Annual Financial Reporting: A Statement from the Diocese of Trenton
February 12, 2025 at 10:00 a.m.
Each year, the Diocese of Trenton undergoes an audit of its financial statements by an independent public accounting firm.
The financial statements for the fiscal year ended June 30, 2024, were audited by WIPFLI LLP. The 2024 audit report included an opinion that the financial statements for the fiscal year ended June 30, 2024, are fairly presented in accordance with accounting principles generally accepted in the United States.
For fiscal year 2024, the Diocese of Trenton reported a decrease in total net assets of $15.2 million, compared to an increase of $28.6 million in fiscal year 2023. The decrease in fiscal year 2024 was predominantly due to contributions to the pension plan. The increase in fiscal year 2023 was due primarily to the sale of assets, donated property, and reduced claims incurred. The Diocese is committed to exercising good stewardship by carefully managing the funds provided for its ministerial and administrative responsibilities. In accordance with good stewardship and our Catholic values, the Department of Finance strives to safeguard the assets of the Diocese of Trenton in a responsible manner to benefit the common good of all the people of the Diocese.
Our Services
In order to accomplish our mission, we provide numerous services in the areas of collection and distribution of financial resources; preparation of operating budgets and financial statements (certified with unqualified opinion by external public accounting firm); compliance of all required state and federal filings related to Diocesan finances; banking assistance to parishes/schools; operational reviews of parishes, schools and other entities of the Diocese (internal controls provided); financial analysis in the planning of future expansion/consolidation of Church operations and, the wise and prudent investment of diocesan and parish assets (guidelines provided).
Q & A on how Diocese raises, uses money; points to areas of improvement
Kevin Cimei, the Diocese’s Chief Fiscal Officer, provided the following answers to several key financial questions:
1. What are the key roles and responsibilities of the Diocese and how are they funded?
The Diocese exists to support the responsibilities of the Bishop to “teach, govern and sanctify” as he shepherds the parishes and Catholic community across the four counties of Burlington, Mercer, Monmouth and Ocean. Among the initiatives the Diocese provides for are:
-- Support of, service to priests, deacons, religious and seminarians
-- Education, catechesis and lay formation
-- Support for parish and family life
-- Helping those in need of pastoral care and basic needs
The funds required to execute those responsibilities come from three main sources:
-- Parish Assessments – Each parish in the Diocese pays a percentage of its income to support the overall operations and ministries provided by the Diocese.
-- Fundraising – The Diocese conducts several fundraisers, including the Annual Catholic Appeal and school giving campaigns.
-- Investments – The Diocese maintains funds that are invested and generate returns that can be used to fund operations while maintaining the principal of those funds.
2. What administrative and financial services do the parishes rely on the Diocese to provide?
Management of a centralized insurance procurement program for all diocesan entities. This enables better pooling of risk and purchasing power to reduce costs for insurance across all categories — medical, property, workers comp, auto, life, etc.
Administration of a pension plan and 403(b) plan for parish, school and other diocesan employees.
Basic legal and real estate support services for parishes and schools.
Administrative support of parishes in areas like Human Resources, Child Protection, and Risk management.
3. How is financial oversight and accountability achieved on the parish level? How are they done on the diocesan level?
The Diocese conducts operational reviews to ensure appropriate controls and best practices are in place at parishes and schools.
Finance Councils – The Diocese has a Finance Council as do all parishes, established under Canon law, which provides support, guidance and oversight to the Diocese and the parishes. A listing of Diocesan Finance Council members appears on the next page.
Audit – Annually, the financial statements of the Diocese of Trenton are audited by an independent public accounting firm. The financial statements for the year ended June 30, 2024 were audited by WIPFLI LLP in accordance with auditing standards generally accepted in the United States. The 2024 audit report included an opinion that the financial statements for the fiscal year ended June 30, 2024 are fairly presented in accordance with accounting principles generally accepted in the United States. The audit report and financial statements are available dioceseoftrenton.org/finance.
4. What is being done to overcome the most serious financial challenges?
The Diocese takes its responsibility to manage resources seriously and strives for improvements in efficiencies and operations to ensure good stewardship.
Managing spending and budgets and working with parishes to help improve their financial health are examples of initiatives.
