By RICK SNIZEK, Executive Editor
PROVIDENCE — An annual independent audit of its finances shows that for the fiscal year ending June 30, 2025, the Diocese of Providence is on stable financial footing.
“We had a solid year,” Chief Financial Officer Michael F. Sabatino, CPA, said, noting how positive returns on its investment portfolio—13.6 % for the fiscal year—were a driving force for that strength. “Our net assets are up more than $25 million over the previous year.”
That figure represents an approximate 11% increase in net assets.
Signs of an increase in Mass attendance across the diocese are manifesting themselves through an increase in parish income reported in the financial review, returning the amounts the parishes pay to the diocese to pre-COVID-19 levels, even with fewer parishes.
At the end of the last fiscal year the diocese had 119 parishes compared to 135 in 2019.
“Overall, I share the observation that our diocesan finances are solid and stable,” Bishop Bruce A. Lewandowski, C.Ss.R., said.
The audit report, produced by the accounting firm CBIZ CPAs Inc., shows positive results for the Diocesan Central Administrative Funds—which cover the operations of both the General Fund and the Catholic Charity Appeal, and also funds many ministries throughout the diocese—and Diocesan Cemetery Operations.
The General Fund had what the report deemed a “modest” surplus, ending the fiscal year with approximately $102,000, compared to $94,000 the previous year, and diocesan investment returns of approximately 13.6%.
The annual Catholic Charity Appeal surpassed its $7.5 million goal, garnering $7,858,252 million in donations and gifts.
These critical resources allowed the diocese to continue to serve those in greatest need through ministries such as the Emmanuel House homeless shelter, the St. Martin de Porres Senior Center, Life and Family Ministry, Youth and Evangelization programs and Catholic School tuition assistance grants.
“I am grateful to our Pastors, Administrators, CCA leaders and especially the numerous donors who continue to support our many diocesan ministries funded by the appeal,” Bishop Lewandowski said. “These generous donations allow us to continue the vital mission to share the Gospel throughout our great state.”
The Catholic Foundation of RI had a very successful year, increasing its net assets by more than $18 million, bringing the value of the endowments it holds for charitable purposes to $179 million.
The realized and unrealized gains of $18.4 million were supplemented by gifts totaling $4.4 million. Foundation endowments supply funding for necessary ministries throughout parishes, schools and agencies as designated by the donors.
Catholic Cemeteries reported a modest surplus, showing an increase of approximately 10% over the previous year. The increase was tempered by increased operational expenses to support the six diocesan cemeteries in Rhode Island, as well as opening much-needed new grave sections.
“Inspired by the works of Mercy, our cemeteries have continued to provide, at substantial cost annually, the major portion of the burial for the unhoused and indigent in our state,” Bishop Lewandowski said.
“We also work closely with our Catholic faithful to supply the necessary services and education for a proper Catholic burial.”
The Interparish Loan Fund, where parishes invest money, receiving a 3.5% rate of return — which is then loaned out to parishes, schools and agencies seeking funds for projects at a rate of 4.5% continues to show strength.
The fund stands at $63.5 million, with $35 million of that total being available for loans, according to the audit report.
As a result of initiatives set forth several years ago by then-Vicar of Planning and Finance Msgr. Raymond B. Bastia, the Priest Pension Fund is now very well-funded at 130%.
“We continue to be blessed with the exceptional leadership of our priests who minister selflessly to their parishes and their surrounding communities,” Bishop Lewandowski said, adding that the current fiscal year holds much promise for the Diocese of Providence.
Sabatino, the diocesan CFO, expressed his gratitude for the generosity of all who support the diocese and its ministries.
“Our diocese will do its best to be careful stewards of its resources as it relies on the generous support provided by so many who continue to give of their time, talent and treasure,” he said.
To view the Annual Financial Report Summary please visit dioceseofprovidence.org/afrs.
A copy of the summary of the report is also included in this week’s edition.
