of Chicago
Combined Financial Statements as of and for the
Years Ended June 30, 2015 and 2014, and
Independent Accountants Review Report
PARISHESARCHDIOCESE OF CHICAGO
TABLE OF CONTENTS
Page
INDEPENDENT ACCOUNTANTS REVIEW REPORT
2
36
7
820
Management is responsible for the preparation and fair presentation of the combined financial statements
in accordance with accounting principles generally accepted in the United States of America; this includes
the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of combined financial statements that are free from material misstatement whether due to
fraud or error.
Accountants Responsibility
Our responsibility is to conduct the review in accordance with Statements on Standards for Accounting
and Review Services promulgated by the American Institute of Certified Public Accountants. Those
standards require us to perform procedures to obtain limited assurance as a basis for reporting whether we
are aware of any material modifications that should be made to the combined financial statements for
them to be in accordance with accounting principles generally accepted in the United States of America.
We believe that the results of our procedures provide a reasonable basis for our conclusion.
Accountants Conclusion
Based on our reviews, we are not aware of any material modifications that should be made to the
accompanying combined financial statements in order for them to be in conformity with accounting
principles generally accepted in the United States of America.
PARISHESARCHDIOCESE OF CHICAGO
COMBINED STATEMENTS OF FINANCIAL POSITION
AS OF JUNE 30, 2015 AND 2014
(Dollars in thousands)
2015
ASSETS
CASH AND CASH EQUIVALENTS
121,336
2014
248,353
207,256
25,790
14,311
16,603
13,160
40,101
29,763
10,222
1,053
364
389
162,096
1,842,510
(1,147,235)
116,426
162,096
1,826,054
(1,104,459)
857,371
883,691
$ 1,277,747
$ 1,238,578
154,413
32,708
114,637
120,896
68,402
491,056
451,271
698,234
88,457
696,856
90,451
786,691
787,307
$ 1,277,747
$ 1,238,578
See independent accountants review report and notes to combined financial statements.
-2-
171,912
28,436
75,502
107,940
67,481
PARISHESARCHDIOCESE OF CHICAGO
COMBINED STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2015
(Dollars in thousands)
Unrestricted
REVENUES:
Parish operations:
Collections and bequests
Other revenues
Return on deposits with Archdiocesan Pastoral Center
Total parish operations
$ 214,441
106,417
1,401
322,259
Educational activities:
Tuition and fees
Other revenues
Temporarily
Restricted
Total
$ 214,441
106,417
1,401
322,259
251,131
56,068
251,131
56,068
307,199
307,199
Total revenues
629,458
629,458
EXPENSES:
Parish operations:
Salaries, wages, and benefits
Utilities, repairs, and insurance
Religious education (CCD)
Archdiocesan assessments
Office, printing, and postage
Depreciation
Other expenses
Interest expense
124,623
84,842
20,241
25,283
9,183
30,577
37,425
8,585
340,759
Educational activities:
Salaries, wages, and benefits
Utilities, repairs, and insurance
Books and instructional materials
Depreciation
Other expenses
266,652
30,942
13,974
13,106
22,794
124,623
84,842
20,241
25,283
9,183
30,577
37,425
8,585
-
340,759
266,652
30,942
13,974
13,106
22,794
347,468
347,468
Total expenses
688,227
688,227
(Continued)
-3-
PARISHESARCHDIOCESE OF CHICAGO
COMBINED STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2015
(Dollars in thousands)
Unrestricted
Temporarily
Restricted
$ (58,769)
(49,273)
8,822
21,774
5,132
20,811
(921)
22,805
(22,805)
8,339
(1,994)
(6,961)
(1,994)
696,856
$ 698,234
(49,273)
8,822
21,774
5,132
20,811
(921)
6,345
(6,961)
1,378
$ (58,769)
9,496
9,496
Total
(616)
90,451
787,307
88,457
$ 786,691
(Concluded)
-4-
PARISHESARCHDIOCESE OF CHICAGO
COMBINED STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2014
(Dollars in thousands)
Unrestricted
REVENUES:
Parish operations:
Collections and bequests
Other revenues
Return on deposits with Archdiocesan Pastoral Center
Total parish operations
$ 215,904
108,070
12,353
336,327
Educational activities:
Tuition and fees
Other revenues
Temporarily
Restricted
Total
$ 215,904
108,070
12,353
336,327
242,643
