Mount Carmel | Oxley | Pain Court | Parkhill | Pelee ... · from two sources: the 2012 annual...

Regardless of age, pre-planning your cemetery arrangements together simply makes sense - financially and emotionally.

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By Dave Savel, CA Episcopal Director of Administrative Services

Each year, the Diocese of London publishes the financial results of our diocese, parishes and diocesan cemeteries. The report, available to everyone, is available through our diocesan newspaper as well as our website, www.dol.ca. The figures are taken from two sources: the 2012 annual audited financial statements of our diocese, parishes and diocesan operated cemeteries as well as our internal records. Our fiscal year is the same as the calendar year, so the information in this report covers 2012. I encourage you to take the time to review the important information contained in this report.

ParishesParish collections increased 3% to $31.5 million (up from $30.6 million the previous year). Approximately 2% of this increase can be attributed to the fact that there was an extra Sunday in 2012 (53 instead of the usual 52). Total parish operating revenues were $38.8 million (versus $39.4 million the previous year), a decrease of 1.6% Parish operating

and ministry costs also were down (7.3%), which resulted in an increase in the parish operating surplus to $3.7 million (up from $2 million).

Capital donations increased 7.6% to $8.9 million (up from $8.2 million). There were no proceeds from the sale of former church properties in 2012 (down from $0.3 million the previous year). Capital spending increased 1.5% to $12 million (up from $11.8 million). On an overall basis (i.e. operating and capital results combined), the parishes had a net surplus of $0.6 million in 2012, versus a net deficit of $1.3 million in 2011. These results are good given the economic situation within our diocese.

Of our 120 parishes and communities, 17 incurred an operating deficit in 2012. This was much better than the previous year, in which 36 incurred an operating deficit. Operating results include day-to-day receipts and expenditures such as Sunday offertory, ministry, outreach, salaries, utilities, and repairs and maintenance. Under the Parish Reorganization Policy, we have standards established for assessing parish financial

viability. In 2007 this process was detailed in a document entitled Financial Viability and Parish Reorganization. We continue to work with parishes that struggle financially to try to help them become financially viable.

At the end of 2012 our Parish Deposit & Loan Fund had cash of $1.8 million (up from $1.1 million) and short-term investments of $1.8 million (down from $4.2 million). The Parish Deposit & Loan Fund functions essentially like a parish “credit union.” Parishes with excess funds, or those saving for a capital project, deposit monies with the Fund and earn interest. Parishes in need of funding for capital projects can apply to the Parish Deposit & Loan Fund Committee to borrow.

At the end of 2012, the number of parishes and diocesan entities with money on deposit was 99, totaling of $21.8 million. The average deposit balance was $220 thousand. The previous year, 100 parishes and diocesan entities had deposits of $23.4 million, with an average deposit balance of $234 thousand.

The number of parishes and

diocesan entities in a loan position (i.e. owed money to the Fund) was 37, with the amount totaling $19.5 million. The average loan balance was $527 thousand. The previous year, 37 parishes and diocesan had loans totaling $19 million, with an average loan balance of $514 thousand.

2012 was a busy and exciting year for construction. Holy Trinity Parish built a new church in Woodstock (dedicated in 2013) and St. Andrew Kim Korean Catholic Community renovated a former non-Catholic church building in London and opened the first Korean Church in our diocese (also in 2013). St. Philippe and St. Anne Vietnamese Catholic Community renovated the former St. Patrick Church in Windsor, re-opening as the first Vietnamese church in our diocese. Good Shepherd had originally planned to begin construction of their new church in Lakeshore, but this has been pushed back to later in 2013.

Major capital projects in excess of $100,000 took place at the following locations in 2012:

Amherstburg: St. John the Baptist Delhi: Our Lady Queen of

MartyrsLaSalle: Sacred Heart Lakeshore: Good Shepherd Leamington: St. Michael Listowel: St. Joseph London: St. Peter’s Cathedral Basilica, St. Justin, St. Mary, St. Michael, Holy Family and St. Andrew KimSarnia: Our Lady of Mercy Stratford: St. Joseph Tecumseh: Ste. Anne Windsor: Assumption, St. Philippe and St. Anne, St. Alphonsus, St. Francis, Corpus Christi and St. John Vianney Woodstock: Holy Trinity

What happens to a church building if it is closed?We have a process whereby we list the church building for sale through a real estate agent on the open market. We are very careful about whom we sell to and always place a restrictive covenant, registered on title, that limits the future use of the church building. The restrictive covenant basically states that the church cannot be used for any purpose that is contrary to Roman Catholic faith, teachings or beliefs. All liturgical items are removed.

