FINAL FULL IMPACT REPORT WITH FINANCIALS

2025

IMPAC T REPORT

healthier priests. stronger communities.

BOARD OF TRUSTEES MR. JAMES MACDONALD, CHAIR V E R Y R E V. R I C H A R D W . F I T Z G E R A L D , V I C E C H A I R R E V. C H R I S T O P H E R B A E MR. CHARLES I. CLOUGH, JR. M R . PA U L T. C U R R I E M R . J OS E P H G E L LY MR. DAVID HEGART Y V E R Y R E V . W I L L I A M P. J O Y MS. MAUREEN JOYCE R E V. J . M I C H A E L L A W L O R MR. KEVIN MACKENZIE M S . S H A RO N M C N A L LY R E V. T H O M A S S . R A F F E R T Y MR. TIMOTHY J. SMY TH

TRUSTEES EMERITI

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MR. C . MICHAEL DALEY

MS. JEAN TEMPEL

R E V. G E R A R D P E T R I N G A

M R . M A R K VA C H O N

A MESSAGE FROM CLERGY TRUST LE ADERSHIP

Dear Friends, At the 17th annual Celebration of the Priesthood in September, actor and comedian Kevin James provided a heartfelt and genuine keynote speech in which he praised and thanked our priests for all that they do. During that speech, he noted, “No one on the planet has the power, authority, or charisms Christ has given you…You priests can bring us God Himself.”

This fact is the reason we are so proud of our work for the Clergy Trust. Here in our Archdiocese, we have nearly 500 active and senior priests who have devoted their lives to the Church and to serving others. It is our privilege to ensure these men are cared for and supported from the moment they are ordained until the moment they are called home for their heavenly reward.

We prioritize the needs and well-being of our priests above all else and are dedicated to caring for them as family and treating them with the compassion and dignity they deserve. But we are only able to do this through the incredible and ongoing generosity of our benefactors.

For you, we are so grateful.

In this report, you will find examples of how we support our priests, highlights of events and programs that occurred over the past year, and a glimpse of our financials that demonstrate our ongoing commitment to fiscal responsibility and transparency.

Thank you for your continued prayers and generous support of our beloved clergy.

With gratitude,

James MacDonald

Michael Scannell

B O A R D C H A I R E X E C U T I V E D I R E C T O R

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THE HONOR OF CARING FOR OUR PRIESTS Op-Ed by Kate Howlett, INHC, CPT, MA - from the Boston Pilot (4/11/2025)

I H AV E H E A R D I T S A I D T H AT “ T O C A R E F O R T H OS E W H O O N C E C A R E D F O R U S I S O N E O F T H E H I G H E S T H O N O R S .”

I think this perfectly encapsulates how I feel about working as a member of the Clergy Trust’s Care Team. Every day, I get to provide support and care for the priests who have dedicated their lives to serving our Church and the communities in which we all live, and it is a true honor.

I joined the Clergy Trust Care Team in 2019 and it has been a fulfilling experience to say the least. The Clergy Trust model is quite unique in many ways, but particularly because of our approach to direct and dedicated support and care for priests. Our Care Team represents the Clergy Trust’s total focus on what is best for the overall wellness of our priests and how to make sure they feel supported and encouraged to live a healthy lifestyle throughout their priesthood.

One of the most surprising – and concerning – things I have learned working with so many different priests is how little time they leave for self-care. I am a lifelong Catholic, so I know well how busy priests are – always running from this to that, and that to this, yet somehow always there when it matters. But what the typical Catholic doesn’t see is that the call for priests to constantly run from this to that, and that to this, never seems to end. There are no “workday” hours for priests – they are not on a time clock or a 9-to-5 schedule, they’re on God’s clock, and they give themselves completely to that reality.

Our Clergy Trust team recently held a Wellness Workshop for our priests at which one of the presenters cited a recent study done by Michigan State professor, Dr. Richard DeShon, about the overwork and unintended burnout that members of our clergy are facing. After Dr. DeShon’s analysis of the role of local Church pastors, he concluded he had never encountered a job that is as complex, varied, and impactful as the work of a local pastor. In fact, Dr. DeShon determined that performing all of the tasks a local pastor is called to do requires 64 different personal competencies. For some context, the average job requires 5-8 personal competencies.

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Truly, it is not hyperbole when we say priests completely give their lives to serving others and bringing the presence of Christ to those who need it. However, this leaves little time and mental energy to address their own bodies, their own minds, their own lives! This is why our Care Team feels so strongly about what we do.

There are three other members of the Care Team, each of whom brings great skill, perspective, and compassion to the work we do with our clergy. Amy Nash, our Senior Care Manager, is an incredible support for our senior priests – sometimes I think she must clone herself to do all the things she needs to in order to care for those men.

She travels all around the archdiocese bringing senior priests to medical appointments, conducting wellness checks on senior priests living on their own, all while staying in touch with the families of our senior priests to coordinate care. I have the good fortune of working closely with Amy, and her calming and compassionate presence never cease to amaze me.

THERE ARE NO “ WORKDAY” HOURS FOR PRIESTS – THEY ARE NOT ON A TIME CLOCK OR A 9-TO-5 SCHEDULE, THEY’RE ON GOD’S CLOCK, AND THEY GIVE THEMSELVES COMPLETELY TO THAT REALIT Y.

Our other two Care Team members work at our Regina Cleri Residence: Stephen Gust, the Director of Regina Cleri, as well as their Director of Nursing, Christine Lilley. If you haven’t been to Regina Cleri, Clergy Trust’s residence for senior priests, I encourage you to visit if you can. It’s in downtown Boston, right next door to MGH – a real spiritual haven tucked in one of the busiest parts of the city. Sixty of our senior priests live there, and every time I go there, I always feel like I have a spring in my step when I leave! The men living there represent more than 3,000 years of priesthood, so you can imagine how strongly one can feel the Holy Spirit in that community!

And so much of what makes Regina Cleri special is thanks to the hard work of Stephen Gust, Christine Lilley and their staff. The residence is immaculately maintained, the priests are tenderly and wonderfully cared for, and every single person who works there is always helpful and joyful. Stephen and Christine ensure that Regina Cleri is a true home for our senior priests. Every Tuesday morning, I lead an exercise class for the residents and it’s always a highlight of my week!

When you make a gift to the Clergy Trust, you are helping “care for those who have cared for us”. Please know how much our Care Team appreciates your generosity - we couldn’t provide the care we do for our priests without your support!

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Our Regina Cleri Residence is at at full capacity, with 64 senior priest residents, along with two respite rooms that are constantly being used by both active and senior priests recovering from illness or surgery.

“

It’s a joyful place. One of the signs of hope in any senior living facility is decibels in the dining room, and there’s always a lot of chatter and banter at the home.

”

- Fr. Gerry Osterman, Regina Cleri resident

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IN MEMORIAM

W E KEEP IN OUR PR AY ERS THE PRIESTS W HO HAVE GONE HOME TO THE LORD SINCE OUR L AST REPORT WAS PUBLISHED. MAY THEIR SOUL S REST IN ETERNAL PE ACE .

Rev. Philip J. Desrosiers Rev. Thomas P. Kelly Rev. Eugene K. Kirke Rev. Mark A. Mahoney Rev. Francis X. Mawn, Jr. Rev. Msgr. Cornelius M. McRae Rev. John F. Mulloy, Jr. Rev. Robert T. Milling Rev. Mark L. Noonan Rev. John U. Paris Rev. Lawrence J. Rondeau Rev. Richard J. Shmaruk

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1 7 T H A N N UA L C E L E B R AT I O N O F T H E P R I E S T H O O D

Celebration pRiesthood OF THE

The 2025 Celebration of the Priesthood dinner was a resounding success! More than $2.5M was raised for the care of our priests, and nearly 1,400 gathered at the Omni Seaport Hotel in Boston to honor our clergy and hear heartfelt speeches from our new Archbishop and keynote speaker, actor and comedian Kevin James.

Thank you to our dinner co-chairs, Kathleen Driscoll and Joe Campanelli, and all of the members of our event committees who made this year’s event such a success!

SAVE THE DATE FOR THE 18TH ANNUAL CELEBR ATION OF THE PRIESTHOOD W H I C H W I L L B E H E L D O N W E D N E S D AY, S E P T E M B E R 1 6 , 2 0 2 6 !