50,238
242,643
50,238
292,881
292,881
Total revenues
629,208
629,208
EXPENSES:
Parish operations:
Salaries, wages, and benefits
Utilities, repairs, and insurance
Religious education (CCD)
Archdiocesan assessments
Office, printing, and postage
Depreciation
Other expenses
Interest expense
136,577
85,463
20,879
23,115
9,294
30,477
34,094
8,206
348,105
Educational activities:
Salaries, wages, and benefits
Utilities, repairs, and insurance
Books and instructional materials
Depreciation
Other expenses
255,250
29,146
11,960
13,062
21,555
136,577
85,463
20,879
23,115
9,294
30,477
34,094
8,206
-
348,105
255,250
29,146
11,960
13,062
21,555
330,973
330,973
Total expenses
679,078
679,078
(Continued)
-5-
PARISHESARCHDIOCESE OF CHICAGO
COMBINED STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2014
(Dollars in thousands)
Unrestricted
$ (49,870)
Temporarily
Restricted
(39,959)
1,171
22,731
(940)
19,323
2,326
4,128
6,454
$ 696,856
(39,959)
19,069
1,171
22,731
19,069
(940)
-
(19,323)
(254)
2,072
4,128
(254)
690,402
$ (49,870)
9,911
9,911
Total
6,200
90,705
781,107
90,451
$ 787,307
(Concluded)
-6-
PARISHESARCHDIOCESE OF CHICAGO
COMBINED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED JUNE 30, 2015 AND 2014
(Dollars in thousands)
2015
(616)
2014
6,200
44,603
6,961
(8,822)
(31)
(5,344)
(29,999)
44,479
(4,128)
(1,171)
(11,144)
(4,764)
(36,725)
4,272
(18,356)
39,135
5,995
5,348
16,611
6,890
37,798
21,596
9,099
(17,639)
1,171
(18,873)
(41,066)
(6,552)
(49,606)
(24,254)
(1,151)
29,999
25
3,219
(15,374)
(8,263)
36,725
(38)
4,890
(8,809)
16,718
24,505
4,910
21,847
116,426
94,579
$ 121,336
$ 116,426
4,313
See independent accountants review report and notes to combined financial statements.
-7-
2,858
PARISHESARCHDIOCESE OF CHICAGO
NOTES TO COMBINED FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED JUNE 30, 2015 AND 2014
(See independent accountants review report)
(Dollars in thousands)
1.
NATURE OF OPERATIONS
ParishesArchdiocese of Chicago (the Parishes) include the parishes, schools, and various shrines
and oratories of the Archdiocese in Cook and Lake counties of Illinois. These sites minister to the
spiritual, social, and educational needs of the faithful. They provide catechesis for people at all age
levelsfrom young children to the elderlyas part of the educational ministry of the church. The
Parishes fiscal operations include sacramental services, religious education training, formal preschool
through 12th grade educational instruction, fund-raising, and investment of reserve funds. Operating
support is derived primarily from parishioners contributions, tuition and fees, and fund-raising
activities.
These combined financial statements only reflect the operations of Parishes and do not reflect the
operations of the other agencies and organizations that also are a part of The Catholic Bishop of
Chicago, a corporation sole.
2.
20 years
5075 years
25 years
-8-
Repairs and maintenance that do not extend the life of the applicable assets are charged to expense as
incurred.
Asset Retirement ObligationsManagement records all known asset retirement obligations for which
the fair value can be reasonably estimated. A liability is initially recorded at fair value if the fair value of
the obligation to retire an asset can be reasonably estimated. Parishes has recorded a liability for asset
retirement obligations related to asbestos remediation of $68,402 and $67,481 as of June 30, 2015 and
2014, respectively.
Asset ImpairmentManagement reviews the carrying amount of long-lived assets by comparing the
future cash flows expected from the asset to the carrying value of the asset when certain conditions exist
or events occur. In managements opinion, no impairment exists as of June 30, 2015 or 2014.
Classification of Net AssetsIn accordance with Financial Accounting Standards Board (FASB)
Accounting Standards Codification (ASC) Topic 958, Not-for-Profit Entities, resources are classified
into three classifications of net assets according to donor-imposed restrictions:
UnrestrictedNet assets that are expendable for any purpose in performing the primary objectives of
the organization.
