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Balance Sheets — Fnnd Basis
Archdiocese of Atlanta
Assets
Current funds
Cash in banks
Marketable securities (short term
commercial paper)
Accounts and accrued interest receivable
Prepaid expenses
Unamortized debt expense
Dteferred pension cost
Other assets
Due from other funds - net
Total current funds
Endowment and similar funds
Cash in banks
Marketable securities and certificates of deposit
(market value $453,333 June 30, 1976 and $519,172
June 30, 1975) (note 1)
Due from other funds - net
Total endowment and similar funds
Plant funds
' Cash in banks
Marketable securities and certificates of deposit
(market value $1,106,168 June 30, 1976 and $777,736
June 30, 1975) (note 1)
Note receivable (notes 2 and 7)
Accrued interest receivable (note 7)
Pledge receivable
Land, buildings and equipment (pledged in part to
secure notes and mortgages payable)
(notes 1 and 4)
Total plant funds
Loan funds (note 5)
Marketable securities and certificates of deposit
(market value $153,234 June 30, 1976 and $148,771
June 30, 1975) (note 1)
Due from parishes
Less allowance for doubtful loans
Total loan funds
Custodian funds
Cash in banks
Marketable securities (market value $155,958 June 30.
1976 and $150,308 June 30, 1975) (note 1)
Due from other funds - net
Total custodian funds
Atlanta, Georgia
June 30,
1976
June 30,
1975
liabilities and Fund Balances
Current funds
June 30,
1976
June 30,
1975
S 172,462
$ 263,883
Demand notes payable (note 4)
Accounts payable and accrued expenses
5 =
5,408
$ 78t600
28,036
41,900
-
Due to other funds - net
9.139
-
33,034
7,903
27,859
3,000
Deferred revenue
Fund balances
97,070
87,299
451
Undesignated funds
200,265
279,029
55,155
-
Designated funds
52,864
1,428
1,498
229,137
Total fund balances
200,265
331,893
311,882
525,828
Total current funds
311,882
525,828
158,952
66,502
Endowment and similar funds
Fund balance
1.021.376
1.015.745
426,860
500,919
435,564
448,324
1,021,376
1,015,745
Total endowment and similar funds
1,021.376
1,015,745
Plant funds
197,193
3,024
Demand note payable (note 4)
-
260.000
Accrued rent - St. Joseph's High School (note 2)
149,840
192,313
Deferred gain on sale of real estate (notes 1,2 and
7) 3,145.504
3.145,504
1,097,691
780,292
Notes and mortgages payable (note 4)
820.895
132.214
5 ,053,936
5,053,936
Due to other funds - net
53,802
263,411
267,592
268,397
Fund balances
25,000
53,156
Unexpended funds
3,582,266
2,847,575
Equity in property
3.545.479
3.938,881
Total fund balances
7,127.745
6,786,456
4,656,384
4,621,093
11,297,786
10,779,898
Total plant funds
11,297,786
10,779,898
Loan funds (note 5)
Demand notes payable (notes 4 and 5)
803,984
555,654
Notes and mortgages payable (note 4)
3.,810,602
3,580,858
150,000
150,000
Accrued interest
37,700
44,073
5,672,226
5,393,450
Due to other funds - net
381,265
430,598
150,000
150,000
Fund balance
638,675
782.267
5,522,226
5,243,450
5,672,226
5,393,450
Total loan funds
5,672,226
5,393,450
Custodian funds
500
500
Funds owed to others
Special collections
8,642
16,548
156,448
154,971
Other
8,642
16,548
For parishes
129,042
127,892
For others
27.906
27.579
$ 165,590
$ 172,019
Total custodian funds
$ 165.590
$ 172,019
See notes to financial statements.
