Audit report reflects strong financial position for Diocese of Knoxville
The numbers are in, and the Diocese of Knoxville is reporting healthy financial results for the fiscal year ended June 30, 2024.
Each year, the diocese undergoes a comprehensive, independent audit of its finances, according to requirements of the Catholic Church and the diocese’s bylaws.
The diocese’s auditors, a Knoxville certified public accounting firm, issued the audit on Dec. 4, and it was approved by the Diocese of Knoxville Finance Council on Dec. 13.
The diocese is now making the audit report public for the faithful of East Tennessee to review.
“The Diocese of Knoxville has completed its annual audit for the fiscal year ended June 30, 2024, and we are pleased to report a continued strong financial position. The audit, conducted by our independent firm, Brown, Jake & McDaniel, PC, focused on assessing the diocese’s financial operations, internal controls, and compliance with accounting standards,” said Shannon Hepp, chief financial officer for the diocese.
“This positive audit report is a testament to the hard work and dedication of our financial team, pastors, and parish staffs. It also reflects the commitment of our community to support the mission of the Church with integrity and accountability,” Mrs. Hepp added.
Among the key highlights of the audit report:
- Financial stability—the diocese continues to maintain a solid financial foundation with balanced budgets and responsible stewardship of resources.
- Strong cash and liquidity—cash reserves and liquidity remain strong, providing the diocese with the flexibility to meet ongoing operational needs and respond to unforeseen challenges.
- Internal controls—the audit found that internal controls are effective in safeguarding assets and ensuring transparency in financial reporting.
- Compliance and reporting—the diocese is in full compliance with all necessary regulatory requirements, and no significant issues were identified during the audit process.