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D I N N E R CO M M I T T E E RI C H A RD B A RRET T JUDY & A RTI E BOY L E PAUL C RO W L E Y JA NET & C . MI C H A EL DA L E Y MI C H A EL D E V L I N EI L EEN & G ERRY FOL E Y LY N NE & JOE G EL LY M A RY BETH G RE Y LY N NE & DAV I D HEG A RT Y C A ROLY N & JI M M AC D ON A L D SH A RON & K E V I N M AC K ENZ I E SH A RON MC N A L LY M AT T MI L L E Y JOE N OL A N M A RYA N NE & PATRI C K O ’ M A L L E Y JUL I E & JA MES SHE A G I N A & TI M SM Y TH K A REN & M A R K VAC H ON COL E YOUN G

P R I E S T CO M M I T T E E RE V. SH AW N A L L EN

SCAN QR CODE

RE V. C H RI S TOPHER B A E

TO VIEW THE

MOS T RE V. C RI S TI A NO B A R BOS A

INSPIRING

RE V. DAV I D B A RN ES

“SHEPHERDS OF

RE V. PAUL BORN

HOPE” VIDEO

RE V. JA MES BUR K E V ERY RE V. ROBERT C A SE Y RE V. JOHN C URRI E V ERY RE V. ROBERT D EEH A N

2025 ST. JOSEPH THE WORKER AWARD

V ERY RE V. JOHN D EL A N E Y RE V. M A RCOS ENRI QUE RE V. SCOT T EUV R A RD

JA NET & C . M IC H A E L DA L E Y We would be hard-pressed to find another couple who embodies the characteristics of St. Joseph the Worker better or who have done

V ERY RE V. RI C H A RD FI T ZG ER A L D RE V. PA BLO GOMI S RE V. PAUL HURL E Y RE V. MSG R . FR A N C I S K EL L E Y RE V. J. MI C H A EL L AW LOR RE V. JOSEPH M A Z ZON E

more for our priests. As one of our first lay board

V ERY RE V. TH OM A S N ES TOR

members, Mike’s dedication to the Clergy Trust

RE V. BRYA N PA RRI SH

has been inspiring, and his and Janet’s love of the clergy has drawn other people closer to our mission to care for our active and senior priests.

RE V. PAUL RI T T RE V. JA MES RON A N RE V. G ER A L D SOUZ A RE V. JOH N UNN I

We are incredibly grateful for their hard work,

RE V. C H RI S TOPHER WA L L AC E

their persistent dedication, and their true and

RE V. M AT TH E W W ES TCOT T

faithful friendship.

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F I N A N C E & A U D I T CO M M I T T E E

THE CLERGY TRUST FINANCE & AUDIT COMMITTEE IS APPOINTED BY THE CLERGY TRUST BOARD OF TRUSTEES AND FUNCTIONS AS BOTH A FINANCE COMMITTEE AND AN AUDIT COMMITTEE. This committee reviews the effectiveness of the internal financial control environment, the external auditor’s qualifications, performance and independence, the process for monitoring compliance with generally accepted accounting principles (GAAP) and applicable laws or regulations affecting financial reporting and monitors ongoing financial and operational activities.

The committee is also responsible for maintaining free and open communications as well as effective working relationships among the Committee members, external auditors, and management of the Clergy Trust.

CLERGY TRUST FINANCE & AUDIT COMMITTEE MEMBERS Reverend Thomas S. Rafferty (Chair) Michael K. Devlin, CPA John Ferraro, CPA David J. Hegarty, CPA James MacDonald James Mullaney, CPA

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O RG A N IZ AT I O N A L E F F I C I E N C Y

Our Board of Trustees and Management Team are committed to providing our priests with the best care possible and all the support they need to be healthy while remaining fiscally responsible. Donors who make a gift to Clergy Trust can be confident knowing that $0.88 of every dollar goes directly to the care of our priests.

12%

ADMINISTRATION & FUNDRAISING

OPERATING EXPENSE:

$15.2M DIRECT TO PROGRAMS

88%

($13.4M)

RETIREMENT BENEFITS

29%

REGINA CLERI RESIDENCE

DIRECT TO PROGRAMS:

29%

$13.4M

2% HEALTHCARE

40%

WELLNESS & OTHER

Clergy Trust consistently obtains the Platinum Seal of Transparency from Candid (formerly GuideStar). The Platinum rating signifies the highest level of transparency and accountability a non-profit organization can achieve, and indicates that the organization shares extensive information about its goals, strategies, finances, and impact with the public.

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FINANCIAL HIGHLIGHTS

S T A T E M E N T O F N E T A S S E T S A VA I L A B L E F O R B E N E F I T S ASSETS

JUN 30, 2025

JUN 30, 2024

$8,836

$6,848

ACCOUNTS AND CONTRIBUTIONS RECEIVABLE, NET

$989

$801

PREPAID EXPENSES

$476

$410

INVESTMENTS, AT FAIR VALUE

$55,100

$51,410

LAND, BUILDINGS AND EQUIPMENT, NET

$15,839

$16,471

TOTAL ASSETS

$81,240

$75,940

(IN THOUSANDS)

CASH AND CASH EQUIVALENTS

(IN THOUSANDS)

LIABILITIES ACCOUNTS PAYABLE AND ACCRUED EXPENSES

$506

$704

DEFERRED INCOME

$850

$1,016

TOTAL LIABILITIES

$1,356

$1,720

$78,654

$72,971

$1,231

$1,249

$79,885

$74,220

$95,488

$88,757

NET ASSETS AVAILABLE FOR BENEFITS WITHOUT DONOR RESTRICTIONS WITH DONOR RESTRICTIONS TOTAL NET ASSETS AVAILABLE FOR BENEFITS

ACCUMULATED PLAN BENEFIT OBLIGATIONS AT END OF YEAR

THE CLERGY TRUST’S EXTERNAL AUDITORS HAVE ISSUED AN UNMODIFIED OPINION ON THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2025. TO VIEW THE FULL FINANCIAL STATEMENTS, SCAN THE QR CODE OR VISIT CLERGYTRUST.ORG/ABOUT/FINANCIALS

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2 02 5 CLERGY TRUST

S T A T E M E N T O F C H A N G E S I N N E T A S S E T S A VA I L A B L E F O R B E N E F I T S OPERATING REVENUE

JUN 30, 2025

(IN THOUSANDS)

JUN 30, 2024

(IN THOUSANDS)

ASSESSMENTS

$5,945

$5,712

COLLECTIONS FROM PARISHES AND APPEALS

$5,446

$5,393

CELEBRATION OF PRIESTHOOD EVENT, NET OF COSTS

$2,518

$1,311

$766

$577

$14,675

$12,993

OTHER REVENUE TOTAL OPERATING REVENUE

OPERATING EXPENSES HEALTH CLAIMS, WELLNESS PROGRAMS, OTHER BENEFITS

$5,604

$6,579

RETIREMENT, ROOM & BOARD AND HEALTH LEAVE BENEFITS

$3,866

$4,090

$3,957

$3,817

DIRECT TO PROGRAMS

REGINA CLERI RESIDENCE OPERATIONS

$13,427

14,486

ADMINISTRATION

$1,377

$1,454

$372

$393

ADMINISTRATION & FUNDRAISING

FUNDRAISING

$1,749

$1,847

TOTAL OPERATING EXPENSES

$15,176

$16,333

($501)

($3,340)

GAINS ON INVESTMENTS

$3,685

$5,640

OTHER NON-OPERATING, NET

$2,480

$256

$5,664

$2,556

NET ASSETS AT BEGINNING OF YEAR

$74,220

$71,664

NET ASSETS AT END OF YEAR

$79,885

$74,220

CHANGE IN NET ASSETS FROM OPERATIONS NON-OPERATING REVENUES (EXPENSES)

CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

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OUR MISSION We are an independent entity established to provide care and support for the health, wellness, and retirement benefits of all active and senior diocesan priests in good standing. Driven by the knowledge that our priests are called to act “in persona Christi” we strive to provide them with overall support so they can focus on representing Christ in our world.

Believing that healthier priests build stronger communities, we seek to ensure the wellness of our priests by providing them with a comprehensive system of care throughout their priesthood which includes: ·

R esources and programs encouraging a healthy lifestyle and access to a personal health coach

·

Arranging quality healthcare and retirement benefits

·

A Dedicated Care Team to help navigate a complex and ever-changing healthcare system.

·

A ccess to the Regina Cleri residence for respite care after surgery or illness and for senior priests to live in community as they age.

We put the needs and well-being of our priests first always and are dedicated to caring for them as family and treating them with the compassion and dignity they deserve. We are committed to fiscal accountability and full transparency as we lovingly carry out our mission to provide for the wellness of our current and future priests.

Caring for our Priests

EMOTIONAL WELLNESS This past February, we held an Emotional Wellness Workshop specifically geared towards priests, and were thrilled that nearly 50 active and senior priests participated.

The workshop was dedicated to the memory of Fr. Jack Sullivan who, before passing away in 2024, had suggested we hold this type of workshop. After Fr. Jack lost his sister and faced some other hardships, he realized the importance of understanding emotional wellness, particularly for priests who tend to have far too much on their plate and often face difficult situations alone.

