The U.S. Conference of Catholic Bishops (USCCB) reported a significant increase in its financial standing for 2025, despite a sharp contraction in federal funding for refugee resettlement programs. The conference’s net assets grew by $43.6 million, rising from $340.4 million at the end of 2024 to $383.9 million as of December 31, 2025.
This nearly 13 percent increase in total assets occurred even as federal grants for refugee programs declined by 60 percent. The USCCB attributed the growth primarily to strong performance in its long-term investment portfolio rather than operational revenue from government contracts.
Investment Performance Drives Growth
Chieko Noguchi, a spokesperson for the conference, explained that the asset increase was driven by market conditions. “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 investment pool delivered a return of 15.2 percent in 2025. This stands in contrast to previous years, which saw fluctuating results: the conference reported $75.4 million in unrealized investment losses in 2022, followed by $35.4 million in gains in 2023 and $11.6 million in gains in 2024.
Refugee Program Contraction
The financial report highlights a major shift in the conference’s operational scope regarding migrant assistance. In 2024, the USCCB received $180.46 million for refugee programs. That figure dropped to $72.23 million in 2025.
The conference did not renew agreements for refugee resettlement after federal grant suspensions made the programs financially unsustainable. Consequently, the USCCB eliminated staff positions that were funded by these specific programs.
Total operating expenses fell by approximately $100 million as a result of the reduced migrant program activity. Overall operational expenses decreased from $281.9 million in 2024 to $189.6 million in 2025.
Collections and Restrictions
National collections, a primary source of donor funding for the conference, remained relatively stable but did not compensate for the loss in federal refugee grants. The USCCB reported $80.6 million in national collections for 2025, down slightly from $82.3 million in 2024.
However, expenses associated with the national collections program increased by $9.1 million between 2024 and 2025. The conference noted that funds raised through national collections are restricted by donors for specific purposes and cannot be redirected to offset the shortfall in refugee program funding.
The financial data reflects a broader trend in the USCCB’s asset management over the last four years. Net assets have climbed steadily from $268.4 million in 2022 to $304.9 million in 2023, before reaching the current total of $383.9 million.