The proceeds from the sale go to the parish that now becomes

Parishes Diocesan Offices Cemeteries Pentecost

2000

AnnuAl FinAnciAl RepoRt Demonstrating Our Commitment to Accountability and Responsibility

NewsPaPer Diocese of LoNDoNof the

Amherstburg | Aylmer | Belle River | Blenheim | Brights Grove | Brussels | Chatham | Comber | Corunna | Courtland | Delaware | Delhi | Dresden | Dublin | Emeryville | Erieau | Essex | Exeter | Forest | Glencoe | Goderich | Grand Bend | Harrow | Ingersoll | Kingsville | Kinkora | Langton | LaSalle | Leamington | Listowel | London | Lucan | Maidstone | McGregor | Merlin | Mitchell | Mount Carmel | Oxley | Pain Court | Parkhill | Pelee Island | Petrolia | Port Dover | Port Lambton | Ridgetown | River Canard | Rondeau | Sarnia | Seaforth | Sebringville | Simcoe | St. Joseph | St. Marys | St. Thomas | Stratford | Strathroy | Tecumseh | Thamesville | Tilbury | Tillsonburg | Wallaceburg | Walsh | Waterford | Watford | West Lorne | Wheatley | Windsor | Wingham Woodslee | Woodstock | Zurich

wiNDsor to wooDstock, GoDerich to Port Dover and commuNities iN-BetweeN Summer 2013 • #149 50 cents

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The Newspaper of the Diocese of London, established in 1980, is published quarterly in March, June, September and December, with approximately 40,000 copies distributed throughout nine counties in southwestern Ontario: Elgin, Essex, Huron, Kent, Lambton, Middlesex, Norfolk, Oxford and Perth.

ISSN: 0831-9715Publications Mail Agreement #: 41699033

Subscriptions $12/year. Individual copies are 50 cents each.

AdvertisingPlease visit www.dol.ca for latest rates.

Publisher: Diocese of LondonEditor: Mark Adkinson1070 Waterloo Street London, ON N6A 3Y2519-433-0658 x227 [email protected]

responsible for the spiritual care of the parishioners of the closing parish. For example, when St. Patrick in Windsor was sold the proceeds of the sale went to Assumption Parish, to reduce the outstanding debt of Holy Name of Mary Church.

In some cases unique arrangements are made. In 2012 the church in LaSalette (near Delhi) was donated to a local non-profit organization. Also in 2012, Blessed Sacrament Church in Windsor was donated to the Society of St. Vincent de Paul, for them to minister to the poor in west Windsor.

Diocesan OperationsWhile most people have an idea of how a parish operates, not as many know what the various diocesan operations are and what type of programs and services are offered. Below is a partial list that the diocese, through the Diocesan Centre offices, provides:

•HospitalchaplaincyinLondon,Windsor and Chatham

•Assistancetothoseseekingrefu-gee status in our country

•Assistsparisheswiththeiryouthministry programs and coordi-nates diocesan-wide initiatives, such as the Catholic Christian Leadership Camp

•Servicesandoutreachforthedeaf and hard of hearing

•Coordinatesandoverseesapostabortion ministry of healing and reconciliation

•Ministrytothousandsofmi-grant farm workers

•Managementofcommunica-tions, public relations and media relations, including communi-cations planning and strategy development

•Assistancetoparishesplanningfundraising campaigns and construction, renovation and restoration projects

•Assistswithpurchaseandsaleofproperties, including severance and rezoning

•Managementofdiocesancem-eteries and assistance to parish cemeteries on such matters as legislation and best practices. Management of diocesan and parish perpetual care trust fund investments

