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…