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PDF versionNew York diocese has free cash reserves of $130 million
by Tom Gallagher on Nov. 11, 2011
"The Diocese of Rockville Centre ('DRVC') has finally published its last audited financial statement for the year ended August 31, 2010. A report summarizing my analysis of all the DRVC financial statements on a consolidated basis is attached.
"The Diocese of Rockville Centre has true discretionary funds in reserve that can be used for cross funding other diocesan entities if and when necessary. These discretionary funds are found in the diocesan administrative offices and pastoral center budget and amount to the combination of funds with special purpose designation ($37,780,000) less the carry forward deficit ($4,469,000). These are the only central diocesan funds that can be tapped to address needs in other entities. Hence true discretionary funds amounts to $33.31 million.
Investment expert Richard Grafer of Pathway Investments, LLC, in Port Washington, N.Y., has analyzed Rockville Centre, N.Y., diocese's financial statements and makes the following observation:
"As you can see, Diocesan free cash reserves remain at the very high level of $130 million. Approximately $80-96 million of these reserves are excessive based upon the maximum allowed per generally accepted industry standards. Despite the existence of these excess reserves, the DRVC has taken some actions in the past two years that appear to effectively cut services at a time when they are most needed."
In 2006, the diocese released a statement explaining why it has excess cash reserves. While dated, in its conclusion the diocese said:
As noted earlier, however, the diocese seeks to invest these funds to yield income supporting its mission and to make principal expenditures only when it best serves the balanced needs of all of the Catholic entities it supports. Without these funds, the diocese would have to cut back on levels of serves in almost every diocesan entity."
How soon comes the official
How soon comes the official advertisement from Turlish, Andersen, and SNAP for people to "suddenly remember" that they were abused by a priest who died in 1958? It's amazing how dollar signs recover memories!
"Despite the existence of
"Despite the existence of these excess reserves, the DRVC has taken some actions in the past two years that appear to effectively cut services at a time when they are most needed."
So, like, and let me get this straight, the diocese has 130 million in free funds, which financial industry experts consider nearly 100 million too much, and YET IS CUTTING BACK SERVICES WHEN THEY ARE MOST NEEDED????
must be a real GOP/wojo spirituality . . .
religious freedom is free markets?
rationalizing employment through lay-offs
WITH PLENTY OF CASH ON HAND?
while old folk freeze and have no food?
WWJD?
"give the money to the poor . . ."
Yet with all these reserves
Yet with all these reserves they choose to close 6 schools!! B
you know, funny story, but
you know, funny story, but back in the late seventies, I believe it was, or early eighties, the director of communications for the home diocese of the Reverend Father Richard P. McBrien, I believe his name was Father Nadolny, how could you ever forget a name like that, had the idea of handing out money to anyone who came to him with some idea for it, and indeed he handed out a lot of money, just gave it away, allegedly as investment but really never expecting to see any of it back again, thousands of dollars, just given away.
I don't know whether or not anyone else remembers this phenomenon, but on late night tv, before the station went off the air, as they did in those days, when the obligatory religious five or ten minutes was broadcast just before the national anthem, well, here was Father Nadolny, offering to anyone money.
or was I just dreaming . . .
again . . .
anyway sounds like a great idea for this Rockville Diocese . . .
Give the 130 illion to wall
Give the 130 illion to wall street guys who leverage 40-1..watch it disappear.
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