In recent years, the Archdiocese implemented several measures to control Archdiocesan Operations spending, conserve cash, and operate within a balanced budget. The expense reductions were primarily achieved through cost control measures including staff downsizing, program service cutbacks, and curtailing Archdiocesan subsidies.
The Archdiocesan balance sheet for the year ended June 30, 2012 reflects that the total net asset deficit for the Archdiocese amounted to $47,262,137. Over the last seven years, as a result of reducing operating expenses, along with good market returns on invested funds, the net assets have increased $80,308,014, from the $47,262,137 net asset deficit noted above to a surplus of $33,045,877. Archdiocesan Operations will continue to control spending, determine the rationale and sustainability of every Archdiocesan grant, and ensure it has adequate cash reserves.
While substantial progress has been made, especially in achieving a balanced Archdiocesan Operations operating budget, it could be a matter of years before the Loan Deposit Program net deficit is eliminated. Great strides have been made over the last decade. Lending practice reforms and interest rate adjustments have helped stabilize the Loan Deposit Program. Over the last seven years the Loan Deposit Program has seen an improvement in its net asset balance increasing by $40,810,306 from a net asset deficit of $50,804,653 as of June 30, 2012 to a net asset deficit of $9,994,347as of June 30, 2019.