Catholic Charities had $4.9M operating deficit in 2023-24
February 10, 2025
Catholic Charities USA has released its 2024 annual report, which offers an overview of the organization’s work but offers no summary of its finances.
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Previous annual reports offered an overview of Catholic Charities USA’s finances: the 2022 annual report discussed national office financials on p. 20, as did the 2021 annual report on p. 21. (The 2023 annual report is not readily available on the organization’s website.)
According to its 2023-24 audited financial statements, published by ProPublica, Catholic Charities USA and its affiliates had
- $91,180,574 in assets on June 30, 2024—up from $88,498,913 on June 30, 2023
- $9,946,269 in liabilities on June 30, 2024—up from $7,488,208 on June 30, 2023
- $81,234,305 in net assets on June 30, 2024—up from $81,010,705 on June 30, 2023
- total operating revenue of $39,289,439 in 2023-24, $5,376,421 of which came from federal grants
- total operating expenses of $44,241,887 in 2023-24, for an operating deficit of $4,952,448
- net investment return of $5,176,048 in 2023-24, which allowed for an increase in assets despite the operating deficit
According to p. 5 of the audited financial statements, operating expenses totaled $44,241,887 in 2023-24; according to p. 6, the figure was $43,629,970. Of the latter figure:
- $32,729,064 (75%) was spent on program services—principally on programs, services, and disaster response, but also $1,954,863 on “social policy”
- $5,349,355 (12%) was spent on management and general expenses
- $4,197,384 (10%) was spent on fundraising
Catholic Charities USA’s audited financial statements clearly do not take into account the revenues and expenses of the Catholic Charities offices of the nation’s 176 dioceses. Catholic Charities of the Archdiocese of Galveston-Houston, for example, had $101,010,202 in revenue in its 2024 fiscal year—$82,194,646 of it from government grants.
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