U.S. bishops post $43.6M gain despite refugee-program revenue plunge

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.