GHR Foundation.
Central Services • $5,109,558 The Department of Central Services provides support and services to archdiocesan staff and the parishes. The department includes the offices of the chancellors of civil and canonical affairs, information technology services, the metropolitan tribunal, human resources and benefits, records and archives, the Office of Financial Standards and Parish Accounting, and facility and maintenance. Also covered in this category are assessments to the Minnesota Catholic Conference and the U.S. Conference of Catholic Bishops.
Clergy Services • $4,739,194 The role of this office is to provide support and formation for priests and deacons in all aspects of ministry and pastoral care. Services provided by this office include the following: Seminary Formation: There are currently 54 men in formation for the priesthood for service of our archdiocese. While the number changes throughout the discernment process, our archdiocese has one of the largest enrollments of seminarians of any diocese in the country. The archdiocese funds the medical and dental coverage of those seminarians, as well as tuition, room and board of those attending the Pontifical North American College in Rome. Center for Clergy Formation: Institute of Ongoing Formation for Clergy and the Institute of Diaconate Formation comprise the Center for Clergy Formation. Each entity of the center provides an integrated approach to priestly and diaconate formation, including gatherings and support for newly ordained priests, programs to assist new pastors in their role and ongoing formation opportunities for priests and deacons throughout the archdiocese. Continuing Education: This includes continuing education opportunities, a sabbatical program, international enculturation and a biennial presbyteral assembly.
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Financial position Net Assets of the archdiocese were nearly $27.3 million on June 30, 2017. As of June 30, 2018, the Net Assets were approximately $10.5 million. The decrease is the result of the bankruptcy settlement recorded during the year ending June 30, 2018. Of the total cash on June 30, 2018, of $28 million, $23,475,000 represents cash restricted for the bankruptcy settlement, cash restricted by donors of $1.9 million and unrestricted cash of $2.7 million. As of June 30, 2018, there were no Board Designated funds, as all of those funds were contributed to the bankruptcy settlement in October. We believe that the remaining balance of unrestricted cash, after payment of all bankruptcy settlement obligations, will allow the archdiocese to operate and continue its mission. The decrease in the General Insurance Program
Ministerial Standards and Safe Environment: The mission of the Office of Ministerial Standards and Safe Environment is to work with our community to prevent the sexual abuse of minors and vulnerable adults through a number of initiatives, including implementing abuse prevention programs, immediately reporting allegations of abuse to law enforcement and/ or child/adult protection officials and cooperating fully with their investigations, and helping those affected by abuse in their healing journey. Priest Support: This includes support for priests who are not in ministry due to personal health issues or a disciplinary leave of absence, as well as those who have been permanently removed from ministry. Chaplaincies: There are 36 priests and 25 deacons in full- or part-time ministry at hospitals and correctional facilities throughout the archdiocese who are supported by the archdiocese. There are many other priests and deacons throughout the archdiocese who provide pastoral care at health care, correctional facilities or schools, either as a ministry of their parish or through their outreach work. They offer the sacraments and spiritual support during some of the most difficult times in peoples’ lives. Last year, thousands of people throughout our community were served by chaplains. Specialized Ministries: This includes the Office of Vocations, support for international clergy and retired clergy, which includes the operation of the Leo C. Byrne Residence for retired priests in St. Paul.
Communications • $1,875,894 The Office of Communications helps convey the teachings of the Church and fosters communications between the archdiocese and the faithful, parish and school leaders and staff, and others in our community. It does this through The Catholic Spirit, multiple websites, social media, e-newsletters, printing services and other communications. The office also conducts media consultation and training for clergy, parishes and other representatives of the archdiocese, and it works with secular TV and radio stations, as well as with print and online publications.
Community Services • $75,050 The archdiocese helps men, women and children most in need within our local community, including the poor, hungry, and homeless, primarily through cash support to Catholic Charities of St. Paul and Minneapolis.
