Frassati Catholic Academy in Thornton continued to advance its mission of forming students in faith, virtue and academic excellence throughout FY25. The school experienced enrollment growth, increased tuition revenue and strong community support, alongside important operational investments and capital improvements. At the same time, Frassati relied on ongoing Archdiocesan support and grant funding to help close the gap between the cost to educate and tuition revenue. In this way, the school has ensured that families continue to have access to high-quality, authentically Catholic education.

Grants and contributions increased in FY25 and included a $0.5 million intercompany grant from the Archdiocese, consistent with prior years, to fund interest payments on outstanding bonds related to the school’s property. Frassati also recognized one-time Employee Retention Tax Credits awarded during FY25, providing financial support for the school’s commitment to stay open and retain employees during COVID. Without this assistance, the school would have generated a net loss for the fiscal year.

Tuition revenue rose compared to FY24, driven by enrollment growth and a modest increase in tuition rates. Even so, Catholic-affiliated tuition of $7,200 per student remained well below the $10,125 cost to educate, which includes debt service and deferred maintenance. In FY25, this gap was closed through Archdiocesan support, school fundraising and external grants.

Program expenses increased over the prior year, primarily due to cost-of-living adjustments for faculty and staff.

Additionally, Frassati made meaningful investments in several areas to bolster the community’s excellence in faith, academics and mission.

Chapel Beautification and Capital Enhancements
A $20,000 grant from the Koch Foundation, matched by an additional $20,000 from the Frassati community, funded extensive beautification of the school’s chapel (oratory). Improvements included:

• A new tabernacle
• Permanent flooring and ceiling in the sanctuary
• New sanctuary lighting
• Removal of outdated cafeteria windows and wall

These changes created a more reverent, prayerful environment that strengthens Frassati’s identity as a Catholic school centered on the Eucharist.

Growth in Student Support Services
FY25 marked the establishment of a strong and active Student Support Services Department, created to assist students with support plans and provide additional literacy interventions. This important expansion reflects Frassati’s commitment to meeting the needs of all learners.

Significant Growth in Fundraising & Community Engagement
The school community demonstrated impressive generosity and energy in FY25:

• The Fox Trot Fun Run raised $20,000 more than the previous school year.
• Two new fundraisers, a read-a-thon and a hidden bid auction, generated approximately $30,000 combined.

Contributions receivable increased as the Employee Retention Tax Credit was accrued as awarded before the end of the year, but was collected afterward. Property and equipment decreased with normal depreciation, partially offset by $0.2 million in capital expenditures, which included roofing projects and a major chapel beautification initiative. Frassati’s intercompany Line of Credit balance with the AOD remained flat at $2.5M, and Bond Payable with their external bank remained flat at $10.9 million, with principal payments on these bonds becoming due in FY26.

Holy Family High School in Broomfield experienced a year of remarkable growth, both financially and in mission impact. As enrollment reached new highs, tuition revenue increased, and students became more engaged in academics, faith and extracurricular activities. Strategic investments in faculty, facilities and student services supported that growth, while strong fundraising and grant support helped advance the school’s Catholic mission.

Tuition revenue rose in FY25, driven by increased enrollment and modest tuition adjustments. Holy Family welcomed a record-breaking freshman class of 204 students in fall 2024, a 15% increase over the previous year’s 178 freshmen.

Grants and contributions also exceeded prior-year levels, bolstered by temporarily restricted donations for tuition assistance, as well as in-kind gifts. In addition, Holy Family recognized one-time Employee Retention Tax Credits awarded in 2025 for remaining open and retaining employees during COVID.

FY25 saw highly successful fundraising campaigns. The school’s Week of Giving raised $267,033, surpassing its $250,000 goal and nearly doubling the previous year’s total. The Tiger Gala grossed $638,275, with net proceeds of $528,294, a 2% increase over FY24.

Expanding Support for Students with Special Needs
Holy Family was selected as a Partner School with the FIRE Foundation of Denver, enabling the hiring of a part-time special education teacher. Her expertise has already enhanced the school’s capacity to serve students with diverse learning needs.

