Annual report
2 0 2 4 Chancery Office of the Diocese of Jackson Dear Friends in Christ, On Dec. 24, 2024, Pope Francis launched the Ordinary Jubilee for the Year 2025, naming it the Jubilee of Hope with the Latin title Spes Non Confundit or Hope Does Not Disappoint. As the spiritual Father of the Catholic Church throughout the world the Pope is calling all of God’s people in the church to be Pilgrims of Hope because the Holy Spirit of God has been poured into our hearts through faith. Please read and examine this annual report for 2024 for the Diocese of Jackson through the Jubilee lens of hope.
All that we do is rooted in all who we are as members of the Body of Christ, and the reason for our hope is the light of the Gospel shining upon all of our ministries. St. Paul in his first letter to the Corinthians delineates the essential ministries that build up the body of the Lord to be faithful to his mission on earth. “Now you are Christ’s body, and individually parts of it. Some people God has designated the church to be, first apostles, second, prophets; third, teachers; then, mighty deeds, then, gifts of healing, assistance, administration, and varieties of tongues.” (12:27-28) The annual report displays the manner in which the faithful of our diocese support the ministries that have their roots in the scriptures and are alive and well in the Diocese of Jackson today. Administration is one of the essen-
tial gifts of the Holy Spirit that empowers the church to serve in stable and creative ways. Literally the word means to minister to, and with so much at stake, our chancery staff is committed to be good stewards of the generosity of the people of God from every corner of our diocese. A careful reading of this report will portray the complexity of our diocesan network, as well as the careful stewardship that is applied each day. This inspires confidence throughout our diocesan network. As I have stated in previous reports, I am grateful for the commitment to collaboration among our diocesan leadership and personnel that meaningfully engages leadership throughout the diocese. Our Pastoral Reimagining process over the past few years has been closely linked with the Synod on Synodality
that concluded in October 2024 after a three-year endeavor. We have seen the gifts of the Holy Spirit at work in creative and surprising ways throughout the diocese, strengthening our mission and ministries. Faithful administration is the gift that applies transparency and accountability in order to build trust, serve the Lord, and give glory to God. This firm foundation evident in this report frees us to be pilgrims of hope this year and always. Sincerely yours in Christ,
+Joseph R. Kopacz Bishop of Jackson
Financial Report
Carolyn Callahan – Director, Department of Temporal Affairs The full audit report for the Chancery office finances of the Diocese of Jackson is available online at https://jacksondiocese.org/temporal-affairs. Included in the audited financial statements are the Current Fund and Deposit and Loan Fund. The Current Fund represents the services provided to the parishes, schools and missions by the diocesan bishop and his representatives including the offices of the Bishop, Vicar General, Chancellor, Archives, Communication, Education, Faith Formation, Liturgy, Seminarian Education and Vocations, Stewardship and Development, and Temporal Affairs. The Deposit and Loan fund represents the savings of all parish and school locations and the related investment portfolio. Separate from this report are the income and expenses of Catholic Charities and the Catholic Foundation. The two main sources of income for the Chancery office are the annual Cathedraticum Assessment and the Catholic Service Appeal. The Cathedraticum Assessment is currently 10.5% of the annual parish income less certain exemptions for approved capital campaigns and subsidies paid to schools. Income from this annual assessment funds the expenses of the office of the Bishop and his extended administration, all priest retirement and health insurance costs, and seminarian education, stipends and benefits costs. Personnel salary and benefits, clergy benefits and assistance, and seminarian education represent the major expenses of the administration of the Bishop. Other routine expenses include workshops and conferences held and attended, travel, newspaper printing and distribution costs, and grants awarded to parishes and schools.
Significant areas to note for the finances of the Diocese and the Department of Temporal Affairs since the last annual report filed in January 2024 are: • Multiple schools and parishes are undergoing major construction and renovation projects with assistance from the Deposit and Loan Fund. All loan transactions equal to or greater than $250,000 are approved by the Diocese Finance Council prior to Bishop’s approval. • The investment portfolio of the Deposit and Loan Fund remains in a strong position with an allocation and calendar year return of 77% / 3.5% Fixed Income, 18% / 24.6% Equities, and 5% / 5.7% Cash as of Dec. 31, 2024. The weight of the portfolio in highly rated Fixed Income securities is due to the source of the funds that represent the Savings of the parishes and schools less loans to parishes and schools. The return on investment continues to increase the cost basis of the account balances and has not been withdrawn for operations. • As it is recommended that property appraisals are updated every ten to twelve years, Temporal Affairs contracted with Mike Domain of Insurance Valuation Group (IVG) in December 2024 to begin appraising all Diocesan properties during the spring of 2025. IVG is working closely with the Chancery team and Catholic Mutual in updating property appraised values for the next insurance year that begins July 1, 2025. • After discussion with our external actuary, audit partner, Diocesan Finance Council and with Bishop’s approval, the Lay Frozen Retirement Plan (For Chancery and Catholic Charities Employees only – Frozen July 14, 2014) was revalued using a
higher investment return rate which lowered the plan’s overall value and unfunded liability. (See note #6 of the audited financial statements) • Temporal Affairs contracted with a new payroll provider, Checkwriters Inc., in 2024 to provide payroll, distribution, and ACA services to all parishes, schools, the Chancery, Catholic Charities, and the Association of Priests Retirement Fund. While payroll provider software programs are very similar in their functionality, we were not receiving the client support needed to ensure accurate and timely payroll distribution from the prior provider. • The Diocesan Finance Council and its separate committees meet throughout the year and include members who are experts in various areas to provide oversight of Temporal Affairs and financial advice to Bishop Kopacz. Committees of the Council include the Budget Committee, Audit Committee, Investment Committee, Revenue Committee, and the Deposit and Loan Rates Committee, and the Cathedraticum Committee. • Temporal Affairs continues to have a strong working relationship with its external audit firm and the audit report was received without exceptions again in 2024. Questions regarding Diocesan finances may be sent to Carolyn Callahan, Director, Department of Temporal Affairs via email at carolyn.callahan@ jacksondiocese.org.