Temporarily RestrictedNet assets whose use is limited by donor-imposed restrictions that either expire
with the passage of time or can be removed by fulfillment of the stipulated purpose for which the
donation was restricted. When a restriction expires, temporarily restricted net assets are reclassified to
unrestricted net assets and reported in the combined statements of activities as net assets released from
restrictions. Temporarily restricted net assets as of June 30, 2015 and 2014, represent building fund
pledges used to assist in the financing of capital projects for parishes.
Permanently RestrictedNet assets donated with stipulations that they be invested to provide a
permanent source of income; such restrictions can neither expire with the passage of time nor be
removed by fulfillment of a stipulated purpose. There are no permanently restricted net assets as of
June 30, 2015 or 2014.
Revenue RecognitionUnconditional promises to give cash and other assets to Parishes are reported at
fair value at the date the promise is received. Conditional promises to give and indications of intentions
to give are reported at fair value at the date the contribution is received. Cash received through parish
collections or fundraisers is recognized when received. Tuition and fees for educational activities are
recognized during the related academic year.
Tax StatusThe agencies that comprise Parishes are tax-exempt organizations under Section 501(a) as
organizations described in Section 501(c)(3) of the Internal Revenue Code.
Accounting Standards Update (ASU) AdoptedIn April 2013, the FASB issued ASU No. 2013-06,
Services Received from Personnel of an Affiliate, to specify the guidance that not-for-profit entities
apply for recognizing and measuring services received from personnel of an affiliate. The amendments
in this update require a recipient not-for-profit entity to recognize all services received from personnel of
an affiliate that directly benefit the recipient not-for-profit entity. Those services should be measured at
the cost recognized by the affiliate for the personnel providing those services. However, if measuring a
service received from personnel of an affiliate at cost will significantly overstate or understate the value
of the service received, the recipient not-for-profit entity may elect to recognize that service received at
-9-
either (1) the cost recognized by the affiliate for the personnel providing that service or (2) the fair value
of that service. The new guidance is effective for reporting periods beginning after June 15, 2014. The
adoption of this ASU did not have a material effect on the combined financial statements.
ASUs Issued Not Yet AdoptedIn April 2014, the FASB issued ASU No. 2014-08, Reporting
Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU No. 2014-08
changes the requirements for reporting discontinued operations. A disposal of a component of an entity
or a group of components of an entity is required to be reported in discontinued operations if the
disposal represents a strategic shift that has (or will have) a major effect on an entitys operations and
financial results when the component of an entity or group of components meets the criteria to be
classified as held for sale, is disposed of by sale, or is disposed of other than by sale (for example, by
abandonment or in a distribution to owners in a spin-off). ASU No. 2014-08 also requires an entity to
present, for each comparative period, the assets and liabilities of a disposal group that includes a
discontinued operation separately in the asset and liability sections, respectively, of the statement of
financial position. ASU No. 2014-08 is effective for the Parishes beginning on July 1, 2015. ASU
No 2014-08 is not expected to have an impact on the combined financial statements as no disposals are
contemplated.
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. ASU
No. 2014-09 creates Topic 606, Revenue from Contracts with Customers, and supersedes the revenue
recognition requirements in Topic 605, Revenue Recognition. ASU No. 2014-09 requires an entity to
recognize revenue to depict the transfer of promised goods or services to customers in an amount that
reflects the consideration to which the entity expects to be entitled in exchange for those goods or
services. The guidance also specifies the accounting for some costs to obtain or fulfill a contract with a
customer and indicates an entity should disclose sufficient information to enable users of financial
statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising
from contracts with customers. ASU No. 2015-14 deferred the effective date of ASU No. 2014-09. ASU
No. 2014-09 is now effective for the Parishes beginning on July 1, 2018. The Parishes have not yet
determined the impact on its combined financial statements.
3.
- 10 -
Savings account
2014
$ 147,924
$ 105,173
8,598
9,375
5,533
6,654
26,781
12,194
Alternative investments:
Marketable alternative equity
Fixed income
Marketable energy and commodities
Private equity
35,269
12,002
1,350
10,896
42,421
14,516
1,637
15,286
59,517
73,860
100,429
102,083
$ 248,353
$ 207,256
Investments:
Invested cash
Common stock and equity mutual funds
Returns on deposits with Archdiocesan Pastoral Center for the years ended June 30, 2015 and 2014, are
as follows:
2015
2014
$ 1,370
31
$ 1,209
11,144
Total
$ 1,401
$ 12,353
Investments, in general, are exposed to various risks, such as interest rate, credit, and overall market
volatility. Due to the level of risk associated with certain investments, it is reasonably possible that
changes in the values of investments will occur in the near term and that such changes could materially
affect the amounts reported in the combined statements of financial position and in the combined
statements of activities.
