FINANCIAL REPORT

Summary of Main Points

The Financial Report to the General Chapter 2001 covers four areas: the Operating Fund for the General Level, the Institute Funds held at General Level; a summary of the individual reports from each province; and an overview of the socioeconomic reality of each of the countries in which we are located.

Institute Funds

Most of the Institute Funds are invested with the Christian Brothers Investment Service, which was started by the LaSalle Christian Brothers to allow religious congregations to benefit from pooling resources. In addition to gaining higher interest, pooling resources gives congregations a stronger voice in promoting gospel values where their money is invested. The remaining funds are also invested in a socially responsible way.

Over the past five and a half years, the General Level Operating Fund has become less dependent upon province assessments. This is due in part to an increase in investment income. It is also due to the establishment of the Africa Fund in response to the mandate of the General Chapter of 1995. Previously, the General Level Operating Fund supported the Region of Mozambique. Now, the Africa Fund, to which all the provinces contribute, supports the Regions of Mozambique and Zambezi. Veronica thanked the provinces for this sharing from their individual baskets which enables the Institute, as a whole, to assume the support of the two regions in Africa.

The way we spend the income from the Institute Funds shows what is important to us as an Institute. The Enlarged General Council meetings, the meeting of Initial Formation and Vocations Directors, and the Experience of Internationality for Newer Members were supported by the Program Endowment Fund and other Institute Funds. All of these emphasize the value we place on our internationality and being one body for mission.

Income from the Beatification Fund is used to promote knowledge of our Founder. It supports the Archives and Sources of Life Program. It was also used to pay for the printing of "Like a River" and the Jubilee Celebration in Béziers. After reviewing the use of our funds and the needs of mission, the General Council decided to put a cap on the amount of principal in the Beatification Fund. Income which would raise the Fund above that cap will be used for the Béziers Fund, the Africa Fund, the Jubilee Refugee Fund.

The Béziers Fund, begun money from the sale of the Mother House properties, is used for expenses related to the renovation of the Mother House and the support of the interprovincial community in Béziers.

The Jubilee Refugee Fund was initiated by the 1999 Enlarged General Council as a concrete sign of our commitment to Jubilee Justice. Donations have been sent to groups working with refugees in Ethiopia/Eritrea, Italy, Kosovo, New York, Tanzania, Southern Africa, East and West Timor. Donations were also sent to help the victims of the earthquakes in El Salvador and India and the floods in Mozambique.

The Solidarity Fund was begun after the 1975 General Chapter. It is funded by contributions from provinces, local communities, and individual sisters. More than $1,000,000 US has been distributed since the fund was begun. In the past six years more than 100 projects have received money from the Solidarity Fund. It is "the story of your generosity."

Information about Provinces

The written report, which each chapter member had received, included financial information about each province and region. It gave an indication of the real properties owned by each province and significant changes since the last general chapter. It showed changes in provinces funds and changes in local currencies with respect to the US dollar over the past five years. The written report gave an overview of the ordinary receipts and expenses of each province for the past fiscal year compared to the receipts and expenses of the province during the fiscal year province assessment, made to the Institute Funds.

Information about Countries

The written report also included socioeconomic information about each of the countries in which the RSHM are located, comparing population, average income, life expectancy, illiteracy rate, infant mortality, and HIV/AIDS percentages. It presented a comparison of the average secondary school teacher's pay in US dollars and of the costs of gasoline/petrol, computers, a kilo of rice, a roll of film, and a three minute telephone call to Rome – in terms of hours or days of work.

June 30, 2001

Veronica Brand, RSHM