Financial reports for the U.S. Conference of Catholic Bishops (USCCB) revealed a $43.6 million increase in net assets from 2024 to 2025 despite a 60% decline in federal refugee program grants.
The bishops said their money grew mostly because long-term investments did well in 2025. Altogether, the investment pool made a 15.2% return, said Chieko Noguchi, a spokesperson for the conference. The conference ended 2025 with an increase in net assets from $340.4 million to $383.9 million.
"The increase in net assets was due primarily to the performance of the long-term investment pool in 2025, which received $16.3 million in investment income (interest income and dividends) as well as an increase in unrealized gains of $27.2 million due to positive market performance," Noguchi said.
The USCCB's financial audits for 2024 and 2025 showed total operating expenses fell about $100 million because migrant program activity contracted. Funding for refugee programs fell from $180.46 million to $72.23 million.
The $43.6 million increase in net assets represents a nearly 13% increase, according to the audit, which reflects the USCCB's financial position as of Dec. 31, 2025.
The USCCB said in its audit that it did not renew its refugee-resettlement agreements after the federal suspension of grants "rendered the programs financially unsustainable leading to a reduction in conference staff whose positions were funded by those programs."
According to the audit, the reduction of the refugee program and its staff contributed to a decrease in the conference's overall operational expenses, which declined from $281.9 million in 2024 to $189.6 million in 2025.
Overall, the USCCB's financial position has strengthened over the past four years, with its net assets growing from $268.4 million in 2022 to $304.9 million in 2023, according to its 2022-2023 audit, to $340.4 million in 2024, and $383.9 in 2025.
The year-to-year increase in net assets comes despite fluctuations in the conference's investment portfolio. In 2022, the USCCB reported $75.4 million in unrealized investment losses. The portfolio returned to gains in the following years, with the conference reporting $35.4 million in unrealized investment gains in 2023, $11.6 million in 2024, and $27.2 million in 2025.
National collections declined slightly from $82.3 million in 2024 to $80.6 million in 2025, while national collections program expenses increased by $9.1 million, according to the report. However, national collections are "restricted by the donor for a specific purpose" and therefore do not play a role in offsetting the conference's loss of refugee program funding.
