Skip to comments.Philadelphia archdiocesan reports show huge financial deficits
Posted on 07/03/2013 3:46:20 PM PDT by haffast
The Philadelphia archdiocese has revealed that it faces $350 million in long-term debt, aggravated by annual budget deficits.
Releasing audited financial statements for the first time, the archdiocese showed a $39.2 million deficit for the fiscal year ending in June 2012. Although that years financial reports included some special expenses, such as the costs of sex-abuse litigation, even without those expenses the budget showed a deficit of more than $17 million.
The deficit for the most recent fiscal year was $6 million, reported Timothy OShaugnessy, who was appointed last year as the top financial officer for the archdiocese. The next years deficit should be under $5 million, he said. But he acknowledged that the archdiocese must find ways to eliminate the deficits entirely.
The long-term obligations of the archdiocese include an $82 million debt to a trust fund that holds deposits from parishes, OShaughnessy reported. In past years the archdiocese withdrew money from that fund to pay for archdiocesan programsa practice that was stopped after Archbishop Charles Chaput took over leadership of the archdiocese in 2011.
There are also major shortfalls in a self-insurance fund and in pension accounts for clergy and for lay employees, OShaughnessy said.
(Excerpt) Read more at catholicculture.org ...
"D'Antonio shows how Doyle sent the report to every Catholic bishop in the United States and was encouraged to present it to the conference of bishops in 1985."
"At the last moment, D'Antonio writes, Doyle is told his report will not be presented at the conference, and he begins to notice a cold shoulder from bishops and church bureaucrats who had encouraged him in the beginning."
"D'Antonio, however, is not optimistic about what he calls the church's "scandal without end." He notes that even as his book neared publication, the Catholic Archdiocese of Los Angeles, under court order, released more than 12,000 pages of documents that showed Cardinal Roger Mahony's direct involvement in efforts to shield priest child-abusers from prosecution."
Mortal Sins: Sex, Crime, and the Era of Catholic Scandal
by Michael D'Antonio
Report documents eight decades of Capuchin province's poor handling of sex abuse
National Catholic Reporter ^ | Jun. 18, 2013 | Joshua J. McElwee
"One of the report's major findings, Doyle told NCR, is the "detrimental and deadly role that lawyers for the church played" in prioritizing the province's protection of clerics instead of reaching out to victims."
Chaput is the right man for the job.
They failed to pass the faith on to the next generation and eventually the nice old church lady who gives big donations eventually dies.
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