2011 Annual Report Analysis by Former Chancellor

Boston Catholic Insider

Last Thursday, the Boston Archdiocese released the annual report for the 2011 fiscal year. Cardinal O’Malley stated that “The Archdiocese of Boston has greatly benefited by the financial management of recent years that has achieved and sustained a balanced budget.” Chancellor Jim McDonough said, “We have made great progress in moving the Archdiocese from a position of financial freefall just a few short years ago to one of stability, fully committed to supporting our parishes, schools and ministries.” That reflects one perspective, and BCI thought our readers might be interested in another perspective.

BCI received an email a few days ago from former Chancellor, David W. Smith, with his analysis of the 2011 Annual Report. BCI thought the analysis from someone familiar with archdiocesan finances was interesting, so we are sharing it with you:

Last week I was asked by the Boston Globe to comment on the Archdiocese of Boston’s release of financial information. I tried to provide “instant analysis” but it is just not possible to review hundreds of pages of information on a same day basis.

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