•Processbequestsanddonationof shares

•Managementoftheclergyandlay pension and benefit pro-grams

•Development,communicationand implementation of person-nel policies and procedures which are consistent with dioc-esan objectives, legal standards and needs of employees

•Monitoringofvolunteerandemployee screening

•Supporttopriests,deacons,layecclesial ministers and adminis-trative employees

•Assistanceandtrainingtopar-ishes in bookkeeping, payroll, tax receipting and Canada Rev-enue Agency (and other govern-ment agencies) compliance

•Parishaudits.Alsoworkswithparishes to ensure they are financially viable

•Manageparishdepositsandloans to and from the Parish Deposit & Loan Fund

•Assistsparishesinpreparingandimplementing parish pastoral plans

•Trainingforparishpastoralcouncil’s and parish finance committees

•Assistsparishesindealingwithlegal issues

•Providesassistanceanddirec-

tion for parish and diocesan computer networks, phone systems, websites, hardware and software

•AssistsparisheswithallCanonLaw (i.e. Church law) questions and issues

•ThroughourMarriageTribu-nal, provides assistance to those seeking an annulment

•Assistparishesinproperlyiden-tifying, preserving and archiving historically significant records

•Fostersandfurnisheshumanand spiritual support to our priests. Appoints priests and deacons.

•Operatesaretreathouse,offer-ing spiritual retreats

•Providesadiocesannewspaper

In 2012, there was an operating surplus of $0.4 million, versus a deficit in 2011 of $1.8 million. The two main causes of the 2011 deficit were the $1.7 million of renovations to the Diocesan Centre (completely expensed in 2011) and a $235 thousand investment loss (there was a $1.2 million gain in 2012). Our investments are endowment funds which provide a stream of income for the diocese to help fund operations.

At the end of 2012, the diocese owed $1.8 million (an increase from $1.4 million in 2011) to the Parish Deposit & Loan Fund, which was borrowed to pay for the remainder of the renovations to the Diocesan Centre. The loan is being repaid with annual payments of $200 thousand, including principal and interest.

We continue to pay the price for our past sins related to sexual misconduct. The price of course is high and can only be partially

3

measured in financial terms. The spiritual cost is far greater. The financial results noted above do not include expenses related to sexual abuse claims and sale of diocesan (non-parish) assets. We are selling off non-parish assets to pay for the financial cost of misconduct but, in order to allow for an orderly sale of these assets, we arranged a credit facility with the bank. This way we can avoid “fire sales” of property. As we sell properties or receive insurance proceeds, we pay down the bank loan. At the end of 2012, the balance of the loan was $10 million (up from $7.8 million). The debt is due August 2013. However, we have requested an extension of five more years.

The diocese recently finalized a new five-year financial plan to manage the costs of sexual abuse, while providing for our ongoing ministry and administration. The plan includes:

• Extending the sexual abuse bank loan for five years, continuing to pledge the non-Pentecost 2000 endow-ment investments as security. The income from non-Pentecost 2000 endowment investments (approximately $500,000) was used in the past to help fund diocesan operations. That income will now be used to pay interest and principal on the miscon-duct loan.

• On an annual basis, $200 thousand of new revenue and $700 thousand in cost-cutting measures are being implemented. In addition, a $350 thousand contingency fund will be set aside and invested annually to rebuild depleted diocesan assets. This new contingency fund and income therefrom will not be used without the permis-sion of the Diocesan Finance Committee.

Much of the cost of misconduct is a result of the actions of the late Charles Sylvestre. Although we expect insurance to pay a portion of our costs, the cost to the diocese is still very high. We are doing our utmost to make fair and reasonable settlements with victims of sexual abuse as quickly as possible. In addition, the diocese continues to pay for third party counseling and support for victims.

Diocesan CemeteriesIn addition to our many parish cemeteries, there are cemeteries in Windsor, Sarnia and London managed directly by the diocese. In 2012 these diocesan cemeteries had revenues of $7.5 million (up from $6.9 million the previous year).