Student Involvement & Achievement
Holy Family students demonstrated impressive engagement across athletics, the arts and STEM:

• 77% of students participated in athletics, with 309 Academic All-State selections
• 65% of students participated in the arts
• The inaugural Robotics Team achieved extraordinary success, ranking as high as third in Colorado and 66th nationally, with appearances at the Colorado State Championships and major national competitions

Strengthening Catholic Culture
Campus Ministry continued to cultivate a vibrant faith life through the Encounter program, which included:

• 17 small groups
• 105 students participating
• Weekly meetings focused on apologetics, discipleship and deepening personal relationships with Christ

A Parent Encounter group was also formed, meeting monthly and extending the program’s reach to families. Additionally, seven students entered the Catholic Church after completing the school’s Dogmatics elective class, an extraordinary witness to Holy Family’s evangelizing mission.

Contributions receivable increased due to the timing of Employee Retention Tax Credit collections, which occurred after the end of the fiscal year. Property and equipment decreased with normal depreciation but was partially offset by targeted capital improvements, including:

• A security system upgrade
• A CHSAA-required stadium scoreboard
• New driveways and parking lot improvements

Investments increased due to unrealized portfolio gains. Notes payable decreased significantly, reflecting $2.1 million towards the full payoff of a bridge loan.

FY25 marked a historic and deeply transitional year for Bishop Machebeuf High School, as the community prepared for the school’s closure and the sale of its property. These circumstances shaped both financial activity and operational decisions throughout the year. While enrollment declined in anticipation of closure, the school also secured one-time revenue sources that supported a responsible wind-down of operations.

Tuition and affiliated program revenue remained consistent with FY24 despite tuition rate increases, as enrollment declined throughout the school year in anticipation of closure. Non-operating contributions were significantly higher than in the prior year due to the one-time recognition of Employee Retention Tax Credits, which were awarded in 2025 and accrued as of June 30 following IRS acceptance. These credits also make up the balance in Contributions & grants receivable at year-end.

Additionally, a $9.3 million gain on the sale of the school property was recognized at the time of sale in June, following the school’s closure. The Archdiocese has designated the net proceeds from this sale to support youth and educational needs, ensuring that the school’s legacy continues to strengthen Catholic formation across Northern Colorado.

Program costs decreased compared to FY24, primarily due to staffing reductions that occurred throughout the year as the closure approached. Payroll and employee benefits declined in turn, reflecting the intentional wind-down of operations.

Administrative expenses, however, increased due to selling costs and professional fees associated with the property sale and the extensive work required to close the school in an orderly manner.

Cash and cash equivalents increased substantially because of the net proceeds from the property sale, partially offset by the payoff of an intercompany loan owed to the Archdiocese. Property and equipment decreased in turn.

FY25 was a year of both challenge and renewal for Blessed Miguel Pro Catholic Academy in Westminster. The school worked to stabilize operations, strengthen community trust and invest in student learning despite a modest decline in enrollment. While several revenue categories fell short of prior-year levels, the school made important strides in literacy instruction, special education services, parent communication and spiritual formation, laying a foundation for long-term growth.

Tuition revenue declined compared to FY24 due to a decrease in enrollment, partially offset by a slight increase in tuition rates. Grants and contributions were also lower than the prior year, as no gala or fundraiser was held in 2025 while school leadership focused on operational stabilization. Catholic-affiliated tuition of $5,950 per student remained significantly below the $14,205 cost to educate, which includes deferred maintenance needs. The school is actively exploring new fundraising approaches to help close this gap.

Program expenses increased year-over-year, driven by cost-of-living adjustments for faculty and staff, as well as rising costs for facilities and maintenance. These increases were partially offset by savings from administrative transition earlier in the year.

That successful administrative transition brought renewed unity and hope to the community. As a result, the school achieved a strong 93% student retention rate, demonstrating family confidence amid ongoing improvements and stabilization.

The new administration conducted a “State of the School” presentation for parents. This marked a significant milestone in communication, providing transparency, clarifying the school’s financial reality and launching a formal strategic planning process. This initiative has begun mapping a clear, sustainable path forward.

Additionally, Blessed Miguel Pro continued its partnership with the FIRE Foundation of Denver, expanding support for students with special needs. This partnership enables the school to accept and serve students with significant learning needs, thereby strengthening its mission of inclusivity and Catholic hospitality.