Evangelization • $267,180 The Office of Evangelization (OE) creates opportunities for people to encounter Jesus Christ and to make the truth of Christ and his Church clearly understood and accessible. Evangelization efforts are created and experienced in cooperation with parishes and Catholic schools and the many ministry groups throughout this local Church. The Office of Evangelization’s initiatives include a grandparents ministry and Catholic Watchmen.
Assets was due to the classification of cash. The $6 million contribution to the bankruptcy settlement was reflected in Cash Restricted for Bankruptcy at June 30, 2018, while in the prior year the cash was reflected in the General Insurance Program Assets. The decrease of approximately $8.3 million in Accounts Payable and Accrued Liabilities, Post-Petition, is the result of previously accrued and unpaid Special Issues Expense becoming obligations of the Bankruptcy Trust and not the archdiocese under the Plan.
Looking forward As the Bankruptcy comes to a close and I reflect on these past four years, I am comforted knowing that our primary objective prior to and during the Bankruptcy process of obtaining the most resources possible for the survivors was achieved while continuing our mission. The work of our staff, legal counsel, Archdiocesan Finance Council and Corporate
Marriage, Family and Life • $856,950 This Office of Marriage, Family and Life assists the laity and parishes through programs supporting marriage preparation, family education programming, respect life, pro-life groups, biomedical ethics and outreach for people with disabilities. The office also sponsors the annual Archdiocesan Youth Day that brings together hundreds of local highschool-aged teens to praise God, grow in the faith and find fellowship. In addition, this office helps coordinate local representatives attending the National March for Life, World Youth Day, the National Catholic Youth Conference and other youth events.
Parish Services and Outreach • $1,517,428 The Office of Parish Services provides consultation, planning and leadership development opportunities to parishes throughout the archdiocese. The archdiocese supports outreach ministry to various groups and members of the archdiocesan community, including Indian ministry, black Catholic initiatives, the Venezuelan mission, the Archdiocesan Council of Catholic Women, deaf ministry, and other groups and coalitions.
Latino Ministries • $475,989 There are more than 24 Latino Ministry parishes throughout the archdiocese that receive support from the Office of Latino Ministry. These Latino Ministry parishes offer the sacraments, catechesis and spiritual support to tens of thousands of Spanish speaking people throughout the local Church. The Office of Latino Ministry also oversees special days of celebration of faith and family throughout the year. In addition, biblical, catechetical and pastoral leadership formation institutes are provided for members of the Latino community to assist them in growing in the faith.
Support Services General and Administrative • $2,905,425 The offices of the archbishop, retired archbishops, bishops, vicar general, accounting, finance and general administration are included in the General and Administrative category. Over half of this expense category supports salaries and benefits of staff. Also included are expenses incurred for non-bankruptcy related legal fees and bad debt expense.
Stewardship and Development • $468,100 This office works with parishes and Catholic schools to help grow a culture of stewardship in local communities and to support parish and school development efforts. The office also engages in outreach to benefactors who wish to support specific ministries or programs of the Chancery Corporation.
Board to pursue this objective was tremendous. Our staff endured continuous expense reductions and layoffs and were able to continue to provide support for our programs through creativity, hard work and perseverance. We are fully aware of our future financial obligations to fund the Bankruptcy Trust over the next five years, and we are committed to making the difficult decisions required to provide the resources to meet our obligations. We also know and understand that our work is never complete as it relates to the protection of children, and we vow to continue to do all we can to keep children safe in this archdiocese. The past four years have been difficult, challenging and uncertain for all Catholics. I want to thank all of the clergy, lay leaders, staff, volunteers, parishioners and others within the archdiocese for their commitment to creating a stronger, more unified local Church.