One of the main financial goals of our diocesan cemeteries is to eliminate their debt incurred mainly to construct mausoleums in Windsor, Sarnia and London. At the end 2012, the debt balance was $4.4 million (down from $4.7 million the previous year). In order to repay the debt, it is essential for the cemeteries to earn annual surpluses. We have worked with our diocesan Finance Committee to develop a financial plan which is being implemented. The cemeteries earned a surplus of $744 thousand in 2012 (versus $537 thousand the previous year). We expect to reduce the debt by at least $1 million in 2013.

The Funeral, Burial and Cremations Services Act, effective July 1, 2012, governs how we operate our cemeteries. Prior to this, the Ontario Cemeteries Act was the governing legislation. Our Cemetery Management team worked hard to learn and implement the new Act. In 2012, educational sessions were presented by the Cemetery Management to all of our parish cemeteries, to assist them in implementing the new Act.

By law, whenever a pre-planned sale is made, the money must be invested with our trustee until the service or product has been provided. In addition, also by law, when a sale is made, a certain percentage of the money must be invested with our trustee to provide perpetual care and maintenance funding. For example, when a grave is sold, 40% of the money must be invested with the trustee. Interest and dividends can be withdrawn on the invested care and maintenance money but the rest of the money cannot be removed. At the end of 2012 we had $13.1 million invested with our trustee for pre-planned sales (up from $12.7 million) and $37.3 million invested in the perpetual care and maintenance fund (up from $36.2 million). These funds provide income to help pay for the operating costs of the cemeteries.

Have you considered pre-planning your cemetery arrangements? Planning your

cemetery arrangements in advance brings peace of mind to you and your family. Please consider pre-planning directly with one of our diocesan or parish cemeteries. At the same time we recommend you consider plans for your funeral Mass (i.e. church, readings and music) and make those plans known to your family.

Please consider the Church when determining who the beneficiaries of your estate will be. As an example, you can name your local parish, the diocese, St. John the Evangelist Pension Fund Society (clergy pension) or the Seminary as a beneficiary.

Accountability & ResponsibilityParishes must submit a financial report to the diocese annually. Parishes also are required to

present a financial report to their parishioners at least annually. Effective 2010, every parish and diocesan bank account requires two signatures on all bank documents, including cheques.

Prior to 2010, our auditors, KPMG, conducted reviews whenever a priest move took place, or every five years. The nature of the reviews was limited but they did examine general financial records and controls. In 2010, the diocese implemented a new internal audit program. This program has been led by our Diocesan Audit Committee and diocesan administration and is a much more comprehensive review than was able to be done in the past. The internal audit review now takes 2-3 days per parish or diocesan entity whereas in the past, a much less comprehensive

half-day review was done. Since 2012 we have completed internal audits at 82 parishes, communities and diocesan entities, including 27 last year.

In 2011, the diocese asked Essex County O.P.P. to investigate the actions of Fr. Robert Couture due to financial irregularities at Ste. Anne’s Parish in Tecumseh. Police have recently pressed charges. Forensic auditors hired by the diocese discovered a minimum of $169,000 in missing funds. An insurance claim was filed and the parish recovered $169,000. All parish clergy, employees and finance committees have been asked to review their bank accounts and financial practices carefully.

Each parish and the diocese are registered charities and therefore must file a charity return (similar

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Note: figures exclude financial costs related to sexual misconduct

4

2012 Parish and Catholic Community Financial ResultsParish Name Region Finance Chair Revenues Costs Surplus

(Deficit)

St. John the Baptist Amherstburg Betty Federico 625,064 610,792 14,272

Our Lady of Sorrows Aylmer Rob De Leebeeck 196,423 213,159 (16,736)Sts. Simon and Jude Belle River Mary Jo Battaglia 654,922 621,203 33,719 St. Mary Blenheim Annie Timmermans 291,062 273,027 18,035

St. MichaelBrights Grove

Greg Hogan 262,595 246,734 15,861

St Ambrose Brussels Lori Pipe 71,701 54,234 17,467 Blessed Sacrament Chatham Dan Blonde 566,958 539,298 27,660 Our Lady of Victory Chatham Jan Rekas 94,305 94,911 (606)St. Agnes Chatham Lisa Walker 319,023 303,764 15,259 St. Joseph Chatham Rodger Luxton 371,748 353,923 17,825 St. Ursula Chatham Rodger Luxton 323,935 301,435 22,500 Visitation Comber Larry Gagnon 438,977 385,523 53,454 St. Joseph Corunna Rod Fraser 200,930 190,746 10,184

