BRIDGEPORT— Accountability Sunday in the diocese is set for December 3, when all diocesan parishes, schools and other entities will simultaneously issue their financial reports to the faithful using a standardized accounting reporting model.
Michael Hanlon, CPA, chief financial officer of the diocese, said every diocesan entity is required to report annually the results of their financial activities for the fiscal year ending June 30. The individual reports will be made accessible either through parish bulletins or websites.
Accountability Sunday was mandated by Bishop Frank J. Caggiano in 2021 to ensure financial transparency and provide a standardized template for reports issued by parishes and schools.
Hanlon said the bishop’s leadership has led to a reporting model that is consistent, uniform and accessible to parishioners throughout the diocese.
“Our goal is to communicate to all parishioners and donors that good stewardship is being practiced, and to provide a standard report that is uniform and transparent. We are stewards of all funds entrusted to us as we continue fiscally responsible and prudent decision making at all levels of the diocesan management team,” he said.
Hanlon said the diocese had had a very positive response since initiating Accountability Sunday.
“It has allowed everyone to access a simple method to understand the financial conditions of reporting diocesan entities. I believe it’s a way to show our gratitude and respect for those who give sacrificially to support their parish or other entities and the larger work of the Church.”
Hanlon said that the Accountability Sunday financial statements are designed so that the average person in the pew who may not have experience reading financial reports could understand the financial details. He added that the reports may show that without other revenue sources, including fundraising activities undertaken by parishes and schools, many would report operational deficits.
Hanlon said the diocese has led the way by publishing its audited financial statements and its annual budget in Fairfield County Catholic and on its website. As the October issue of Fairfield County Catholic reported, Bishop Frank J. Caggiano and the Finance Council of the Diocese of Bridgeport have approved a fiscal year ending June 30, 2024 operating budget with a total of $24,432,690 in revenues and $24,413,694 in expenditures, representing an $18,996 projected budgeted surplus.
(The complete diocesan audited reports are available online. To learn more, visit the diocesan website: www.bridgeportdiocese.com/financialreports.)