We are already planning two more workshop sessions in 2026!

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The full financial statements can be found on the following pages

Combined Financial Statements and Report of Independent Certified Public Accountants Archdiocese of Boston Clergy Trust Clergy Medical/Hospitalization Trust Clergy Retirement Trust Clergy Benefit Funding Trust Regina Cleri Trust June 30, 2025 and 2024

Page Contents

Report of Independent Certified Public Accountants

3

Combined Financial Statements Combined statements of net assets available for benefits

6

Combined statements of changes in net assets available for benefits

7

Combined statements of accumulated plan benefits

8

Combined statements of changes in accumulated plan benefits

9

Notes to combined financial statements

10

Supplementary Information Combining statement of net assets available for benefits at June 30, 2025

24

Combining statement of net assets available for benefits at June 30, 2024

25

Combining statement of changes in net assets available for benefits for the year ended June 30, 2025

26

Combining statement of changes in net assets available for benefits for the year ended June 30, 2024

27

Regina Cleri Trust - statement of changes in net assets available for benefits for the year ended June 30, 2025

28

Regina Cleri Trust - statement of changes in net assets available for benefits for the year ended June 30, 2024

29

GRANT THORNTON LLP

REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

53 State St., 16th Floor Boston MA 02109 D

+1 617 723 7900

F

+1 617 723 6340

Board of Trustees Archdiocese of Boston Clergy Trust Opinion We have audited the combined financial statements of the Archdiocese of Boston Clergy Trust (the “Clergy Trust”), which comprise the combined statements of net assets available for benefits and combined statements of accumulated plan benefits as of June 30, 2025 and 2024, and the related combined statements of changes in net assets available for benefits and combined statements of changes in accumulated plan benefits for the years then ended, and the related notes to the combined financial statements.

In our opinion, the accompanying combined financial statements present fairly, in all material respects, the combined net assets available for benefits and combined accumulated plan benefits of the Clergy Trust as of June 30, 2025 and 2024, and the combined changes in its net assets available for benefits and combined changes in accumulated plan benefits for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for opinion We conducted our audits of the combined financial statements in accordance with auditing standards generally accepted in the United States of America (US GAAS).

Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Clergy Trust and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of management for the financial statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Clergy Trust's ability to continue as a going concern for one year after the date the financial statements are available to be issued.

GT.COM

Grant Thornton LLP is a U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and each of its member firms are separate legal entities and are not a worldwide partnership.

Management is also responsible for maintaining a current plan instrument, including all plan amendments, administering the plan, and determining that the plan's transactions that are presented and disclosed in the financial statements are in conformity with the plan's provisions, including maintaining sufficient records with respect to each of the participants, to determine the benefits due or which may become due to such participants.

Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with US GAAS, we:  







Exercise professional judgment and maintain professional skepticism throughout the audit.

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Clergy Trust's internal control. Accordingly, no such opinion is expressed.

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Clergy Trust's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

Supplemental schedules Our audits were conducted for the purpose of forming an opinion on the combined financial statements as a whole. The combining statements of net assets available for benefits as of June 30, 2025 and 2024, the combining statements of changes in net assets available for benefits for the years ended June 30, 2025 and 2024, and the statements of changes in net assets available for benefits - Regina Cleri Trust for the years ended June 30, 2025 and 2024 are presented for purposes of additional analysis and are not a required part of the combined financial statements. Such

supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the combined financial statements. The information has been subjected to the auditing procedures applied in the audits of the combined financial statements and certain additional procedures. These additional procedures included comparing and reconciling such information directly to the underlying accounting and other records used to prepare the combined financial statements or to the combined financial statements themselves, and other additional procedures in accordance with US GAAS. In our opinion, the information in the accompanying supplemental schedules are fairly stated, in all material respects, in relation to the combined financial statements as a whole.

Boston, Massachusetts November 6, 2025

Archdiocese of Boston Clergy Trust COMBINED STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS June 30, 2025 and 2024

2025

2024

ASSETS Cash and cash equivalents (Note 3) Accounts receivable, net (Note 3) Contributions receivable, net (Note 3) Prepaid expenses (Note 3) Investments, at fair value (Notes 3, 6 and 11) Land, building and equipment, net (Notes 3 and 7) Total assets

$

8,835,834 387,268 601,973 475,546 55,100,318 15,839,485

$

6,848,012 262,899 538,147 409,915 51,409,660 16,471,251

$

81,240,424

$

75,939,884

$

506,123 849,761

$

704,354 1,015,376

$

1,355,884

$

1,719,730

$

74,141,584 4,512,625

$

68,772,762 4,197,773

LIABILITIES Accounts payable and accrued expenses Deferred income (Note 3) Total liabilities NET ASSETS AVAILABLE FOR BENEFITS Without donor restrictions Undesignated Designated for endowment (Note 9) Total without donor restrictions With donor restrictions (Note 14) Total net assets available for benefits

$

78,654,209

72,970,535

1,230,331

1,249,619

79,884,540

The accompanying notes are an integral part of these combined financial statements.

6

$

74,220,154

Archdiocese of Boston Clergy Trust COMBINED STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS For the years ended June 30, 2025 and 2024 2025 Operating revenue Collections from parishes and appeals (Note 3) Assessments to participating entities

$

5,445,596 5,945,242

2024 $

5,392,981 5,711,816

3,000,115 (482,233) 2,517,882

1,694,256 (383,134) 1,311,122

290,385 294,772 179,581 2,000

259,455 173,689 137,826 6,008

14,675,458

12,992,897

5,132,927 3,956,669

5,982,630 3,817,335

3,322,520 405,402 370,063 219,305 138,448 (118,041)

3,517,311 400,832 334,923 220,373 171,387 40,957

13,427,293

14,485,748

Administration: Salaries and benefits (Note 8) Service fees (Note 8) Professional and contract service fees Other administrative expenses

965,678 198,000 144,516 69,191

936,919 194,961 158,478 162,885

Total administration

1,377,385

1,453,243

Fundraising expenses (Note 8)

372,039

393,425

15,176,717

16,332,416

(501,259)

(3,339,519)

2,876,438

732,432

25,476 247,675 3,685,366 (40,000) (1,084) (2,000) (626,226)

39,087 171,718 5,639,517 (40,000) (17,403) (6,008) (624,098)

Total non-operating revenues

6,165,645

5,895,245

CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

5,664,386

2,555,726

74,220,154

71,664,428

Special events revenue Special events direct cost Special event, net Giving societies (Note 3) Room and board assessments (self-funded) Medicare reimbursement and miscellaneous income Net assets released from restrictions (Notes 4 and 14) Total operating revenue Operating expenses Benefits: Claims paid Regina Cleri residence operations, including depreciation of $31,700 in 2025 and $49,341 in 2024 Retirement and disability benefits Room and board Wellness and other benefits Plan administrator Unassigned and health leave benefits (Recoveries of ) provision for uncollectible accounts (Note 3) Total benefits

Total operating expenses Changes in net assets from operations Non-operating revenues (expenses) Gifts, bequests, grants and other income (Note 3) Contributions - capital campaign, net of provision for uncollectible amounts (Note 3 and 4) Interest and dividends Net realized and unrealized gains on investments Transfer to related entity (Note 8) Interest expense and stewardship fees - capital campaign (Note 4) Net assets released from restrictions (Notes 4 and 14) Depreciation expense (Note 7)

Net assets available for benefits Beginning of year End of year

$

79,884,540

The accompanying notes are an integral part of these combined financial statements.

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$

74,220,154

Archdiocese of Boston Clergy Trust COMBINED STATEMENTS OF ACCUMULATED PLAN BENEFITS June 30, 2025 and 2024

2025 Accumulated plan benefit obligations Actuarial present value of accumulated retirement plan benefits Retired and disabled participants currently receiving retirement benefits Active participants

$

Total actuarial present value of accumulated retirement plan benefits

44,198,965 21,657,628

2024

$

39,501,133 20,801,060

65,856,593

60,302,193

15,200,779 14,056,294

14,515,756 13,507,218

29,257,073

28,022,974

Reserve for health insurance claims Claims payable and claims incurred but not reported for retired participants

142,120

131,729

Claims payable and claims incurred but not reported for active participants

231,880

300,271

374,000

432,000

Actuarial present value of other post-retirement benefit obligations Retired and disabled participants currently receiving health, dental and subsistence benefits Active participants Total actuarial present value of other post-retirement benefit obligations

Total reserve for health insurance claims Total accumulated plan benefit obligations

$

95,487,666

The accompanying notes are an integral part of these combined financial statements.

