What is the current financial condition of the Archdiocese of Detroit?

The Archdiocese started the current fiscal year (July 1, 2019 – June 30, 2020) with a planned budget deficit of $4,928,942. This deficit is primarily due to Unleash the Gospel related expenses.  This deficit is similar to a net loss in for-profit organizations. The Archdiocese experienced a $19,509,469 increase in net assets for the 2018-2019 fiscal year that ended June 30, 2019. In the previous fiscal year of 2017-2018 the Archdiocese had an increase in net assets amounting to $13,271,789.  Increases in the net assets noted above included gains on invested funds in the amounts of $10,130,569 and $10,609,139 for fiscal years 2017-2018 and 2018-2019, respectively.

In the Archdiocesan balance sheet for the year ended June 30, 2019, the total net assets for the Archdiocese totaled $33,045,877. This is similar to retained earnings in a for-profit corporation.

These results reflect Archdiocesan Operations, related departmental and fund operations, and investment returns. These totals do not include the change in net assets generated by the archdiocesan Endowment Foundation and the Priests’ Pension Plan, which are separately incorporated entities.

Audited annual financial reports for the Archdiocesan Operations are published on the archdiocese website.