4.
- 11 -
religious education programs, and $8,000 for academic excellence in Catholic schools. An independent
trust, Catholic Education Scholarship Trust (CEST), has been established to oversee and manage the
scholarship endowment.
As of June 30, 2015 and 2014, Parishes have remaining uncollected unconditional TTWCI pledges
totaling $25,790 and $16,603, respectively. Pledges are mostly expected to be collected within one year.
5.
Building
Fund
Total
$ 4,160
$ 11,033
(883)
$ 15,194
(883)
Pledges receivablenet
$ 4,160
$ 10,150
$ 14,311
Total
$ 14,304
(1,144)
$ 14,304
(1,144)
Pledges receivablenet
$ 13,160
$ 13,160
- 12 -
6.
Level 1
Invested cash
$ 8,598
Level 3
Total
8,598
5,533
5,533
26,781
26,781
Alternative investments:
Marketable alternative equity
Fixed income
Marketable energy and commodities
Private equity
Total alternative investments
Total
Level 2
$ 40,912
- 13 -
14,196
8,386
598
21,073
3,616
752
10,896
35,269
12,002
1,350
10,896
23,180
36,337
59,517
$ 23,180
$ 36,337
$ 100,429
2014
Level 1
Invested cash
$ 9,375
Level 3
Total
9,375
6,654
6,654
12,194
12,194
Alternative investments:
Marketable alternative equity
Fixed income
Marketable energy and commodities
Private equity
Total alternative investments
Total
Level 2
$ 28,223
20,483
8,626
925
21,938
5,890
712
15,286
42,421
14,516
1,638
15,286
30,034
43,826
73,860
$ 30,034
$ 43,826
$ 102,083
The Parishes investment balance includes $100,429 and $102,083 of investments through participation
in the Archdiocese pooled investment fund as of June 30, 2015 and 2014, respectively. These balances
include $36,337 and $43,826 of Level 3 investments as of June 30, 2015 and 2014, respectively. The
table below presents a reconciliation for total Archdiocese pooled investment fund assets measured at
fair value on a recurring basis using significant unobservable inputs (Level 3), and presents changes in
unrealized gain or losses recorded in changes in net assets for the years ended June 30, 2015 and 2014,
for Level 3 assets:
2015
2014
Balance as of July 1
Purchases
Sales
Realized and change in unrealized gainsnet
$ 465,939
43,900
(61,682)
17,402
$ 419,529
49,822
(67,124)
63,712
Balance as of June 30
$ 465,559
$ 465,939
$ 14,093
$ 20,585
Investments that Parishes is able to fully redeem at the net asset value (NAV) in the near term have
been classified as Level 2 investments. Investments that cannot be fully redeemed at the NAV in the
near term have been classified as Level 3. Parishes has determined that investments that are not able to
be redeemed at the NAV in the near term are investments that generally have one or more of the
following characteristics: gated redemptions, all or a portion of the investment is side-pocketed, or have
lock-up periods greater than 90 days. Certain investments may be split between Level 2 and Level 3 if
different share classes have different redemption or liquidity characteristics. As of June 30, 2015 and
2014, Parishes did not have any investments split between Level 2 and Level 3 in the fair value
hierarchy.
- 14 -
A summary of the nature and risk of Parishes alternative investments by major category as of June 30,
2015 and 2014, is as follows:
2015
Marketable alternative
equity (a)
Fixed income (b)
Marketable energy and
commodities (c)
Private equity (d)
Fair
Unfunded
Redemption
Redemption
Side Pocket
Lockups/
Value
Commitments
Frequency
Notice Period
Investments (e)
Gates
$ 35,269
12,002
1,350
1 day36 months
112 months
1120 days
1065 days
112 months
N/A
2290 days
N/A
$ 77
10,896
2,807
Total
$ 59,517
$ 2,807
Fair
Unfunded
Redemption
Redemption
Side Pocket
Lockups/
2014
Value
Commitments
Frequency
Notice Period
Investments (e)
Gates
Marketable alternative
equity (a)
Fixed income (b)
Marketable energy and
commodities (c)
Private equity (d)
Total
$ 42,421
14,516
$ -
1,637
15,286
4,121
$ 73,860
$ 4,121
$ 77
1 day36 months
112 months
1120 days
1065 days
112 months
N/A
2290 days
N/A
$ 160
$ 160
(a)
Marketable alternative equity investments are comprised of investments in fund of funds and hedge funds which invest primarily in
marketable equity securities and equity-related underlying securities.