2018FINANCIALREPORT
4B • THE CATHOLIC SPIRIT
DECEMBER 20, 2018
Condensed Statements of Financial Position
Condensed Statements of Activities THE ARCHDIOCESE OF ST. PAUL AND MINNEAPOLIS (Debtor in Possession) Chancery Corporation Statements of Activities (Unaudited) Years ended June 30, 2018 and 2017
THE ARCHDIOCESE OF ST. PAUL AND MINNEAPOLIS (Debtor in Possession) Chancery Corporation Statements of Financial Position (Unaudited) As of June 30, 2018 and 2017
2018 2017 2018 OPERATING REVENUE ASSETS Contributions Parish Assessments Fees and Program Revenues Investment Income, Net Other Income Operating Revenue
$2,727,981 $2,644,583 14,561,156 14,596,231 2,365,234 2,556,976 291,356 400,099 641,001 540,001 20,586,728
20,737,890
1,313,560 5,109,558 4,739,194 1,875,894 75,050 267,180 856,950 1,517,428 475,989
1,231,886 5,063,918 4,124,615 1,849,891 67,569 225,157 957,191 1,580,189 379,884
16,230,803
15,480,300
Support Services: General and Administrative Stewardship and Development
2,905,425 468,100
2,490,280 501,406
Total Support Services
3,373,525
2,991,686
19,604,328
18,471,986
982,400
2,265,904
20,991,488
4,829,831
(20,009,088)
(2,563,927)
OPERATING EXPENSE Program Services: Catholic Education Central Services Clergy Services Communications Community Services Evangelization Marriage, Family and Life Parish Services and Outreach Latino Ministries Total Program Services
Total Operating Expense before Special Issues Expense Change in Net Assets from Operations before Special Issues Expense Special Issues Expense Change in Net Assets from Operations NON-OPERATING ACTIVITY Gain on Sale of Assets General Insurance Program Revenues General Insurance Program Expenses Priest Benefit Revenues Priest Benefit Expenses Change in Net Assets from Non-Operating Activities CHANGES IN NET ASSETS
Cash — Unrestricted and Board Designated Cash — Restricted for Bankruptcy Cash — Restricted by Donors Contributions Receivable, Net of Allowances Accounts Receivables, Net of Allowances Loans Receivable, Net of Allowances Investments Beneficial Interest in Perpetual Trusts General Insurance Program Assets Prepaid Expenses and Other Assets Land, Property and Equipment, Net Total Assets
$2,698,445 23,475,000 1,880,642 535,156 4,784,148 697,604 143,414 1,519,426 10,773,364 315,003 4,244,390 $52,066,592
2017
$9,109,463 8,777,117 3,057,432 573,991 4,044,160 1,105,777 1,077,007 1,488,199 14,106,969 324,092 4,540,216 $48,204,423
LIABILITIES AND NET ASSETS Liabilities Accounts Payable and Accrued Liabilities, Pre-Petition Accounts Payable and Accrued Liabilities, Post-Petition Litigation Claims Payable, Net of Insurance Recovery Bankruptcy Settlement Liability General Insurance Program Claims Payable and Other Liabilities Amounts Held for Others Under Agency Transactions Parish Demand Deposits Deferred Revenue Lease Payable Deferred Rent Note Payable — Bankruptcy Settlement
$242,332 $242,252 1,577,658
9,880,768
— 28,694,031
4,600,000 —
4,836,053
4,928,498
175,232 495,028 144,176 65,469 351,963 5,000,000
127,892 679,304 75,357 75,090 347,554 —
41,581,942
20,956,716
Unrestricted Temporarily Restricted Permanently Restricted
6,291,163 2,436,912 1,756,575
22,290,884 2,948,733 2,008,090
Total Net Assets
10,484,650
27,247,707
$52,066,592
$48,204,423
Total Liabilities Net Assets
— 9,479,187 (6,720,347) 3,101,556 (2,614,366)
797,084 9,404,646 (7,303,322) 2,752,875 (2,618,252)
Total Liabilities and Net Assets 3,246,031
3,033,030
$(16,763,057)
$469,103