Audited Financial Statement FYE June 30, 2016 & 2015

My Dear Friends in Christ,

On behalf of Bishop Malooly and the Diocesan Finance Council, I am pleased to present the audited financial statements of the Diocese of Wilmington, Inc. for the fiscal years ended June 30, 2016 and 2015. The statements were audited by Belfint, Lyons & Shuman, Certified Public Accountants, our auditors for the last 14 years.

As reflected in the financial statements, a deficit of $3.8 million was reported for FY 2016. This resulted mostly from the acceleration of lay pension contributions in advance of scheduled deposits. Please know that the success of the Sustaining Hope Capital Campaign has enabled the Diocese to have already deposited $8 million of the $10 million in lay pension contributions due by December 2017. We thank you for this generosity and for the continued support of the many pastoral, educational, and charitable services and ministries the diocese offers. Also important to note, of the $30.5 million in total net assets, approximately $19 million are restricted in use, with the balance available for any purpose. Another $25 million in restricted invested assets are held for affiliated organizations.

The Diocese has a long history of financial transparency, and for many years published an annual summary of revenues and expenses in The Dialog. Since 2014, this practice has been enhanced to include the complete set of financial statements on the Diocesan website.

We invite you to review them through the link below:

Joseph P. Corsini
Chief Financial Officer

Fiscal Years Ended June 30, 2016 and 2015