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617.746.5695clergytrust@rcab.org

Financials

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In 2008, Cardinal Seán made the financial stabilization of the Clergy Health and Retirement Trust one of his top priorities. The Clergy Health and Retirement Trust is managed in a fiscally responsible way to allow for current and future sustainability. Through continued fiscal discipline, the Clergy Health and Retirement Trust seeks to generate a surplus that will allow it to fund future benefits of our retired priests, and continue to keep our promises to all priests.

Staibility of the Clergy Health and Retirement Trust was made possible by a variety of factors. The use of government programs to which all priests are entitled, such as Medicare and Medicaid, reduced overall expenses significantly. Increases in the Christmas and Easter collections, along with the addition of a third collection in September and an annual dinner celebrating the priesthood, also increased the revenue.

Ten years ago, 28% of diocesan priests were senior priests. Today, 38% are senior priests. The average age of our active priests is 58, and we anticipate that 118 of the current 382 active priests in the Archdiocese will reach senior status in the next ten years. Therefore, the cost of caring for our priests on a per priest basis will rise. Moreover, although the total number of priests (both active and senior) is decreasing, inflation—especially in the medical sector—will keep expenses at the current level. In order to provide care for the increasing number of senior priests and continue to care for active priests, the Clergy Health and Retirement Trust will seek to raise an additional $20 million in the next five years. This support will help sustain the funds for the foreseeable future.

The Clergy Health and Retirement Trust Board of Trustees is committed to providing a continuum of care for the health and wellbeing of all priests in good standing of the Archdiocese of Boston, and providing that care in a fiscally responsible, transparent way. Internal controls ensure that material financial information required to be disclosed by the Clergy Health and Retirement Trust in its financial statements is recorded, processed, summarized, and reported in a timely manner. The financial statements are audited on an annual basis by an external independent audit firm.

Looking ahead, the continued rising cost of medical care remains a particular concern. The Board of Trustees of the Clergy Health and Retirement Trust is committed to maintaining an appropriate level of care for priests of the Archdiocese of Boston. Toward that end, they are considering embarking on a major gift campaign to build a permanent endowment that will provide annual income – in perpetuity. Such income would be used to help sustain the funds for the foreseeable future. Increased annual, major, and planned gifts will be sought to give our priests the health, welfare, and retirement benefits they deserve.

To view the Clergy Health & Retirement Trust 2016 Annual Report, please click here.

To view the Clergy Health & Retirement Trust 2015 Annual Report, please click here.

To view the Clergy Health & Retirement Trust 2014 Annual Report, please click here.

To view the Clergy Funds' 2013 Annual Report, please click here.

To view the Clergy Funds' 2012 Annual Report, please click here.

To view the Clergy Funds' 2011 Annual Report, please click here.

To view the 2009 Independent Auditors Historical Report of the Clergy Funds from 1972-2008, please click here.