8

$

88,757,167

Archdiocese of Boston Clergy Trust COMBINED STATEMENTS OF CHANGES IN ACCUMULATED PLAN BENEFITS For the years ended June 30, 2025 and 2024

2025 Accumulated plan benefit obligations at the beginning of year

$

Changes in accumulated retirement plan benefits Actuarial present value of accumulated retirement plan benefits at beginning of year Changes during the year attributable to: Benefits accumulated Actuarial losses Increase for interest due to the decrease in the discount period Benefits paid Changes in assumptions (Note 5) Net increase (decrease) Actuarial present value of accumulated retirement plan benefits at end of year Changes in other post-retirement benefit obligations Actuarial present value of other post-retirement benefit obligations at beginning of year Changes during the year attributable to: Benefits accumulated Actuarial losses (gains) Increase for interest due to the decrease in the discount period Benefits paid Changes in assumptions (Note 5) Net increase (decrease) Actuarial present value of other post-retirement benefit obligations at end of year Changes in reserve for health insurance claims Reserve for health insurance claims at beginning of year Changes during the year attributable to: Claims reported and approved and claims incurred but not yet reported Claims paid Net decrease Reserve for health insurance claims at end of year (Note 5) Accumulated plan benefit obligations at the end of year

$

The accompanying notes are an integral part of these combined financial statements.

9

88,757,167

2024 $

92,932,572

60,302,193

63,462,039

702,501 2,264,614 3,219,975 (7,239,422) 6,606,732

833,136 836,127 3,296,186 (7,306,115) (819,180)

5,554,400

(3,159,846)

65,856,593

60,302,193

28,022,974

28,980,533

640,796 594,702 1,550,320 (2,060,274) 508,555

645,921 (24,277) 1,551,115 (2,028,298) (1,102,020)

1,234,099

(957,559)

29,257,073

28,022,974

432,000

490,000

5,074,927 (5,132,927)

5,924,630 (5,982,630)

(58,000)

(58,000)

374,000

432,000

95,487,666

$

88,757,167

Archdiocese of Boston Clergy Trust NOTES TO COMBINED FINANCIAL STATEMENTS June 30, 2025 and 2024 NOTE 1 - DESCRIPTION OF THE CLERGY TRUST Description of the Trusts The Archdiocese of Boston Clergy Trust (the “CT”) represents collectively all trusts, as they may exist from time to time, that provide for the health, welfare, disability, and retirement of priests incardinated in the Roman Catholic Archdiocese of Boston (“RCAB”) who are in good standing within the norms of canon law (“Eligible Priests”). The CT combined financial statements include the financial position and activities of the Archdiocese of Boston Clergy Benefit Funding Trust (the “Funding Trust”), the Archdiocese of Boston Clergy Retirement Trust (the “Retirement Trust”), the Archdiocese of Boston Clergy Medical/Hospitalization Trust (the “Medical Trust”) and the Archdiocese of Boston Regina Cleri Trust (“Regina Cleri Trust”).

The CT was established for the purpose of generating and providing support for the benefit of Eligible Priests incardinated in the RCAB, as directed by the Roman Catholic Archbishop of Boston. The CT is not subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).

The Archbishop of Boston, by virtue of his office, is responsible for providing for health, welfare, disability, and retirement benefits of Eligible Priests. He appoints the Board of Trustees of the CT, but does not serve as a Trustee. Additionally, the Archbishop of Boston serves as Chairman to numerous separately incorporated Catholic organizations that operate within the Archdiocese of Boston. These organizations are considered to be related organizations.

The Board of Trustees assists the Archbishop of Boston in his responsibilities to Eligible Priests by administering the CT. The Trustees are authorized and empowered to manage the assets of, and benefits provided by the CT as deemed necessary.

Reporting and Disclosure by Corporation Sole The accounting and financial disclosures within this report for the CT are prepared under U.S. generally accepted accounting principles (“U.S. GAAP”) applicable to defined benefit pension plans and health and welfare plans. The primary objective of the CT combined financial statements is to provide financial information that is useful in assessing the CT’s present and future ability to pay benefits when due.

The CT is the retirement vehicle for the Eligible Priests assigned to the RCAB. Accordingly, the financial reporting of Corporation Sole, as the employer of these priests, includes corresponding accounting and financial disclosures relating to the CT retirement and other post-retirement benefits.

NOTE 2 - DESCRIPTION OF THE TRUSTS The following brief description of the CT is provided for general information purposes only. Participants should refer to each trust agreement for more complete information.

Funding and Benefits The CT’s primary sources of funding for benefits are from special collections from parishes in the Archdiocese of Boston and assessments to parishes and other Catholic organizations within the Archdiocese of Boston. As collections and assessments are received from the parishes and other Catholic organizations, they are held in the Funding Trust. Funds are transferred to the Medical Trust, the Retirement Trust, and Regina Cleri Trust at the discretion of the Trustees.

The Medical Trust was established to provide substantially all medical and/or hospitalization coverage to Eligible Priests.

10

Archdiocese of Boston Clergy Trust NOTES TO COMBINED FINANCIAL STATEMENTS - CONTINUED June 30, 2025 and 2024 The Retirement Trust is a noncontributory defined benefit pension plan that provides retirement benefits, which include a stipend as well as room and board covering Eligible Priests.

Regina Cleri is a nonprofit Massachusetts corporation. Regina Cleri is a religious community in the West End of Boston, committed to supporting the health and vocation of the Eligible Priests of the Archdiocese of Boston. Regina Cleri provides resident senior priests with support for their physical and emotional health, quality of life and spiritual life, thereby allowing them to dedicate their later years to their lifelong commitment to their vocation.

The primary benefits provided by the Funding Trust relate to funding of the Medical Trust, the Retirement Trust and Regina Cleri Trust where necessary. The Funding Trust also pays substantially all benefits for Eligible Priests who are currently on health leave or waiting assignment for up to six months. Additional benefits include support for the well-being of Eligible Priests at the discretion of the Trustees.

Assessments to Participating Entities The CT charges assessments to parishes and related Catholic organizations to partially offset medical, dental, hospitalization, retirement and other benefits for Eligible Priests.

Retirement Benefits The monthly retirement benefits available to a priest who retires at the general retirement age of 75 includes a stipend as well as room and board; the monthly combined benefit was $2,181 at both June 30, 2025 and 2024. The allocation between stipend and room and board varies based on the retiree’s residence, which can include living on their own, in a parish or at Regina Cleri. The CT does not cover the cost of nursing home care. A priest who has attained at least age 65 may, with the permission of the Archbishop of Boston, retire early and receive a retirement benefit. Any priest who becomes totally and permanently disabled qualifies for retirement benefits. Retirement benefits are available to all Eligible Priests. This program has no vesting provisions.

Other Post-Retirement Benefits Other post-retirement benefits include health, dental and subsistence benefits.

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies followed by the CT are described below: Basis of Accounting The combined financial statements have been prepared on the accrual basis of accounting in accordance with U.S. GAAP. Net assets, revenues, expenses, gains and losses are classified based upon the existence or absence of donor-imposed restrictions. Accordingly, net assets and changes therein are classified as follows: Without donor restrictions - Net assets that are not subject to donor-imposed restrictions or for which restrictions have expired. Also included in this category are net assets designated by the Trustees, including funds functioning as endowment.

With donor restrictions - Net assets subject to donor-imposed restrictions that permit the CT to use or expend the donated assets as specified and are satisfied by either the passage of time or by actions of the CT. Also included in this category are net assets subject to donor-imposed restrictions that stipulate that

11

Archdiocese of Boston Clergy Trust NOTES TO COMBINED FINANCIAL STATEMENTS - CONTINUED June 30, 2025 and 2024 resources be maintained permanently, but may permit CT to use or expend part or all of the economic benefits derived from the donated assets to be used in line with donor restrictions.

Cash and Cash Equivalents Financial instruments with original maturities of three months or less at the purchase date are classified as cash equivalents. Included in cash equivalents are money market funds of $7,200,364 and $5,773,174 at June 30, 2025 and 2024, respectively.

The CT deposits its cash in major financial institutions that are significant in size and reputation. These deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000, per institution, per trust. While at times funds deposited in banks are in excess of FDIC insured limits, CT has not experienced any losses as a result of the use of uninsured deposit accounts.

Investments Investments are carried at fair value. Changes in fair values are reflected in the combined statements of changes in net assets available for benefits as net realized and unrealized gains (losses) on investments.

Investment transactions are accounted for as of the date the securities are purchased or sold (trade date).

Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date.

The CT Investment Committee has elected to invest in the RCAB Collective Investment Partnership (the “Investment Partnership” or “CIP”), the RCAB Fixed Income Fund (the “Fixed Income Fund” or “FIF”), the Westwood Income Opportunity Fund (the “Income Opportunity Fund” or “IOF”) and the Knights of Columbus Commingled Limited Duration Bond Fund (the “Knights of Columbus Fund” or “KoC”). The funds that are established and maintained by RCAB provide common investment pools in which the CT and other organizations related to RCAB may participate. The underlying investments of the Investment Partnership, Fixed Income Fund, Income Opportunity Fund and the Knights of Columbus Fund are primarily equity and fixed-income securities (U.S. Government agency securities, asset-backed securities and corporate bonds) owned either directly or indirectly through mutual funds, private investment entities, and money market funds. The participants in these funds own units based upon a per-unit value at the time of purchase.