To that end, the school implemented a new literacy curriculum, and early indicators now show encouraging improvements in schoolwide literacy outcomes.

Intercompany payables to the Archdiocese increased, reflecting additional borrowings required to fund operations during a period of cash shortfall.

One of the most significant moments of the year came on May 13, when the school was solemnly consecrated to Our Lady of Guadalupe. Blessed Miguel Pro himself had a profound devotion to her, and the school community has experienced her intercession in tangible ways since the consecration. This act of consecration strengthened the school’s spiritual identity and united families around a shared sense of mission.

Seeds of Hope continued to strengthen its mission of making Archdiocesan Catholic K-8 education accessible to families across the Archdiocese of Denver. FY25 was one of the most impactful years in its history, marked by record-breaking scholarship support, successful fundraising events, expanded outreach efforts and steady financial growth.

Both major fundraising events, Golf for Hope and Evening of Hope, exceeded their revenue goals, thanks to the generosity of benefactors, corporations and foundations. The Seeds of Hope endowment continued to grow amid positive market conditions, reaching nearly $10 million as of June 30, 2025. Board-approved annual endowment draws remain a vital funding source for scholarships. With strong donor support, healthy investments and disciplined operations, Seeds of Hope achieved an overall increase in total net assets for the fiscal year.

Seeds of Hope awarded a record-breaking $2.8 million in scholarship support in FY25, benefiting 1,500 students across all 33 Archdiocese of Denver K–8 Catholic schools. This represents the highest level of scholarship distribution in the organization’s 29-year history. Since 1996, Seeds of Hope has provided over 27,000 scholarships, totaling more than $50 million in assistance.

In FY25, Seeds of Hope also provided approximately $315,000 in one-time grants to schools, funding professional and spiritual development opportunities for principals, teachers and staff.

Strengthening Communication & Storytelling
Seeds of Hope launched a new Archdiocese-wide awareness effort — “Think You Can’t Afford Catholic Education? THINK AGAIN!” — promoting clear income eligibility guidelines so that more families understand the financial pathways available to them.

The organization also began a quarterly online newsletter that features student and family testimonies, alumni success stories and upcoming events. The addition of a Communication Specialist strengthened social media presence, enhanced storytelling and supported a broader strategic marketing plan to amplify the organization’s mission across the archdiocese.

Women of Hope
The Women of Hope initiative continued to grow and attract new members. Now a community of more than 50 women, the initiative fosters fellowship, discipleship and advocacy for Catholic school students and families.

FY25 was a year of significant growth and mission expansion for the Cabrini Teaching Fellows (CTF).

In its first full year of operations, costs increased, and the program closed the year with a modest operational loss. However, these expenses reflect the intentional investment required to support and form the next generation of Catholic educators across the Archdiocese of Denver.

Grants and contributions remained consistent with the prior year and continued to be supported by two dedicated donor grants. These gifts remain essential to sustaining the program’s mission of forming faithful, well-prepared teaching fellows to serve in Catholic schools.

Program costs increased over FY24 primarily because FY25 represented a full 12 months of operations, compared to six months in the prior fiscal year.

Expenses included deepened professional development and formation for fellows, which was made possible through a new strategic partnership with the St. Thomas More Teaching Fellows. This partnership provided additional networking opportunities and a more robust shared summer training experience. The collaboration aligned with the launch of a Formation Working Group to guide the ongoing development of CTF’s comprehensive formation plan, which will ensure fellows receive high-quality spiritual, professional and human formation throughout their three-year service.

Additionally, Cabrini Teaching Fellows expanded into four new schools, bringing the total number of partner schools to six across the archdiocese. The program also recruited its largest cohort to date, welcoming 10 new fellows, bringing the total number to 13. Given these significant increases, recruitment and placement costs also rose in FY25.

To support the larger cohort, the program established affordable housing at two new locations, ensuring that rising living costs do not become a barrier to service and formation.

Each of these expenses is essential to ensuring that the fellows are well-trained, supported and equipped for success in their schools.

Cash decreased year-over-year due to the program’s operational loss, reflecting the increased scope and duration of FY25 activities.