St Ladislaus CourtlandEugen Bauer/Mary Szucsko

80,055 63,200 16,855

Sacred Heart Delaware Ted Sinclair 170,040 153,265 16,775 Our Lady, Queen of Martyrs

Delhi Ken Loncke 342,340 318,089 24,251

St Casimir Delhi Vacant 9,260 8,066 1,194 St Patrick Dublin Joe Looby 138,086 142,216 (4,130)Holy Name of Jesus Essex Terry Crawley 487,594 444,214 43,380 Precious Blood Exeter Jim O'Toole 100,593 98,943 1,650 St. Christopher Forest Jeannette Tidball 161,699 139,666 22,033 St. Charles Garnier Glencoe John Kavelaars 100,188 80,330 19,858 St Peter Goderich Brenda Teichert 351,187 332,655 18,532 Immaculate Heart of Mary

Grand Bend Linus Kuntz 111,068 109,807 1,261

St. Anthony of Padua Harrow Vacant 183,824 181,848 1,976 Sacred Heart Ingersoll Daniela Desylva 308,636 262,788 45,848 St. John de Brebeuf & Companions

Kingsville Bill Orawski 224,770 195,342 29,428

St Patrick Kinkora Chris Runstedler 156,009 146,087 9,922 Good Shepherd Lakeshore Dennis Drew 740,106 746,039 (5,933)Sacred Heart Langton Don Chechak 239,471 259,446 (19,975)Sacred Heart LaSalle James LeBlanc 514,267 487,885 26,382 St. Paul LaSalle John Hodgins 284,012 234,915 49,097 St. Michael Leamington Joe O'Neill Sr. 672,887 699,830 (26,943)St. Joseph Listowel Maria Gaul 144,639 111,852 32,787 Holy Cross London Manuel Morais 375,814 309,291 66,523 Holy Family London Peter Hanicz 1,081,081 1,025,301 55,780 Mary Immaculate London Mike Pietraszko 496,527 468,073 28,454 Our Lady of Czestochowa

London Barbara Gutowska 567,303 499,475 67,828

Our Lady of Holy Rosary Vietnamese

London Tu Nguyen 5,830 5,516 314

Our Lady of Siluva Lithuanian

LondonRuta Juodis/Romas Mitalas

16,206 19,430 (3,224)

St. Andrew Kim Korean London Thomas Choi 200,442 120,589 79,853

St. Andrew the Apostle London John Littleton 222,284 189,038 33,246

St. Francis of Assisi Hispanic

London Benicio Angel 179,149 158,214 20,935

St. George London Bill Strybosch 854,837 783,623 71,214 St. John the Divine London Maurice Lacerte 426,777 385,795 40,982 St. Josephine Bakhita African-Caribbean

London unknown 2,383 1,302 1,081

St. Justin's London Joe Martinelli 632,173 593,488 38,685 St. Leopold Mandic London Joe Pozeg 165,951 166,409 (458)St. Martin of Tours London John Jevnikar 259,760 293,022 (33,262)St. Mary London Mike Pepe 395,207 301,248 93,959 St. Michael London Gilbert Owens 844,087 809,566 34,521 St. Patrick London Paul Samuel 504,533 481,105 23,428 St. Peter Cathedral Basilica

LondonChris Halls & James Vollmer

1,115,046 1,110,654 4,392

St. Stephen of Hungary London Sarolta Molnar 38,279 45,083 (6,804)

Ste. Marguerite D'Youville

London Claude Lafrance 34,692 27,655 7,037

St. Patrick Lucan Michael Arts 244,241 218,304 25,937 St. Mary Maidstone Tim Hebert 213,034 169,254 43,780 St. Clement McGregor Pat Coughlin 180,577 177,380 3,197 St. Patrick Merlin Bob Gevaert 187,535 134,217 53,318 St Vincent de Paul Mitchell Kevin Culligan 103,322 100,029 3,293 Our Lady of Mount Carmel