Financial instruments with original maturities of greater than three months at the purchase date are classified as investments.

Accounts Receivable Accounts receivable are stated net of an allowance for credit losses/estimated uncollectible assessments.

The allowance is established via a provision charged to operations. Management evaluates its assessments receivable and establishes or adjusts its allowance to an amount that it believes will be adequate to absorb possible losses on accounts that may become uncollectible. Accounts are charged-off against the allowance when management believes that the collectability of the specific account is unlikely.

Land, Building and Equipment Land, building and equipment are carried at cost, net of accumulated depreciation, or if donated, at appraised value at the time of donation. Depreciation is recorded on the straight-line basis over the estimated useful lives of the assets, which range from three to forty years. Expenditures for maintenance and repairs are expensed as incurred. Depreciation of building and equipment acquired through expenditure of donor-imposed restricted gifts is classified as non-operating expense.

12

Archdiocese of Boston Clergy Trust NOTES TO COMBINED FINANCIAL STATEMENTS - CONTINUED June 30, 2025 and 2024 Prepaid Expenses Retirement benefit payments are withdrawn from the CT operating cash account by the payroll provider on the last business day of the month in order to be available on the first of the following month for the priests.

Included in prepaid expenses are $273,905 and $280,467 for retirement benefits advanced to the payroll provider at June 30, 2025 and 2024, respectively.

Collections from Parishes Generally, collections from parishes are recognized when received. In addition, any amounts reported by parishes but not yet received by CT are accrued as due from the remitting parish and are included within contributions receivable.

Contributions Receivable, Gifts, Bequests and Contributions Contributions, including unconditional promises to give, are recognized upon receipt. Contributions other than cash are recorded at fair value at the date of contribution. Contributions with donor-imposed restrictions are reclassified to net assets without donor restrictions when an expenditure is incurred that satisfies the restriction or the designated time elapses. Pledges receivable are carried at estimated net present value, net of allowance for uncollectible amounts. Conditional promises to give are not recognized until the conditions on which they depend are substantially met. There were no conditional promises to give at June 30, 2025 and 2024.

Contributions receivable as of June 30, 2025 and 2024 are presented below: 2024

2025 Receivables due in less than one year Receivables due in one to five years

$

Total unconditional promises to give Less: present value discount and allowance for uncollectible amounts $

Contributions receivable, net

677,220 -

$

848,823 37,500

677,220

886,323

(75,247)

(348,176)

601,973

$

538,147

The remaining contributions receivable due in one to five years have been discounted using a rate of 5.50% at June 30, 2024.

Special Events and Deferred Income Revenue from ticket sales and sponsorships with benefits is recognized at the fair value of the goods or services provided (the exchange amount). Any excess payment over the exchange amount is treated as a contribution. The contribution portion of the amount received for ticket sales prior to the end of the reporting period is presumed to be conditioned on the event taking place, unless explicitly waived by the donor.

Accordingly, amounts received prior to the event are recorded as deferred income until the occurrence of the event. Direct costs of special events, such as venue rental, catering, and entertainment, are reported separately as special events direct costs in the statement of changes in net assets available for benefits.

13

Archdiocese of Boston Clergy Trust NOTES TO COMBINED FINANCIAL STATEMENTS - CONTINUED June 30, 2025 and 2024 Giving Societies Giving Society donations are recognized as revenue when unconditionally and irrevocably committed to the CT. Payment of Benefits Benefit payments to participants are recorded upon distribution.

Income Taxes The CT is included in the annual United States Conference of Catholic Bishops Internal Revenue Service Group Ruling and is therefore exempt from income tax under Section 501(c)(3) of the Internal Revenue Code. The CT recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the combined financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. The CT management has reviewed the tax positions for open periods and determined that no provision for income tax is required in the CT financial statements.

Use of Estimates The preparation of combined financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures of assets, liabilities, benefit obligations, contingent assets and liabilities, and changes during the reporting period. Actual results could differ from those estimates. As discussed above, key estimates include the fair value of investments, the allowance for uncollectible assessments, health claims incurred by participants but not yet reported, and accumulated retirement plan benefits and other post-retirement benefits.

The actuarial present value of accumulated retirement plan benefits and other post-retirement benefit obligations are reported based on certain assumptions pertaining to interest rates, inflation rates, health care inflation rates, and participant demographics, all of which are subject to change. Due to uncertainties inherent in the estimations and assumptions process, it is at least reasonably possible that changes in these estimates and assumptions in the near term would affect the combined financial statements.

Operations Changes in net assets from operations includes all operating revenues and expenses that are an integral part of CT’s programming and supporting activities.

Reclassifications Certain amounts in the 2024 financial statements have been reclassified to conform to the 2025 presentation.

NOTE 4 - CAPITAL CAMPAIGN In fiscal year 2018, The Catholic Community Fund of the Archdiocese of Boston, Inc., began the Inspiring Hope Capital Campaign (the “Campaign”). The purpose of the Campaign was to raise funds for the collective mission of the Archdiocese of Boston to strengthen and grow in faith and community. The Campaign closed in fiscal year 2021.

14

Archdiocese of Boston Clergy Trust NOTES TO COMBINED FINANCIAL STATEMENTS - CONTINUED June 30, 2025 and 2024 Contributions received in relation to the Campaign are shown as contributions - capital campaign, net in the accompanying combined statements of changes in net assets available for benefits.

CT’s segment of the Campaign was to support the ministry of the CT in caring for all eligible priests serving the Archdiocese of Boston. A portion of funds raised were restricted to CT programs, including the development of priest wellness initiatives. Another portion of funds raised were restricted to the Regina Cleri capital improvement construction project, which added 10 residential rooms to increase occupancy, rebuilt the current chapel to facilitate the population aging in place and provided general building upgrades to the 60+ year old structure.

NOTE 5 - SUMMARY OF ACTUARIAL ASSUMPTIONS Actuarial Present Value of Accumulated Retirement Plan Benefits Accumulated retirement plan benefits, which include a stipend as well as room and board, are those future periodic payments that are expected to be paid under the Retirement Trust’s provisions to retired and active priests.

The actuarial present value of accumulated retirement plan benefits is determined by an actuary and is the amount that results from applying actuarial assumptions to adjust the accumulated retirement plan benefits to reflect the time value of money (through discounts for interest) and the probability of payment (by means of decrements such as for death, disability, withdrawal, or retirement) between the valuation date and the expected date of payment.

The significant actuarial assumptions used in the valuations are as follows at June 30, 2025 and 2024: 2025

2024

5.56%

5.62%

Mortality before and after retirement

Society of Actuaries' Retirement Plans Experience Committee Headcount weighted Pri-2012 rates for healthy lives, with generational projection using Scale MP-2021.

Separate retiree and active participant rates.

Society of Actuaries' Retirement Plans Experience Committee Headcount weighted Pri-2012 rates for healthy lives, with generational projection using Scale MP-2021.

Separate retiree and active participant rates.

Retirement age

Age graded tables

Age graded tables

Asset valuation

Market value

Market value

Stipend and room and board paid to priests

$1,481 average per month

$1,551 average per month

Cost of living adjustment

None assumed

None assumed

Salary increases

N/A

N/A

Discount rate

The most significant assumption change impacting the actuarial present value of other post-retirement benefit obligations at June 30, 2025 was the projected increase in costs at Regina Cleri.

15

Archdiocese of Boston Clergy Trust NOTES TO COMBINED FINANCIAL STATEMENTS - CONTINUED June 30, 2025 and 2024 The foregoing actuarial assumptions are based on the presumption that the Retirement Trust will continue.

If the Retirement Trust were to terminate, different actuarial assumptions and other factors might be applicable in determining the actuarial present value of accumulated retirement plan benefits.

Actuarial Present Value of Other Post-Retirement Benefit Obligations Other post-retirement benefit obligations represent the actuarial present value of those estimated future health, dental and subsistence benefits that are attributed to clergy service rendered through the financial statement date.

Prior to reaching the eligibility date, the post-retirement benefit obligation is the portion of the expected post-retirement benefit obligation that is attributed to each priest’s service rendered to the valuation date.

The actuarial present value of the expected post-retirement benefit obligation is determined by an actuary and is the amount that results from applying actuarial assumptions to historical claims-cost data to estimate future annual incurred claims costs per participant and to adjust such estimates for the time value of money (through discounts for interest) and the probability of payment (by means of decrements such as those for death, disability, withdrawal, or retirement) between the valuation date and the expected date of payment.