(b)
Fixed income alternative investments are comprised of hedge fund investments, which invest primarily in fixed income securities and fixed
income-related underlying securities.
(c)
Marketable energy and commodities are comprised of limited partnerships and hedge funds, which invest in marketable securities of the
energy and commodity sectors.
(d)
Private equity includes investments in limited partnerships and private equity funds primarily invested in the oil and gas, natural gas, and
real estate sectors. These investments are not redeemable periodically at the discretion of the investor. Instead, the nature of the
investments in this category is that distributions are received through the general partners liquidation of the underlying assets of the fund.
It is estimated that the underlying assets of the fund would be liquidated in 7 to 15 years.
(e)
Parishes may participate in side-pocket investments, either at Parishes discretion or that of the investment adviser who manages the
investment fund in which Parishes invest. A side-pocket investment is generally less liquid than others in an investment fund and will be
subject to different terms and conditions, including more significant restrictions on redemptions.
The following section describes the valuation methodologies used to measure different assets at fair
value, including an indication of the level in the fair value hierarchy in which the asset is generally
classified. Parishes uses prices and inputs that are current as of the measurement date, obtained through
a third-party custodian from independent pricing services or the underlying investment managers.
Invested cash includes money market mutual funds and are generally categorized in Level 1 of the fair
value hierarchy.
Common stock is valued based on quoted prices from an exchange. To the extent these securities are
actively traded, valuation adjustments are not applied and they are generally categorized in Level 1 of
the fair value hierarchy.
- 15 -
Equity mutual funds and fixed income mutual funds are valued based on the NAV as computed once per
day based on the quoted market prices of the securities in the funds portfolio, and are generally
categorized in Level 1 of the fair value hierarchy.
Marketable alternative equity investments are comprised of investments in fund of funds and hedge
funds. Marketable alternative equity investments that cannot be fully redeemed at the NAV in the near
term are investments that cannot be redeemed at its NAV within 90 days after combined statement of
financial position date. The marketable alternative equity investments that can be redeemed within the
near term are categorized in Level 2 of the fair value hierarchy. The marketable alternative equity
investments that cannot be redeemed within the near term are categorized in Level 3 of the fair value
hierarchy. These investments are valued using estimates developed by external investment managers and
are accepted or adjusted through a valuation review performed by management.
Fixed income alternative investments are comprised of hedge fund investments, which invest in
primarily fixed income securities and fixed income-related underlying assets. Fixed income alternative
investments that cannot be fully redeemed at the NAV in the near term are investments that cannot be
redeemed at its NAV within 90 days after combined statement of financial position date. The fixed
income alternative investments that can be redeemed within the near term are categorized in Level 2
of the fair value hierarchy. The fixed income alternative investments that cannot be redeemed within the
near term are categorized in Level 3 of the fair value hierarchy. These investments are valued using
estimates developed by external investment managers and are accepted or adjusted through a valuation
review performed by management.
Marketable energy and commodities are investments in marketable alternative equity fund of funds and
hedge funds with a concentration in the energy and commodities sectors. Marketable energy and
commodities that cannot be fully redeemed at the NAV in the near term are investments that cannot be
redeemed at its NAV within 90 days after combined statement of financial position date. The marketable
energy and commodities investments that can be redeemed within the near term are categorized in
Level 2 of the fair value hierarchy. The marketable energy and commodities investments that cannot be
redeemed within the near term are categorized in Level 3 of the fair value hierarchy. These
investments are valued using estimates developed by external investment managers and are accepted or
adjusted through a valuation review performed by management.
Private equity investments include investments in limited partnerships and private equity funds invested
in oil and gas, natural gas, and real estate. These investments are valued using estimates developed by
external investment managers and are accepted or adjusted through a valuation review performed by
management. Private equity investments are generally categorized in Level 3 of the fair value hierarchy.
- 16 -
7.
8.