Mount Carmel

Jim O'Toole 138,102 104,950 33,152

Immaculate Conception

Pain Court Linda Lachapelle 243,241 219,772 23,469

Sacred Heart Parish Parkhill Kathy Hendrikx 116,839 95,771 21,068

Star of the Sea Pelee Island Robert Ross 7,095 7,054 41

St. Philip Petrolia Tim Fugard 245,554 241,887 3,667 St Cecilia Port Dover Linda Knapp 137,533 122,872 14,661 St. Michael Parish Ridgetown Annie Timmermans 181,726 171,220 10,506

St. Joseph River Canard Ken Hutnik/Erin King 478,175 419,465 58,710

Our Lady of Mercy Sarnia Rob Kardas 412,448 354,851 57,597 Parioisse St-Thomas D'Aquin

Sarnia Maurice Coulombe 152,819 152,883 (64)

Queen of Peace Sarnia Mark Roehler 132,726 127,641 5,085

2012 Parish Operating Results

Parish Name Region Finance Chair Revenues Costs Surplus (Deficit)


Sacred Heart Sarnia Greg Hogan 465,096 443,086 22,010 St. Benedict Sarnia Rob Kardas 396,894 369,487 27,407 St James Seaforth Lin Steffler 171,784 161,498 10,286 St Mary Simcoe Edward Gascoigne 302,504 268,065 34,439 St Peter St. Joseph Betty Regier 96,237 82,143 14,094 Holy Name of Mary St. Mary's Christina Kerekes 210,379 227,691 (17,312)Holy Angels St. Thomas Dennis Collins 359,326 342,973 16,353 St. Anne St. Thomas Ray Xuereb 534,717 507,281 27,436 Immaculate Conception

Stratford Larry McCabe 218,937 218,380 557

St Joseph Stratford Michael Dack 701,307 674,712 26,595 All Saints Strathroy Joe Czernai 462,864 372,382 90,482 St. Anne Tecumseh Josephine Scarfone 758,948 727,840 31,108 North American Martyrs

Thamesville TBD 181,770 155,166 26,604

St. Francis Xavier Tilbury Greg Belanger 322,501 313,242 9,259

St. Peter Parish TilburyRobert Daudlin/Gary Verslycken

122,722 76,434 46,288

St Mary TillsonburgTeena Stetler-Mendonca

421,204 422,617 (1,413)

Holy Redeemer Cluster 692,675 657,678 34,997

Sacred HeartPort Lambton

Deb Fraser/Mike Bechard

- - - - - - - - -

Holy Family WallaceburgAlan MacDonald/Pete Hensel

- - - - - - - - -

Our Lady Help of Christians

WallaceburgKevin Johnston/Laurie Shepley

- - - - - - - - -

St Bernard of Clairvaux Waterford Ken Loncke 150,515 116,978 33,537

Our Lady Help of Christians

Watford Nancy Kremer 156,363 123,511 32,852

St. Mary West Lorne August Sacher 153,329 156,010 (2,681)Assumption Windsor Vacant 704,552 534,038 170,514 Corpus Christi Windsor Matthew St. Louis 699,822 639,616 60,206

Holy Trinity WindsorTony Blak/Gerry Obierski

334,795 271,926 62,869

Immaculate Heart WindsorJoanne Johnson/Anna Mancini

195,462 209,110 (13,648)

Most Precious Blood Windsor Joel Deschamps 502,039 477,957 24,082

Our Lady of Guadalupe Windsor Harry Fowler 509,788 483,407 26,381

Our Lady of Mt. Carmel Windsor Joseph Bezaire 710,037 618,578 91,459

Our Lady of Perpetual Help

Windsor Nancy Charron 330,148 328,642 1,506

Our Lady of the Atonement

Windsor Dan Dumouchelle 490,501 395,701 94,800

Paroisse St-Jerome Windsor Euclide Belanger 209,295 243,397 (34,102)San Juan Diego of Guadalupe Hispanic