For measurement purposes, a 6.50% annual rate of increase in the per capita cost of covered health care benefits was assumed for 2025 and a 6.00% annual rate of increase in the per capita cost of covered health care benefits was assumed for 2024. The rate is assumed to decrease gradually to 4.50% by 2034.

The following were other significant assumptions used in the valuations as of June 30, 2025 and 2024:

Discount rate

2025

2024

5.78%

5.71%

Retirement age

Age graded tables

Age graded tables

Mortality

Society of Actuaries’ Retirement Plans Experience Committee Headcount weighted Pri-2012 rates for healthy lives, with generational projection using Scale MP-2021. Separate retiree and active participant rates.

Society of Actuaries’ Retirement Plans Experience Committee Headcount weighted Pri-2012 rates for healthy lives, with generational projection using Scale MP-2021. Separate retiree and active participant rates.

$

$

Effect of 1% increase in healthcare cost trend rate on postretirement obligation

3,864,000

3,560,000

The foregoing actuarial assumptions are based on the presumption that the Medical Trust will continue. If the Medical Trust were to terminate, different actuarial assumptions and other factors might be applicable in determining the actuarial present value of other post-retirement benefit obligations.

Reserve for Health Insurance Claims Reserve for health insurance claims consist of medical and dental claims incurred but not reported as of June 30, 2025 and 2024 for benefits provided to Eligible Priests. Obligations for health claims incurred by Eligible Priests but not reported are estimated by management based on historical experience.

16

Archdiocese of Boston Clergy Trust NOTES TO COMBINED FINANCIAL STATEMENTS - CONTINUED June 30, 2025 and 2024 NOTE 6 - INVESTMENTS CT had the following investments as of June 30, 2025 and 2024: 2024

2025 Collective Investment Partnership Fixed Income Fund Knights of Columbus Commingled Limited Duration Bond Fund Westwood Income Opportunity Fund

$

35,440,251 7,440,633 5,449,579 6,769,855

$

32,962,616 7,109,142 5,137,609 6,200,293

$

55,100,318

$

51,409,660

All investments are reported at fair market value (see Note 11).

The investment objective of the Collective Investment Partnership is to maximize long-term total return, primarily by investing in equity securities, investment grade debt and fixed income securities.

The investment objectives of the Fixed Income Fund are to generate income, hedge growth risk and manage inflation risk, primarily by investing in corporate debt, U.S. Government securities and other fixed income securities.

The Knights of Columbus Commingled Limited Duration Bond Fund seeks long-term capital appreciation by investing in a variety of fixed income instruments, such as securities issued or guaranteed by the U.S. government and its agencies or instrumentalities, municipal bonds, corporate obligations, residential and commercial mortgage-backed securities, and asset-backed securities.

The investment objectives of the Westwood Income Opportunity Fund are to provide current income and to seek capital appreciation, primarily by investing in common stocks, mutual funds, corporate debt and U.S. Government securities.

NOTE 7 - LAND, BUILDING AND EQUIPMENT Land, building and equipment consists of the following at June 30, 2025 and 2024: 2024

2025 Land Land improvements Building Building improvements Furniture and equipment

$

Less: accumulated depreciation $

4,036,578 572,597 10,551,225 10,892,859 1,600,553

$

4,036,578 572,597 10,551,225 10,875,402 1,591,850

27,653,812

27,627,652

(11,814,327)

(11,156,401)

15,839,485

$

16,471,251

Depreciation expense totaled $657,926 and $673,439 for the fiscal years ended June 30, 2025 and 2024, respectively.

17

Archdiocese of Boston Clergy Trust NOTES TO COMBINED FINANCIAL STATEMENTS - CONTINUED June 30, 2025 and 2024 NOTE 8 - RELATED PARTY TRANSACTIONS RCAB The CT pays for various administrative expenses, which include Plan administrative salaries and a service fee, based on the level of efforts provided for administrative, rent, technology and clerical services provided

by RCAB. These amounts are classified as and included within salaries and benefits and service fees in the accompanying statements of changes in net assets available benefits.

RCAB, Health Benefit Plan CT employees participate in lay employee health, dental, life, disability, and transition assistance plans through RCAB. These expenses are classified as and included within salaries and benefits in the accompanying statements of changes in net assets available benefits.

Boston Catholic Development Services A service fee based on the level of efforts provided for fundraising is charged to the CT by Boston Catholic Development Services. These fees are classified as and included within fundraising expense in the accompanying statements of changes in net assets available for benefits.

Transfer to Non-Incardinated Trust CT authorized the transfer of $40,000 for each of the years ended June 30, 2025 and 2024 to the Archdiocese of Boston Benefit Trust for Non-Incardinated Priests Duly Assigned for Service in the Archdiocese of Boston, a related plan to fund the future pension obligations of the non-incardinated priests assigned for service in the Archdiocese of Boston.

The Archdiocese of Boston Benefit Trust for Non-Incardinated Priests Duly Assigned for Service in the Archdiocese of Boston was frozen in 2009.

NOTE 9 - ENDOWMENT CT’s endowment includes both donor-restricted endowment funds and funds designated by the Board of Trustees to function as quasi-endowments. Quasi-endowment funds are internally restricted until such time as the Trustees vote to release such funds. Quasi-endowment funds are designated to be used for future support of Regina Cleri and the health, welfare and retirement needs of Eligible senior priests.

Interpretation of Relevant Law The net assets associated with CT’s endowment funds are classified in accordance with relevant state law as interpreted by the Trustees. As a result of this interpretation, CT has classified as net assets with donor restrictions (a) the original value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the permanent endowment, and (c) accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund (although no existing donor instruments have so directed). The remaining portion of the donorrestricted endowment fund continues to be classified in net assets with donor restrictions and is regarded as “net appreciation” until those amounts are appropriated for expenditure by the Trustees in a manner consistent with CT’s spending policy, the Uniform Prudent Management of Institutional Funds Act, other applicable laws, and donor-imposed restrictions, if any.

18

Archdiocese of Boston Clergy Trust NOTES TO COMBINED FINANCIAL STATEMENTS - CONTINUED June 30, 2025 and 2024 Funds with Deficiencies From time-to-time, the fair value of assets associated with individual donor-restricted endowment funds may fall below the historic-dollar-value. Deficiencies of this nature are reported by a decrease in net assets with donor restrictions. There were no funds with deficiencies as of June 30, 2025 and 2024.

Endowment Investment Policy CT has adopted an investment philosophy which, combined with the spending rate, attempts to provide a predictable stream of returns thereby making funds available to programs that are supported, while at the same time seeking to maintain the purchasing power of the endowment assets. Endowment assets include those assets of donor-restricted funds that Regina Cleri must hold in perpetuity or for donor-specified periods. Under CT’s Investment Policy and spending rate, both of which are approved by the Board of Trustees, the endowment assets are invested in a manner that is intended to produce an inflation-adjusted return in excess of the spending rate over a long period of time. Actual returns in any given year will vary.

Endowment Spending Policy Under the CT spending policy, up to 6% of the current market value (using the most recently available information at the time) of qualifying donor restricted endowment investments is appropriated for expenditure. The appropriate amounts for the years ended June 30, 2025 and 2024 have been reinvested with quasi-endowment funds. The Board of Trustees voted to withdraw $0 and $1,500,000 from the quasiendowment funds to provide working capital for the Regina Cleri Trust for the fiscal years ended June 30, 2025 and 2024, respectively.

Strategies Employed for Achieving Objectives To satisfy its long-term rate-of-return objectives, CT relies on a total return strategy in which investment returns are achieved through both capital appreciation (realized and unrealized) and current yield (interest and dividends). The CT Investment Committee’s investment rationale is to include an array of different strategies and investment managers for the investment portfolio to reduce overall volatility while providing investment returns above industry benchmarks.

Following are balances and the changes in endowment net assets for the fiscal year ended June 30, 2025: With Donor Restrictions

Without Donor Restrictions Balance, June 30, 2024

$

Investment return Spending policy appropriation Balance, June 30, 2025

4,197,773

$

257,710 57,142 $

19

4,512,625

1,080,358

Total $

59,045 (57,142) $

1,082,261

5,278,131 316,755 -

$

5,594,886

Archdiocese of Boston Clergy Trust NOTES TO COMBINED FINANCIAL STATEMENTS - CONTINUED June 30, 2025 and 2024 Following are balances and the changes in endowment net assets for the fiscal year ended June 30, 2024: Without Donor Restrictions Balance, June 30, 2023

$

Working capital withdrawal Investment return Spending policy appropriation Balance, June 30, 2024

5,365,610

With Donor Restrictions $

(1,500,000) 263,533 68,630 $

4,197,773

1,090,545

Total $

58,443 (68,630) $

1,080,358

6,456,155 (1,500,000) 321,976 -

$

5,278,131

NOTE 10 - BENEFICIAL INTERESTS The CT is a beneficiary under the terms of various wills. The exact value of such interests and the time at which rights to these interests become irrevocable is dependent upon certain future events over which the CT has no control. Accordingly, the CT has not recorded these interests in the accompanying combined financial statements.

