Dear faithful of the diocese,

It is my privilege to present the 2024 financial results of the administrative offices of the Diocese of Birmingham in Alabama. These financial statements reflect the activities of the Chancery’s programs and administrative support offices and do not include the financial results of our parishes, schools, or other separately incorporated diocesan entities. The financial statements were audited by Pearce, Bevill, Leesburg, Moore, P.C.

Financial stewardship and operating results

The diocese concluded 2024 in a strong and stable financial position, reflecting careful stewardship, disciplined financial management, and the generosity of the faithful.

Total revenues and other changes in net assets increased to $31.7 million in 2024, up from $28.0 million in 2023, representing a year-over-year increase of approximately 13 percent. This growth was driven by higher contributions, increased diocesan taxes and assessments, and solid investment and interest income.

Total expenses for 2024 were $24.2 million, a decrease from $25.2 million in 2023, reflecting continued expense discipline while maintaining vital programs and administrative support. As a result, the diocese recorded a positive change in net assets, strengthening its financial foundation to support current and future pastoral needs.

Net assets increased from $33.1 million on Dec. 31, 2023 to $40.5 million on Dec. 31, 2024. Both net assets without donor restrictions and net assets with donor restrictions grew meaningfully, reflecting prudent investment management and the intentional honoring of donor intent.

Balance sheet strength and liquidity

The diocese’s total assets increased to $114.3 million at the end of 2024, up from $104.0 million in 2023. Cash and cash equivalents grew to $36.0 million, providing strong liquidity and flexibility to meet operational needs.

The diocese continues to administer the Parish Deposit and Loan Fund and Diocesan Foundation deposits with care and transparency. These balances are reported as liabilities on the diocese’s balance sheet to reflect obligations to parishes and schools.

Investment management

Interest, dividend, and investment income totaled $4.9 million in 2024, continuing a trend of strong support for diocesan operations. Investment performance benefitted from disciplined asset allocation and prudent risk management consistent with Catholic values and fiduciary responsibilities.

Economic context

The diocese’s financial performance occurred within a favorable, though complex, economic environment. Alabama’s real GDP increased by approximately 3 percent from 2023 to 2024, outperforming national economic growth. At the same time, the state experienced a natural population decline, as deaths exceeded births. This decline was more than offset by net migration, particularly into the Huntsville and Tuscaloosa regions. These demographic shifts continue to shape pastoral planning, vocational trends, and long-term financial priorities across the diocese.

Commitment to mission

Sound financial stewardship is not an end in itself, but a means to support the Church’s mission of worship, evangelization, education, and service, especially to the most vulnerable among us. Every dollar entrusted to the diocese is managed with the intent to serve Christ and His people faithfully, both today and for generations to come.

I am grateful to Bishop Raica for his leadership, to the Diocesan Finance Council and Investment Committee for their oversight and counsel, and to the clergy, religious, staff, and faithful whose generosity sustains the Church’s work.

May we continue to be wise stewards of the resources God has entrusted to us, always guided by faith, transparency, and accountability.

Respectfully submitted,

Ed Largaespada

Chief Financial Officer