Windsor Lourdes Ramirez 9,010 14,664 (5,654)

St. Alphonsus Windsor Michael Ricketts 298,134 272,371 25,763 St. Angela Merici Windsor Emanuele Calamita 735,595 791,611 (56,016)St. Anthony of Padua Windsor Darryl Quimby 51,887 34,121 17,766 St. Daniel Comboni African

Windsor unknown 6,314 3,679 2,635

St. Francis of Assisi Windsor John Ulakovich 703,937 573,928 130,009 St. John Vianney Windsor Jerry Farkas 527,601 547,890 (20,289)St. Michael Windsor Frank Reidl 56,918 50,978 5,940 St. Philippe & St. Anne Vietnamese

Windsor unknown 251,094 136,768 114,326

St. Theresa Windsor Dorothy Denomme 208,323 194,679 13,644 St. Vincent De Paul Windsor Joe McTaggart 151,714 143,034 8,680 Sts. Cyril & Methodius Windsor Marion Kulka 84,801 72,523 12,278 Sacred Heart Wingham Barbara Vonder Gonna 111,714 96,868 14,846

St John the Evangelist Woodslee Gerald Tracy 208,615 154,554 54,061

Holy Cross Woodstock Mitch Jaszczur 83,707 76,851 6,856 Holy Trinity Woodstock Ted Thorn 635,109 541,220 93,889 St Boniface Zurich Ted Soudant 145,980 139,824 6,156





Greg Hogan 262,595 246,734 15,861



80,055 63,200 16,855


Delhi Ken Loncke 342,340 318,089 24,251











16,206 19,430 (3,224)









1,115,046 1,110,654 4,392





Mount Carmel

Jim O'Toole 138,102 104,950 33,152















Greg Hogan 262,595 246,734 15,861



80,055 63,200 16,855


Delhi Ken Loncke 342,340 318,089 24,251











16,206 19,430 (3,224)









1,115,046 1,110,654 4,392





Mount Carmel

Jim O'Toole 138,102 104,950 33,152











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november 1-12Israel & Jordan

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Brant Haldimand Norfolk Catholic District School Board

322 Fairview Drive, PO Box 217 Brantford, ON N3T 5M8

519-756-6505www.bhncdsb.ca

Huron-Perth Catholic District School Board

87 Mill Street, PO Box 70 Dublin, ON N0K 1E0

519-345-2440www.huronperthcatholic.ca

London District Catholic School Board

5200 Wellington Road SouthPO Box 5474

London, ON N6A 4X5 519-663-2088

www.ldcsb.on.ca

St. Clair Catholic District School Board

420 Creek StreetWallaceburg, ON N8A 4C4

519-627-6762www.st-clair.net

Windsor-Essex Catholic District School Board

1325 California AvenueWindsor, ON N9B 3Y6

519-253-2481www.wecdsb.on.ca

Conseil scolaire de district des écoles catholiques du

Sud-Ouest7515 prom. Forest Glade

Windsor, ON N8T 3P5519-984-9227

www.csdecso.on.ca

The Catholic School Boards serving the Diocese of London wish to thank all the parents, volunteers, parishes and community leaders

for supporting Catholic education!

Excellence in Learning, Living in Christ

to a tax return) by June 30 each year. Most of the information on the return is made public on the Canada Revenue Agency (CRA) website. If you would like to see more detailed information about your parish, diocese or any other Canadian registered charity, you can do so by visiting the CRA website, http://www.cra-arc.gc.ca/, and click Charities and Giving.

Our diocese has an administrative group reporting to Bishop Fabbro which relies heavily on the discipline and review of our plans and budgets by our Diocesan Finance Committee, chaired by Mr. Paul Dollar of Windsor. This objective committee, comprised of people from across the diocese with significant expertise, forms part of our internal control system to ensure that we make prudent financial decisions. The committee is a third party that is independent of administration and makes recommendations and gives advice when and where it

deems necessary.