NOTE 11 - FAIR VALUE MEASUREMENTS The CT measures the fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement price (an exit price). A fair value hierarchy has been established to prioritize the inputs used in valuation techniques to measure fair value. The three levels of the fair value hierarchy are described below.

Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets as of the measurement date.

Level 2 - inputs to the valuation methodology are other observable inputs, including quoted prices for similar assets and liabilities in active or non-active markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are not directly observable, but are corroborated by observable market data.

Level 3 - inputs to the valuation methodology are unobservable for the asset or liability.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.

As of June 30, 2025, and 2024, the CT held investments measured at fair value using the net asset value (“NAV”) per share (or its equivalent) as a practical expedient and, accordingly, have not been categorized in the fair value hierarchy. The value of these investments at June 30, 2025 and 2024 was $55,100,318 and $51,409,660, respectively.

20

Archdiocese of Boston Clergy Trust NOTES TO COMBINED FINANCIAL STATEMENTS - CONTINUED June 30, 2025 and 2024 The following table sets forth the liquidity, redemption policies and unfunded commitments of the CT’s financial assets that were accounted for at fair values calculated by using NAV as of June 30, 2025: Investments Common Investment Partnership Fixed Income Fund Westwood Income Opportunity Fund Knights of Columbus Limited Duration Bond Fund Total assets

Redemption Frequency

Redemption Notice Period

Liquidity Restrictions

-

Monthly Monthly

30 days 30 days

None None

6,769,855

-

Monthly

30 days

None

5,449,579

-

Monthly

30 days

None

Fair Value $ 35,440,251 7,440,633

Unfunded Commitments $

$ 55,100,318

The following table sets forth the liquidity, redemption policies and unfunded commitments of the CT’s financial assets that were accounted for at fair values calculated by using NAV as of June 30, 2024: Investments Common Investment Partnership Fixed Income Fund Westwood Income Opportunity Fund Knights of Columbus Limited Duration Bond Fund Total assets

Redemption Frequency

Redemption Notice Period

Liquidity Restrictions

-

Monthly Monthly

30 days 30 days

None None

6,200,293

-

Monthly

30 days

None

5,137,609

-

Monthly

30 days

None

Fair Value $ 32,962,616 7,109,142

Unfunded Commitments $

$ 51,409,660

NOTE 12 - OPERATING EXPENSES Regina Cleri Residence Operating Expenses Operating expenses of the Regina Cleri residence, classified by area of service, for the year ended June 30, 2025 are as follows: Dining Services

Direct Care

Maintenance

Salaries and benefits Facility rental and related Food, supplies and other Utilities and communications Contract labor Repairs and maintenance

$ 1,451,649 30,623 39,443 -

$

424,388 1,926 60,394 244,126 40,472 56,437

$

Total operating expenses

$ 1,521,715

$

827,743

$

21

Administration

Mission & Recreation

603,832 3,852 242,700 -

$

432,934 75,704 36,474 72,885 25,000 -

$

97,848 193 15,789 -

$ 3,010,651 112,298 394,800 317,011 65,472 56,437

850,384

$

642,997

$

113,830

$ 3,956,669

Total

Archdiocese of Boston Clergy Trust NOTES TO COMBINED FINANCIAL STATEMENTS - CONTINUED June 30, 2025 and 2024 Operating expenses of the Regina Cleri residence, classified by area of service, for the year ended June 30, 2024 are as follows: Dining Services

Direct Care

Maintenance

Salaries and benefits Facility rental and related Food, supplies and other Utilities and communications Contract labor Repairs and maintenance

$ 1,324,456 44,769 47,102 -

$

378,158 2,815 48,662 219,785 39,831 74,357

$

Total operating expenses

$ 1,416,327

$

763,608

$

Administration

Mission & Recreation

576,701 5,631 266,447 -

$

459,220 74,040 48,818 72,008 25,000 -

$

94,844 282 14,409 -

$ 2,833,379 127,537 425,438 291,793 64,831 74,357

848,779

$

679,086

$

109,535

$ 3,817,335

Total

NOTE 13 - FINANCIAL INSTRUMENTS AND CONCENTRATIONS OF CREDIT RISK The CT financial instruments that are potentially subject to concentrations of credit risk consist of cash, cash equivalents (Note 3), and investments (Note 6).

The CT invests in various investment securities through its investments in the CIP, FIF, IOF and KoC. Investment securities are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the combined statements of net assets available for benefits.

NOTE 14 - NET ASSETS Net Assets Without Donor Restrictions Included in net assets without donor restrictions are $4,512,625 and $4,197,773 of board designated (quasiendowment) funds as of June 30, 2025 and 2024, respectively.

Net Assets With Donor Restrictions Net assets with donor restrictions consisted of the following at June 30: 2024

2025 Endowment gifts Appreciation of endowment investments Capital campaign

$

1,073,745 8,516 148,070

$

1,073,745 6,613 169,261

$

1,230,331

$

1,249,619

Net assets released from restrictions during fiscal years 2025 and 2024 were related to time and purpose restrictions being met.

NOTE 15 - SUBSEQUENT EVENTS Subsequent events have been evaluated through November 6, 2025, which is the date the combined financial statements were available to be issued. There were no subsequent events identified that would require recognition or additional disclosure in CT’s combined financial statements.

22

SUPPLEMENTAL INFORMATION

Archdiocese of Boston Clergy Trust COMBINING STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS June 30, 2025

Medical Trust

Retirement Trust

Funding Trust

Regina Cleri Trust

Total

ASSETS Cash and cash equivalents Accounts receivable, net Contributions receivable, net Prepaid expenses Investments, at fair value Land, building and equipment, net

$

833,800 343,958 8,500 8,656,693 -

$

376,507 600 273,905 -

$

7,126,157 21,852 601,973 177,286 40,848,739 15,676,828

$

499,370 20,858 15,855 5,594,886 162,657

$

8,835,834 387,268 601,973 475,546 55,100,318 15,839,485

$

9,842,951

$

651,012

$

64,452,835

$

6,293,626

$

81,240,424

Accounts payable and accrued expenses Deferred income

$

23,781 -

$

-

$

156,414 835,850

$

325,928 13,911

$

506,123 849,761

Total liabilities

$

23,781

$

-

$

992,264

$

339,839

$

1,355,884

$

9,819,170 -

$

651,012 -

$

63,312,501 148,070

$

4,871,526 1,082,261

$

78,654,209 1,230,331

$

9,819,170

$

651,012

$

63,460,571

$

5,953,787

$

79,884,540

Total assets LIABILITIES

Net assets available for benefits Without donor restrictions With donor restrictions Total net assets available for benefits

24

Archdiocese of Boston Clergy Trust COMBINING STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS June 30, 2024

Medical Trust

Retirement Trust

Funding Trust

Regina Cleri Trust

Total

ASSETS Cash and cash equivalents Accounts receivable, net Contributions receivable, net Prepaid expenses Investments, at fair value Land, building and equipment, net

$

671,882 180,000 8,053,844 -

$

370,192 1,200 280,467 -

$

5,259,771 33,733 538,147 124,157 38,077,685 16,285,597

$

546,167 47,966 5,291 5,278,131 185,654

$

6,848,012 262,899 538,147 409,915 51,409,660 16,471,251

$

8,905,726

$

651,859

$

60,319,090

$

6,063,209

$

75,939,884

Accounts payable and accrued expenses Deferred income

$

261,910 -

$

-

$

168,412 1,004,000

$

274,032 11,376

$

704,354 1,015,376

Total liabilities

$

261,910

$

-

$

1,172,412

$

285,408

$

1,719,730

$

8,643,816 -

$

651,859 -

$

58,977,417 169,261

$

4,697,443 1,080,358

$

72,970,535 1,249,619

$

8,643,816

$

651,859

$

59,146,678

$

5,777,801

$

74,220,154

Total assets LIABILITIES

Net assets available for benefits Without donor restrictions With donor restrictions Total net assets available for benefits

25

Archdiocese of Boston Clergy Trust

COMBINING STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS For the year ended June 30, 2025

Medical Trust Operating revenue Collections from parishes and appeals Assessments to participating entities

$

Elimination

$

$

5,445,596 5,945,242

-

-

-

-

163,300 -

-

290,385 875 2,000

294,772 1,169,920 15,406 -

(1,169,920) -

290,385 294,772 179,581 2,000

163,300

15,800

14,186,180

1,480,098

(1,169,920)

