DIOCESE OF HOUMA-THIBODAUX FINANCIAL SUMMARY 2021-2022 Brothers and Sisters in Christ:
I am pleased to continue the practice of sharing with you the annual financial report for our diocese here in the Bayou Catholic. Again this year, we are publishing an accounting of the financial operations of the diocese, which are taken directly from the Audits of Consolidated Financial Statements of the Central Administrative Offices of the Roman Catholic Diocese of Houma-Thibodaux, offices and institutions – fiscal year July 1, 2021, to June 30, 2022. These are independently audited financial statements, performed again this past year by LaPorte CPAs & Business Advisors. The full report is available on our website at www.htdiocese.org on the Finance Office page. The report indicates that our current financial position is stable, continuing a positive trend with proper controls in place to effectively monitor, manage and report on the financial health of our diocese. In the opinion of the auditor, our financial statements “present fairly our financial position, change in net assets and cash flows for the years ended in accordance with accounting principles generally accepted in the United States of America.” This report is just one element of the accountability and transparency that the diocese strives to practice on a continuing basis. I would like to assure each of you that our diocesan staff is committed to the most ethical and prudent fiscal management of the resources to which you have entrusted us. Of note, is that this report is as of the close of the fiscal year ending June 30, 2022. We are approximately one year behind in our normal flow of reporting due to circumstances outside of our control. We experienced delays with transition within our audit firm coupled with delays with third party actuarial calculations. We do not anticipate these same delays this year and are currently closing the financials for the June 30, 2023, fiscal year. That report should be available in the coming months. Additionally, these financials present a very different picture than the norm. As a result of Hurricane Ida, we received $50 million in insurance proceeds in early 2022 and spent nearly $20 million in remediation expense by the close of the fiscal year. The impact of these will skew a year-to-year comparison whereby most of these revenues will be reflected in the June 30, 2022, financials with the expense reflected in subsequent years as the rebuild process continues. The financial impact of Hurricane Ida on normal diocesan operations has been very minimal. We continue to work towards full restoration of our facilities with the long-term financial impact still unknown. I once again ask for God’s blessing on each of you, and thank you once again for your ongoing and generous support of our current leadership and the Diocese of Houma-Thibodaux. Respectfully submitted,
William (Bill) J. Barbera Chief Operating & Financial Officer Diocese of Houma-Thibodaux 36 DIOCESE OF HOUMA-THIBODAUX