We also have two subcommittees. The Investment Committee, chaired by Mr. John Craven of London, oversees the investment of our cemetery trust funds, accumulated surpluses and our Pentecost 2000 endowment funds. The Audit Committee, chaired by Mr. Terry Crawley of Essex, oversees internal audits and meets with our external auditors, KPMG, to plan the annual financial audits and then review the financial statements and auditors report. These committees analyze our practices and policies, assess risks, and

provide proactive advice.

Consistent with Goal #6 of our Pastoral Plan, our diocese follows sound business practices: we prepare an annual budget; actual results are compared to budget monthly; we have an annual external audit; we conduct reviews; we develop policies where needed, ensuring that decisions are made within a policy framework; and we strive to be accountable, prudent, and transparent with the donations that you give us.

Finance CommitteePaul Dollar (Chair) (Windsor)Terry Crawley (Essex)Kevin Doyle (Chatham)Most Rev. Ronald Fabbro, CSB (London)Stephen Goettler (Dublin)John Kavelaars (Glencoe)Teresa McCoomb (London)Rev. John Pirt (London)Peter Regier (London)Sam Romano (Windsor)Otilia Santin (London)Dave Savel (London)Rev. John Sharp (London)Egidio Sovran (Maidstone)

Investment Committee John Craven (Chair) (London)Kevin Doyle (Chatham)John Ianozzi (Point Edward)John Mockler (London)Otilia Santin (London)Dave Savel (London)Charles Spina (London)

Audit Committee Terry Crawley (Chair) (Essex)Tom Boone (London)Harvey Gleason (London)Greg Hogan (Sarnia)Otilia Santin (London)Dave Savel (London)Carrie Thornton (London)

Building CommissionDave Savel (Chair) (London)Mark Adkinson (London)John Baxter (Windsor)Joe Liebregts (St. Thomas)Rev. Michael Béchard (London)Gary Minall (London)Connie Paré (London)Rev. James Roche (Windsor)Rev. Robert Rocheleau (Essex)Otilia Santin (London)Rev. Gilbert Simard (Ingersoll)

Parish Deposit & Loan Fund CommitteeDave Savel (Chair) (London)Mark Adkinson (London)Frank Kennes (Strathroy)Gary Minall (London)Tom Mulligan (London)Maria Muscedere (Sarnia)Rev. James Roche (Windsor) Rev. Robert Rocheleau (Essex)Otilia Santin (London)Rev. Gilbert Simard (Ingersoll)

7

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Pentecost 2000 UpdatePentecost 2000 was a five-year (1989-94) major fundraising campaign in the Diocese of London to establish endowment funds for the seminary, cathedral and diocesan programs. Parishioners across our diocese responded very generously: the original endowment balance from the campaign was $15.3 million.

The funds have been prudently invested according to investment policies and goals established by our Investment Committee, with the assistance of our investment advisors. In accordance with a policy established by our Finance Committee, 4.25% is paid out annually to fund the seminary, cathedral and diocesan programs. The payout policy and percentage was developed to preserve the purchasing power (inflation protection) of the endowment funds and prevent wild swings in the amount paid out. Whether

we earn 12% or lose 2%, we still pay out 4.25%. The excess income (above 4.25%) is reinvested in the endowment funds to provide for increasing payout amounts in the years to come to keep pace with inflation. In 2010 the pay out rate was reduced to the current rate (down from 4.75%) to better reflect the expected long-term real (i.e. net of inflation) rate of return.

In 2012, we earned a 6.6% return (versus a loss of 1.3% the previous year). Our five- and ten-year annualized returns were 2.5% and 6.5%, respectively. These returns were negatively impacted by the 2008-09 financial meltdown.

At the end of 2012 our endowment funds were invested in a diversified portfolio as follows:

Canadian Equity 33.2% Non-Canadian Equity 21.0% Fixed Income 41.4% Futures 4.4%

The chart on this page shows, at December 31, the Pentecost 2000 balances held in trust by the diocese.

Thank you for taking the time to review this report. If you have any questions, please contact Dave Savel, Episcopal Director of

Administrative Services for the Diocese of London.

Pentecost 2000 Funds 2011 2012

St. Peter’s Seminary

Diocesan Programs

St. Peter’s Cathedral Basilica

Total

$12.3 Million $12.4 Million



$18.6 Million $19 Million

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