In today’s world, financial transparency is not just a good idea; it is essential. But exactly what is financial transparency? In her opening remarks at a symposium on enhancing financial transparency, then-SEC Commissioner Cynthia A. Glassman said, “Financial transparency means timely, meaningful, and reliable disclosures about a company’s financial performance.” Investopedia defines corporate transparency as “… the extent to which a company’s actions, financial statements, strategy, and other issues are visible to outside observers.” Those are certainly good precepts for businesses to use. But, what about the Church?
While the Church is not a ‘business’ per se, she is responsible to the faithful to act with integrity, honesty, and openness in all her financial dealings. To that end, it is important that the Church strives to mimic the transparency requirements of Corporate America. Certainly, not all aspects of corporate transparency will apply to the Church, e.g., earnings per share, shareholder reporting, income tax accounting, etc. Nonetheless, the Church should adhere to all applicable transparency requirements and ideals.
The following information is presented to provide financial transparency for the Diocese of Covington. If you have any questions, please contact the Finance Office of the Diocese.
Mr. Dale Henson
Chief Financial Officer
Diocese of Covington
1125 Madison Avenue
Covington, KY 41011
It is important to know who is responsible for the finances of the Diocese. Below are links to the Diocesan Finance Staff and the roster for the Diocesan Finance Council.
Diocesan Finance Office Staff Listing – 2022
Diocesan Finance Council Roster – 2023
It is also important to know what policies are in place to guide those individuals. Below are links to several policies targeted toward specific areas of significance as well as a link to all Diocesan Financial and Payroll Policies.
Internal Control – Segregation of Duties
Diocesan Parish Assessment Policies
Diocesan Parish Assessment Policy
Diocesan Secondary School Fund Assessment
Income – Collection Counting Procedures
Collection Counting Procedures
Collection Count Sheet & Control Log
Diocesan Disbursement Policies
Investment Policy Statement – Pooled Fund
All Diocesan Policies & Procedures
All Diocesan Financial Policies and Procedures
All Diocesan Payroll and Benefits Policies
Lastly, it is important to know the financial results of the operations of the Diocese. Below are links to the last three (3) years’ Audited Financial Statements and the Annual Financial report as published in the diocesan newspaper, the Messenger. Additionally, there is a link to budgets for the past four (4) years’ of the Diocesan/Parish Annual Appeal (DPAA).
Audited Financial Statements
Roman Catholic Diocese of Covington Audit Report – FYE 2022
Roman Catholic Diocese of Covington Audit Report – FYE 2021
Roman Catholic Diocese of Covington Audit Report – FYE 2020
Annual Report of Finances for the Diocese of Covington to the Faithful
Annual Report as published in the Messenger (January 2023) – FYE 2022
Annual Report as published in the Messenger (January 2022) – FYE 2021
Annual Report as published in the Messenger (January 2021) – FYE 2020