Bishop Releases Financial Transparency Report

FALL RIVER — With an over year-long audit process now complete, Bishop Edgar M. da Cunha, S.D.V., has announced the release of a Financial Transparency Report for the Chancery Operations for the Fall River Diocese.

The report is a comparative look at Fiscal Year 2017 versus Fiscal Year 2016 for Chancery Operations. The Chancery is the central administration office in the diocese.

“After more than a year of hard work by our staff and independent auditors, I am glad to issue our first audited financial report,” Bishop da Cunha said. “I am happy to report that the audits performed for FY 2016 and FY 2017 received unqualified or ‘clean’ opinions indicating our financial records and statements are fairly and appropriately presented and in accordance with Generally Accepted Accounting Principles (GAAP).”

The Fall River Diocese engaged the services of Grant Thornton, a global accounting firm with experience working with the Catholic Church, to conduct the audit.

Noting that this report marks the beginning of “an era of financial transparency in the Diocese,” Bishop da Cunha shared his hope that, “trust will again be built and a spirit of collaboration and participation by all our faithful will support our efforts now and in the future.”

The bishop explained that a published report on the financial condition of the diocesan operations has long been a priority of his, but the many challenges needing attention by the Diocese and the complexity of its finances hindered the process.

Bishop da Cunha expressed his gratitude to those whose dedicated efforts were essential to the completion of the audits and the preparation of the report.

The Financial Transparency Report and its accompanying financial statements are posted in their entirety on the Fall River Diocesan website at www.fallriverdiocese.org

A summary of the report will be published in the March 23rd issue of the diocesan newspaper, The Anchor.

Diocesan Chancellor and Chief Financial Officer Kevin R. Kiley, who oversaw the audit process, described the Financial Transparency Report as a “foundational step toward providing for complete financial transparency.” He said going forward the scope of the audit would expand over time to include diocesan parishes, schools and other affiliates of Corporation Sole.

Read the Financial Transparency Report here.

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