US Catholic Bishops Overcome Financial Crisis with a Balanced 2026 Budget
The U.S. Conference of Catholic Bishops (USCCB) has faced financial challenges due to the loss of federal contracts, leading to restructuring and layoffs. Despite these setbacks, the organization has managed to balance its budget for 2026 and even report a surplus.
The USCCB was forced to withdraw $15 million from long-term investments to cover losses from ended refugee resettlement contracts. This followed a lawsuit filed against the organization and layoffs affecting approximately one third of its Migration and Refugee Services staff. The 2026 budget is balanced, neither a surplus nor a deficit.
In better news, the Catholic Campaign for Human Development (CCHD) ended 2024 with a positive net asset balance of $1.4 million, a significant improvement from a negative $2.8 million in 2023. The USCCB's net assets increased by $35.5 million by the end of 2024. The 2026 budget relies on a $1.3 million draw from long-term investments and funds set aside for closing out a terminated pension plan. The USCCB headquarters, however, remains underutilized, with annual maintenance costs of approximately $4.4 million.
The USCCB has appointed Archbishop Timothy P. Broglio as the successor to Archbishop James F. Checchio as chairman of the USCCB's Committee on Budget and Finance. Despite facing financial challenges, the organization has managed to balance its budget for 2026 with a surplus of $3.2 million, demonstrating resilience and effective management.
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