V -•
Statement of Changes in Fund Balances
For the Year Ended June 30, 1976
For the Year Ended June 30, 1975
Endowraent
Endowment
Current
and
Plant
Loan
Current
and
Plant
Loan
Funds
Similar Funds
Fund 8
Funds
Total
Funds
Similar Funds
Funds
Funds
Total
Balance, June 30, 1975
$ 331,893
$1,015,745
$6,786,456
$ 782.267
$8,916,361
Balance, June 30, 1974
$ 173.119
$1,002,941
$6,550,796
$800,000
$8,526,856
Addition* (deductions)
Additions (deductions)
Current fund revenues
1,242,860
1,242,860
Current-fund revenues
1,173,732
1,173,732
Transfer to plant fund
(193,000)
193,000
-
Proceeds from disposal of land and improvements
173,803
173,803
Restricted and designated income
Restricted and designated income
Gifts and bequests
100
1,000
1,100
Gifts and bequests
20,337
209,500
229,837
Interest on savings accounts
1,091
169
1,260
Interest on savings accounts
1,058
623
1,681
Interest on note receivable (notes 2 and 7)
353,775
353,775
Interest on note receivable (note 2)
353,775
353,775
Investment income
16,403
56,690
73,093
Investment income
15,861
134,250
150,111
Gain on sale of investments
4,931
9,299
14,230
(Loss) on sale of investments
(4,645)
(20,463)
(104,225)
(129,333)
Income earned for current fund
38,546
38,546
Retirement of plant fund indebtedness
55,932
55,932
Proceeds from disposal of land and improvements
94,975
94,975
Purchase of land, buildings and equipment
753,526
753,526
Purchase of land, buildings and equipment
85,634
85,634
Income earned for current fund
40,093
40,093
Retirement of plant fund indebtedness
332,318
332,318
Transfer from plant funds
86,492
86,492
Transfer from loan funds
143,592
(143,592)
-
Current fund expenses
(1,014,958)
(1,014,958)
Current fund expenses
(1,181,488)
(1,181,488)
Distributions to beneficiaries
(19,807)
(19,807)
Distribution to beneficiaries
(16,894)
(16,894)
Income transferred to current fund
(40,093)
(117,828)
(157,921)
Income transferred to current fund
(38,546)
(126,852)
(165,398)
Disposal of land and improvements
(175,611)
(175,611)
Disposal of land, improvements and equipment
(114,187)
(114,187)
Rent - St. Joseph's High School
(235,947)
(235,947)
Rent - St. Joseph's High School (notes 2 and 7)
(226,923)
(226,923)
Expenses of abandoned project - St. Joseph's High School
Plant funds expended
relocation
50
50
Purchase of land, buildings and equipment
(85,634)
(85,634)
Plant funds expended
Retirement of plant fund indebtedness
(332,318)
(332,318)
Purchase of land, buildings and equipment
(753,526)
(753,526)
Legal fees
(5,350)
(5,350)
Retirement of plant fund indebtedness
(55,932)
(55,932)
Construction of Sacred Heart Rectory
(37.899)
(37.899)
Transfer to loan funds
(86^492)
(86.492)
Balance, June 30, 1976
$ 200,265
$1,021,376
$7,127,745
$ 638,675
$8,988,061
Balance, June 30, 1975
$ 331.89?
$1,015,745
$6,786,456
$782,267
$8,916,361
See notes to financial statements.
See notes to financial statements.
Current Fund
Statements of Revenaes and Expenses
For the Year Ended
June 30,
June 30,
1976
1975
Revenues
From parishes and missions
Contributions
Charity and development
$ 307,266
$
302,327
Dependent children
87,953
76,913
Seminary
25,960
864
Assessment
483,857
498,600
905,036
878,704
Other contributions
From mission boards and commissions
77,500
85,000
Sundry
12,593
13,361
90,093
98,361
Current fund income earned by
Endowment and similar funds
Charity and education
7,838
8,567
Seminary
11,643
12,410
High school
19,066
19,116
38,547
40,093
Plant funds
127,814
117,828
Investment income
69,686
32,640
Rental income
3,180
1,455
Other revenues
8 , 504
4,651
Total revenues
1,242,860
1
,173,732
Expenses
Archdiocesan administration
346,767
296,941
Pastoral
Education
123,842
54,332
Seminary
55,684
44,975
Department‘of education
393,074
366,415
Social services
Dependent children
127,234
122,573
Other agencies
120,847
115,892
Auxiliary services - newspaper - net
14,040
13,830
Total expenses
, 1,181,488
1.
,014,958
Excess of revenues
$ 61,372
158,774
HARRIS, KERR, FORSTER & COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
5775 - B GLENRIDGE DRIVE. N.E .ATLANTA.GEORGIA 30328
PANNELL KERR FORSTER & COMPANY
IN AREAS Of THE WORLD
OUTSIDE THE UNITED STATES
His Excellency
The Most Reverend
Thomas A. Donnellan
Archbishop of Atlanta
Atlanta, Georgia
We have examined the balance sheet (see note 1 as to basis of presentation
of the financial statements) of the Administrative Offices of the Archdio
cese of Atlanta at June 30, 1976 and June 30, 1975, and the related state
ments of changes in fund balances and revenues and expenses of the current
fund for the years then ended. Our examinations were made in accordance
with generally accepted auditing standards and, accordingly, included
such tests of the accounting records and such other auditing procedures
as we considered necessary in the circumstances.
As explained in note 1 to financial statements, land, buildings and equip
ment acquired on or before June 1, 1963, are stated at amounts derived
from insurance values and l?nd appraisals as of that date. Subsequent
additions are recorded at cost.
As explained in note 7 to financial statements, the Archdiocese on Octo
ber 20, 1976 issued a notice of default to the makers of a 77. purchase
money promissory note in the principal amount of $5,053,936. Interest on
this note, net of rent, due on October 1, 1976 in the amount of $203,540
has not been received. The notice of default to the makers indicated that
the Archdiocese would commence foreclosure proceedings on the Ivy and Baker
Street property that secures this note, if payment is not received within
15 days from the date the notice is received by the maker. The basis of
this property to the Archdiocese, prior to its sale in 1973, was $2,305,859.
In the event of foreclosure this amount will be restored to the accounts.
In our opinion, subject only to the effects on the financial statements of
a foreclosure of the Ivy and Baker Street property, which may be effected
as explained above, the financial statements referred to above present
fairly the financial position of the Administrative Offices of the Archdio
cese of Atlanta at June 30, 1976 and June 30, 1975, and the changes in its
fund balances and revenues and expenses of the current fund for the years
then ended, in conformity with generally accepted accounting principles
applied on a consistent basis.
See notes to financial statements.
September 27, 1976