5. Who advises the Bishop on important financial decisions?
The Diocesan Finance Council is formed in accord with Canon 492, revised Code of Canon Law (1983) from individuals appointed by the Bishop and known to be of sound integrity and who are diverse in their expertise of finance and civil law. The Council meets four times a year to advise the Bishop on decisions relative to important acts of temporal administration and financial decisions.
Members:
Mr. Michael J. Castellano (01/25/17-01/24/27), Chairman; Appointed 01/2007; Retired CFO, Lazard Ltd.
Most Rev. David M. O’Connell, C.M. Bishop of Trenton
Rev. Msgr. Thomas N. Gervasio Vicar General, Diocese of Trenton
Rev. Christopher J. Dayton (9/1/2023 – 8/31/2028); Appointed 9/2023; Pastor, St. Paul Parish, Princeton
Rev. Roy A. Ballacillo (3/1/2025 – 2/28/2030); Appointed 3/2025; Parochial Vicar, St. James Parish, Pennington
Mr. A. Kevin Cimei; Appointed 4/2017; Chief Fiscal Officer, Diocese of Trenton
Mr. William N. Dooley (2/20/17-2/19/27); Appointed 2/2007; Executive VP CIO, American International Group Inc. – Retired
Mr. Robert D. Finan (9/1/18-9/4/28); Appointed 9/2018; Senior Vice President, Financial Advisor, The Finan Group
Mr. William S. Haines, Jr. (9/1/18-9/1/28); Appointed 9/2018; President/CEO Pine Island Cranberry Co., Inc.; St. Mary of the Lakes Parish, Medford
Deacon Jim Knipper (9/1/18-9/1/28); Appointed 9/2018; CEO, J. Knipper & Company, Inc.; St. Paul Parish, Princeton
Mr. Anthony J. Mingarino (9/1/18-8/31/28); Appointed 9/2018; Retired - Diocese of Trenton Chancellor & CFO/CAO; Our Lady of Hope Parish, Blackwood
Mr. Thomas P. Mullooly (9/1/18-8/31/28); Appointed 9/2018; CEO, Founder Mullooly Asset Management, Inc.; Trustee, St. Rose Parish, Belmar
Mr. Edward J. Smith (10/20/19-10/19/29); Appointed 10/2014; Retired Investment Banker; Currently: Trustee and Independent Director
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Each year, the Diocese of Trenton undergoes an audit of its financial statements by an independent public accounting firm.
The financial statements for the fiscal year ended June 30, 2024, were audited by WIPFLI LLP. The 2024 audit report included an opinion that the financial statements for the fiscal year ended June 30, 2024, are fairly presented in accordance with accounting principles generally accepted in the United States.
For fiscal year 2024, the Diocese of Trenton reported a decrease in total net assets of $15.2 million, compared to an increase of $28.6 million in fiscal year 2023. The decrease in fiscal year 2024 was predominantly due to contributions to the pension plan. The increase in fiscal year 2023 was due primarily to the sale of assets, donated property, and reduced claims incurred. The Diocese is committed to exercising good stewardship by carefully managing the funds provided for its ministerial and administrative responsibilities. In accordance with good stewardship and our Catholic values, the Department of Finance strives to safeguard the assets of the Diocese of Trenton in a responsible manner to benefit the common good of all the people of the Diocese.
Our Services
In order to accomplish our mission, we provide numerous services in the areas of collection and distribution of financial resources; preparation of operating budgets and financial statements (certified with unqualified opinion by external public accounting firm); compliance of all required state and federal filings related to Diocesan finances; banking assistance to parishes/schools; operational reviews of parishes, schools and other entities of the Diocese (internal controls provided); financial analysis in the planning of future expansion/consolidation of Church operations and, the wise and prudent investment of diocesan and parish assets (guidelines provided).
Q & A on how Diocese raises, uses money; points to areas of improvement
Kevin Cimei, the Diocese’s Chief Fiscal Officer, provided the following answers to several key financial questions:
1. What are the key roles and responsibilities of the Diocese and how are they funded?
The Diocese exists to support the responsibilities of the Bishop to “teach, govern and sanctify” as he shepherds the parishes and Catholic community across the four counties of Burlington, Mercer, Monmouth and Ocean. Among the initiatives the Diocese provides for are:
-- Support of, service to priests, deacons, religious and seminarians
-- Education, catechesis and lay formation
-- Support for parish and family life
-- Helping those in need of pastoral care and basic needs
The funds required to execute those responsibilities come from three main sources:
-- Parish Assessments – Each parish in the Diocese pays a percentage of its income to support the overall operations and ministries provided by the Diocese.