The combined ministry of Mount Olivet Cemetery, AOD Mortuaries, the Cemeteries Perpetual Care Trust and St. Simeon Cemetery (known collectively as Catholic Funeral and Cemetery Services of Colorado) continued to grow in both service and impact during FY25. Even as the statewide death rate declined, the cemeteries saw strong sales activity. Additionally, the cemeteries expanded their mission programs, made strategic investment decisions and renewed their focus on caring for staff and families. With all these developments, FY25 was a year of meaningful progress and strengthened stewardship.

Grants and contributions increased over FY24, primarily due to Employee Retention Tax Credits awarded in FY25. Mortuary and cemetery sales also outperformed the prior year in aggregate, driven largely by higher crypt and niche sales at Mount Olivet Cemetery. Despite the decline in the statewide death rate, the total number of families served continued to grow, indicating increased intentional planning and pre-need contract sales. This trend reflects the deep trust families place in Catholic Funeral and Cemetery Services of Colorado, as well as the compassionate, mission-driven care provided by staff across all locations. Investment income was favorable overall, driven by net realized gains on asset sales executed to rebalance the investment portfolio and to help fund the one-time $5 million intercompany grant to the Archdiocese. These realized gains were partially offset by unrealized losses consistent with broader market fluctuations.

Inventory increased by a combined $0.8 million as the ministry continued developing additional burial spaces to meet long-term demand. Accounts receivable and deferred revenue both increased as pre-need sales outpaced contracts converted to at-need status. These increases reflect a higher number of pre-planned services that have not yet occurred. Investments increased year-over-year due to reinvested realized gains from the portfolio rebalancing process, partially offset by liquidations used to fund the Archdiocese grant.

Program expenses increased primarily because of the one-time $5 million intercompany grant made by AOD Mortuaries to the Archdiocese. This strategic investment supported a broad range of Archdiocesan ministry initiatives and represented a major contribution to mission advancement across Northern Colorado.

Even as financial operations evolved to support both immediate needs and long-term stewardship, FY25 was a year marked by pastoral care, ministry growth and renewed investment in the people and places entrusted to this mission.

Strengthening Care for Our Team
In keeping with the ministry’s commitment to holistic support, every staff member received access to Hallow, reinforcing daily prayer, spiritual wellness and personal formation. This initiative complements the ongoing Day of Rest Program, which offers employees paid time off for spiritual enrichment and retreat.

Expanded Leadership for Mission Programs
To strengthen and elevate ministry outreach, the organization added a dedicated mission program leader focused on advancing the Crypt of All Souls, Precious Lives and the Mother Teresa Program. With focused leadership, these initiatives are reaching more families, engaging more parishes and becoming increasingly integrated into the wider life of the Church.

Improvements to Sacred Grounds & Future Expansion
Significant upgrades to mausoleums, landscaping and overall grounds care continued throughout FY25, ensuring that cemetery spaces remain places of beauty, reverence and prayer. Planning also began for a new funeral home in the Littleton area.

The Risk Management Trust (RMT), Welfare Benefits Trust (WBT) and Irrevocable Revolving Fund Trust (IRFT) closed FY25 with stable overall performance. The insurance trusts’ year was marked by higher premium revenue and rising claims costs. IRFT saw continued demand for savings and loan programs offered to parishes and ministries. While each trust serves a distinct financial function within the Archdiocese’s stewardship structure, all three experienced shifts tied to market conditions and parish activity.

Self-insurance premium revenue increased across both the RMT and WBT, driven primarily by higher annual premium rates set for FY25.

Within the IRFT, Revolving Fund program expenses decreased year-over-year, largely due to a lower interest rate paid to depositors. Because this rate is tied to the Prime Rate, FY25 saw downward adjustments that reduced overall program costs. This was partially offset by an increase in total savings deposit balances as parishes continued to utilize the IRFT as a competitive, mission-aligned savings option.

Self-insurance claims and premium costs were unfavorable compared to FY24 because of higher average claim amounts in both the RMT and WBT. Medical and prescription claims continued their long-term upward trend at rates above inflation, contributing to rising expenses and necessitating the premium adjustments noted above. Property, general liability and workers’ compensation claims costs also increased year-over-year, consistent with industry trends, necessitating the premium adjustments noted above.