2016
2017
2018
2019
2020
Thereafter
110,073
10,747
7,623
4,922
4,632
16,416
154,413
COMMITMENTS
At June 30, 2015 and 2014, contractual commitments on construction in process amounted to $18,086
and $19,576, respectively. The Archdiocese has entered into contracts with third parties to purchase
substantially all of its electricity needs until December 2015.
9.
RETIREMENT BENEFITS
Employee BenefitsThe Archdiocese of Chicago has noncontributory pension plans covering
substantially all priests and eligible lay employees of the Archdiocesan Pastoral Center (the Pastoral
Center), Parishes, and participating agencies. The name of the lay employees plan is the Retirement
Plan for Full-Time Lay Employees of the Catholic Bishop of Chicago, A Corporation Sole (the Lay
Employees Plan) and the name of the priests plan is the Retirement Plan for Priests Retirement and
Mutual Aid Association (the Priests Plan). The Lay Employees Plan provides retirement benefits
(over and above normal social security benefits) based on length of service and annual salary. The
Priests Plan provides level benefits at normal retirement (age 70) and also covers disability prior to
retirement. Priests are also able to participate in a defined contribution plan with a match funded from
the Priests Retirement & Mutual Aid Association (PRMAA) assessment. During 2007, the Lay
Employees Plan was amended, effective July 1, 2007, to freeze benefit accruals and participation as of
that date.
Parishes are assessed for fringe benefits by the Pastoral Center based on the parish payroll. The
assessment for these costs was $19,013 and $18,615 for 2015 and 2014, respectively, and is included in
salaries, wages, and benefits on the statements of activities.
Parishes are also assessed for health and medical benefits related to priests by the Pastoral Center. The
assessment for these costs was $7,479 and $7,354 for 2015 and 2014, respectively, and is reflected in
parish operationssalaries, wages, and benefits in the combined statements of activities.
Since the pension plans cover many agencies, benefit and asset information applicable to Parishes is not
available. The Pastoral Center has recorded the total pension liability in its combined statements of
financial position. Parishes is responsible for its related costs. This liability may be transferred to
Parishes in the future.
- 17 -
Postretirement BenefitsCertain insurance (medical, life, and auto) and other aid are provided to
retired priests. Retired priests do not contribute to the cost of these benefit plans, and the plans are
currently not funded. These benefits are administered and partially funded through the PRMAA.
Summary information for the priests postretirement benefit plan at June 30, 2015 and 2014, is as
follows:
2015
2014
$ 107,940
3,229
4,881
8,249
(3,484)
81
$ 105,178
3,174
5,267
(2,270)
(3,519)
110
$ 120,896
$ 107,940
3,484
(3,484)
3,519
(3,519)
$ (120,896)
$ (107,940)
$ (120,896)
$ (107,940)
$ (120,896)
$ (107,940)
The components of net periodic benefit cost for the years ended June 30, 2015 and 2014, are as follows:
2015
2014
$ 3,229
4,881
1,288
$ 3,174
5,267
1,858
$ 9,398
$ 10,299
- 18 -
The postretirement plan items not yet recognized as a component of periodic postretirement cost, but
included as a separate benefit to net assets during 2015 and 2014, are as follows:
2015
2014
$ 8,249
(1,288)
$ (2,270)
(1,858)
$ 6,961
$ (4,128)
The postretirement plan accumulated net actuarial loss not yet recognized as a component of periodic
postretirement cost but accumulated in unrestricted net assets as of June 30, 2015 and 2014, is $39,437
and $32,476, respectively. An estimated $1,630 of net actuarial loss will be included as a component of
periodic postretirement cost in 2016.
Actuarial assumptions for the plan as of June 30, 2015 and 2014, are as follows:
2015
2014
4.70 %
N/A
N/A
4.60 %
N/A
N/A
4.60 %
N/A
N/A
5.10 %
N/A
N/A
For measurement purposes, 7% net health care trend rate was used for fiscal year 2015 and 8% was used
for 2014. Trend rates were assumed to decrease gradually to 4.5% in fiscal year 2025 and remain at this
level beyond.
The benefit payments, which reflect expected future services, as appropriate, expected to be paid as of
June 30, 2015, are as follows:
June 30
Amount
2016
2017
2018
2019
2020
20212025
$ 3,657
3,902
4,201
4,549
4,905
30,365
- 19 -
- 20 -