-- Fundraising – The Diocese conducts several fundraisers, including the Annual Catholic Appeal and school giving campaigns.
-- Investments – The Diocese maintains funds that are invested and generate returns that can be used to fund operations while maintaining the principal of those funds.
2. What administrative and financial services do the parishes rely on the Diocese to provide?
Management of a centralized insurance procurement program for all diocesan entities. This enables better pooling of risk and purchasing power to reduce costs for insurance across all categories — medical, property, workers comp, auto, life, etc.
Administration of a pension plan and 403(b) plan for parish, school and other diocesan employees.
Basic legal and real estate support services for parishes and schools.
Administrative support of parishes in areas like Human Resources, Child Protection, and Risk management.
3. How is financial oversight and accountability achieved on the parish level? How are they done on the diocesan level?
The Diocese conducts operational reviews to ensure appropriate controls and best practices are in place at parishes and schools.
Finance Councils – The Diocese has a Finance Council as do all parishes, established under Canon law, which provides support, guidance and oversight to the Diocese and the parishes. A listing of Diocesan Finance Council members appears on the next page.
Audit – Annually, the financial statements of the Diocese of Trenton are audited by an independent public accounting firm. The financial statements for the year ended June 30, 2024 were audited by WIPFLI LLP in accordance with auditing standards generally accepted in the United States. The 2024 audit report included an opinion that the financial statements for the fiscal year ended June 30, 2024 are fairly presented in accordance with accounting principles generally accepted in the United States. The audit report and financial statements are available dioceseoftrenton.org/finance.
4. What is being done to overcome the most serious financial challenges?
The Diocese takes its responsibility to manage resources seriously and strives for improvements in efficiencies and operations to ensure good stewardship.
Managing spending and budgets and working with parishes to help improve their financial health are examples of initiatives.
5. Who advises the Bishop on important financial decisions?
The Diocesan Finance Council is formed in accord with Canon 492, revised Code of Canon Law (1983) from individuals appointed by the Bishop and known to be of sound integrity and who are diverse in their expertise of finance and civil law. The Council meets four times a year to advise the Bishop on decisions relative to important acts of temporal administration and financial decisions.
Members:
Mr. Michael J. Castellano (01/25/17-01/24/27), Chairman; Appointed 01/2007; Retired CFO, Lazard Ltd.
Most Rev. David M. O’Connell, C.M. Bishop of Trenton
Rev. Msgr. Thomas N. Gervasio Vicar General, Diocese of Trenton
Rev. Christopher J. Dayton (9/1/2023 – 8/31/2028); Appointed 9/2023; Pastor, St. Paul Parish, Princeton
Rev. Roy A. Ballacillo (3/1/2025 – 2/28/2030); Appointed 3/2025; Parochial Vicar, St. James Parish, Pennington
Mr. A. Kevin Cimei; Appointed 4/2017; Chief Fiscal Officer, Diocese of Trenton
Mr. William N. Dooley (2/20/17-2/19/27); Appointed 2/2007; Executive VP CIO, American International Group Inc. – Retired
Mr. Robert D. Finan (9/1/18-9/4/28); Appointed 9/2018; Senior Vice President, Financial Advisor, The Finan Group
Mr. William S. Haines, Jr. (9/1/18-9/1/28); Appointed 9/2018; President/CEO Pine Island Cranberry Co., Inc.; St. Mary of the Lakes Parish, Medford
Deacon Jim Knipper (9/1/18-9/1/28); Appointed 9/2018; CEO, J. Knipper & Company, Inc.; St. Paul Parish, Princeton
Mr. Anthony J. Mingarino (9/1/18-8/31/28); Appointed 9/2018; Retired - Diocese of Trenton Chancellor & CFO/CAO; Our Lady of Hope Parish, Blackwood
Mr. Thomas P. Mullooly (9/1/18-8/31/28); Appointed 9/2018; CEO, Founder Mullooly Asset Management, Inc.; Trustee, St. Rose Parish, Belmar
Mr. Edward J. Smith (10/20/19-10/19/29); Appointed 10/2014; Retired Investment Banker; Currently: Trustee and Independent Director