Brennan: Wheeling-Charleston Diocese audit no cause for ‘knee-jerk’ decisions | CPT PPP Coverage

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WHEELING — Though economic factors led to an unrealized loss in assets of nearly $29 million, the Most Rev. Mark Brennan, Bishop of the Wheeling-Charleson Diocese, said there would be no rash decisions when it comes to the diocese’s spending.

The diocese released its annual audit Thursday afternoon. Brennan outlined the findings in a letter to the diocese.

Though mineral income trended higher in 2022, stock and bond markets took a hit, Brennan said. According to the audit, mineral rights investments jumped from $52.1 million in 2021 to $64.9 million in 2022. However, securities investments fell from $283.6 million in 2021 to $241.9 million in 2022.

“My Diocesan Finance Council, our Finance Department and I continue to resist knee-jerk spending decisions because of short-term increases or decreases in investments or oil revenue. Rather, we seek long-term financial stability so that our Diocese can continue its mission in a balanced manner. With stronger policies, careful administration and trust in God’s Providence, we will seek to balance our budgets and live within our means.”

The financial toll of a changing economy also adversely affected individual parishes and schools in the diocese, Brennan said. Diocesan support for both was up significantly in 2022. Parish and school subsidies accounted for nearly $5.3 million in diocese expenses last fiscal year, compared to $4.1 million in the 2021 fiscal year.

Brennan did mention some bright spots. He said that several parishes and schools had been able to retire some long-term debt through fundraising campaigns. Increased parishioner support of the 2022 Catholic Sharing Appeal enabled the diocese to earmark funds for parish food pantries, Catholic school tuition assistance and other outreach efforts towards children and families, regardless of religious affiliation. That support more than doubled from 2021 to 2022 from just over $1 million to $2.3 million.

Also the diocese’s three pastoral centers in Huttonsville, Charleston and the Eastern Panhandle have evolved in their use, which has led to added cost savings.

Brennan also mentioned that the diocese also saw more lawsuit settlements in the fiscal year of 2022. Under the category of “investigations, suits and related,” the diocese spent a little over $2.4 million, compared to more than $3 million the fiscal year before.

“Unless circumstances dictate otherwise, settlements that are reasonable avoid contentious trials that can re-open the wounds of abuse victims and obscure the good work our people are doing to keep Church environments safe for children and youth,” Brennan said. “We continue to pay for counseling for victims of abuse or harassment from funds derived from the sale of the former episcopal residence and the return of some money from the previous bishop.

“To strengthen our efforts to ensure the safety of our young people, I have asked for onsite audits of parish and school safe environment measures to be conducted annually in our Diocese rather than every three years,” he added. “We cannot fall asleep at the switch. Our children’s safety is of paramount importance.”

For information on the diocese audit, go to dwc.org/2022-auditors-report.