14,675,458

5,132,927 -

-

-

3,956,669

-

5,132,927 3,956,669

248,841 219,305 -

3,275,189 39,722 -

47,331 1,169,920 405,402 81,500 138,448 (118,041)

-

(1,169,920) -

3,322,520 405,402 370,063 219,305 138,448 (118,041)

5,601,073

3,314,911

1,724,560

3,956,669

(1,169,920)

13,427,293

-

-

965,678 198,000 144,516 69,191

-

-

965,678 198,000 144,516 69,191

-

-

1,377,385

-

-

1,377,385

-

-

372,039

-

-

372,039

Total operating expenses

5,601,073

3,314,911

3,473,984

3,956,669

(1,169,920)

15,176,717

Changes in net assets from operations

(5,437,773)

(3,299,111)

10,712,196

(2,476,571)

-

(501,259)

15,000

-

2,839,013

22,425

-

2,876,438

12,731 601,653 -

13,264 -

25,476 204,207 2,771,054 (40,000) (1,084) (2,000) (626,226)

17,473 312,659 -

-

25,476 247,675 3,685,366 (40,000) (1,084) (2,000) (626,226)

629,384

13,264

5,170,440

352,557

-

6,165,645

CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

(4,808,389)

(3,285,847)

15,882,636

(2,124,014)

-

5,664,386

Net asset funding and other transfers

5,983,743

3,285,000

(11,568,743)

2,300,000

-

-

8,643,816

651,859

59,146,678

5,777,801

-

74,220,154

651,012

$ 63,460,571

-

$ 79,884,540

Total benefits Administration Salaries and benefits Service fees Professional and contract service fees Other administrative expenses Total administration Fundraising expenses

Non-operating revenues (expenses) Gifts, bequests, grants and other income Contributions - capital campaign, net of provision for uncollectible amounts Interest and dividends Net realized and unrealized gains on investments Transfer to related entity Interest expense and stewardship fees - capital campaign Net assets released from restrictions Depreciation expense Total non-operating revenues

Net assets Beginning of year $

9,819,170

$

26

$

5,953,787

$

-

$

3,000,115 (482,233) 2,517,882

Operating expenses Benefits Claims paid Regina Cleri residence operations, including depreciation of $31,700 Retirement and disability benefits Room and board - Regina Cleri Room and board Wellness and other benefits Plan administrator Unassigned and health leave benefits Recoveries of uncollectible accounts

-

Total

3,000,115 (482,233) 2,517,882

Total operating revenue

$

Regina Cleri Trust

$ 5,445,596 5,929,442

Giving Societies Room and board assessments (self-funded) Room and board Medicare reimbursement and miscellaneous income Net assets released from restrictions

-

Funding Trust

15,800

Special events revenue Special events direct cost Special event, net

End of year

Retirement Trust

Archdiocese of Boston Clergy Trust

COMBINING STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS For the year ended June 30, 2024

Medical Trust Operating revenue Collections from parishes and appeals Assessments to participating entities

$

-

$

16,400

$

Funding Trust

Regina Cleri Trust

Elimination

5,392,981 5,695,416

$

$

-

Total -

$

5,392,981 5,711,816

-

-

1,694,256 (383,134) 1,311,122

-

-

1,694,256 (383,134) 1,311,122

133,456 -

-

259,455 73 6,008

173,689 1,130,516 4,297 -

(1,130,516) -

259,455 173,689 137,826 6,008

133,456

16,400

12,665,055

1,308,502

(1,130,516)

12,992,897

5,982,630 -

-

-

3,817,335

-

5,982,630 3,817,335

247,867 220,373 -

3,463,403 36,320 -

53,908 1,130,516 400,832 50,736 171,387 40,957

-

(1,130,516) -

3,517,311 400,832 334,923 220,373 171,387 40,957

6,450,870

3,499,723

1,848,336

3,817,335

(1,130,516)

14,485,748

-

-

936,919 194,961 158,478 162,885

-

-

936,919 194,961 158,478 162,885

-

-

1,453,243

-

-

1,453,243

-

-

393,425

-

-

393,425

Total operating expenses

6,450,870

3,499,723

3,695,004

3,817,335

(1,130,516)

16,332,416

Changes in net assets from operations

(6,317,414)

(3,483,323)

8,970,051

(2,508,833)

-

(3,339,519)

20,000

-

680,538

31,894

-

732,432

20,723 894,546 -

14,620 -

39,087 118,373 4,426,868 (40,000) (17,403) (6,008) (624,098)

18,002 318,103 -

-

39,087 171,718 5,639,517 (40,000) (17,403) (6,008) (624,098)

935,269

14,620

4,577,357

367,999

-

5,895,245

CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

(5,382,145)

(3,468,703)

13,547,408

(2,140,834)

-

2,555,726

Net asset funding and other transfers

4,402,293

3,530,000

(9,037,293)

1,105,000

-

-

9,623,668

590,562

54,636,563

6,813,635

-

71,664,428

651,859

$ 59,146,678

-

$ 74,220,154

Special events revenue Special events direct cost Special event, net Giving Societies Room and board assessments (self-funded) Room and board Medicare reimbursement and miscellaneous income Net assets released from restrictions Total operating revenue Operating expenses Benefits Claims paid Regina Cleri residence operations, including depreciation of $49,341 Retirement and disability benefits Room and board - Regina Cleri Room and board Wellness and other benefits Plan administrator Unassigned and health leave benefits Provision for uncollectible accounts Total benefits Administration Salaries and benefits Service fees Professional and contract service fees Other administrative expenses Total administration Fundraising expenses

Non-operating revenues (expenses) Gifts, bequests, grants and other income Contributions - capital campaign, net of provision for uncollectible amounts Interest and dividends Net realized and unrealized gains on investments Transfer to related entity Interest expense and stewardship fees - capital campaign Net assets released from restrictions Depreciation expense Total non-operating revenues

Net assets Beginning of year End of year

Retirement Trust

$

8,643,816

$

27

$

5,777,801

$

Archdiocese of Boston Clergy Trust REGINA CLERI TRUST STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS For the year ended June 30, 2025

Without Donor Restrictions Operating revenue Room and board Room and board assessments (self-funded) Miscellaneous income

$

Total operating revenue

1,169,920 294,772 15,406

With Donor Restrictions

$

Total

-

$

1,169,920 294,772 15,406

1,480,098

-

1,480,098

3,010,651 394,800 317,011 112,298 65,472 56,437

-

3,010,651 394,800 317,011 112,298 65,472 56,437

Total operating expenses

3,956,669

-

3,956,669

Changes in net assets from operations

(2,476,571)

-

(2,476,571)

Non-operating activity Net realized and unrealized gain on investments Gifts, bequests and donations Interest and dividend income Investment return designated for unrestricted

253,614 22,425 17,473 57,142

59,045 (57,142)

312,659 22,425 17,473 -

Total non-operating activity

350,654

1,903

352,557

CHANGES IN NET ASSETS

(2,125,917)

1,903

(2,124,014)

Net asset funding from Funding Trust

2,300,000

-

2,300,000

4,697,443

1,080,358

5,777,801

Operating expenses Salaries and benefits Food, supplies and other Utilities and communications Facility rental and related Contract labor Repairs and maintenance

Net assets, beginning of year Net assets, end of year

$

28

4,871,526

$

1,082,261

$

5,953,787

Archdiocese of Boston Clergy Trust REGINA CLERI TRUST STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS For the year ended June 30, 2024

Without Donor Restrictions Operating revenue Room and board Room and board assessments (self-funded) Miscellaneous income

$

Total operating revenue

1,130,516 173,689 4,297

With Donor Restrictions

$

Total

-

$

1,130,516 173,689 4,297

1,308,502

-

1,308,502

2,833,379 425,438 291,793 127,537 64,831 74,357

-

2,833,379 425,438 291,793 127,537 64,831 74,357

Total operating expenses

3,817,335

-

3,817,335

Changes in net assets from operations

(2,508,833)

-

(2,508,833)

Non-operating activity Net realized and unrealized gain on investments Gifts, bequests and donations Interest and dividend income Investment return designated for unrestricted

259,660 31,894 18,002 68,630

58,443 (68,630)

318,103 31,894 18,002 -

Total non-operating activity

378,186

(10,187)

367,999

CHANGES IN NET ASSETS

(2,130,647)

(10,187)

(2,140,834)

Net asset funding from Funding Trust

1,105,000

-

1,105,000

5,723,090

1,090,545

6,813,635

Operating expenses Salaries and benefits Food, supplies and other Utilities and communications Facility rental and related Contract labor Repairs and maintenance

Net assets, beginning of year Net assets, end of year

$

29

4,697,443

$

1,080,358

$

5,777,801

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