PHILADELPHIA (PA)
Reading Eagle
Harold Brubaker, The Philadelphia Inquirer (MCT)
It’s too soon to say that the Archdiocese of Philadelphia has recovered from the deep financial distress it was mired in three years ago, but financial statements released Thursday show positive momentum continued in the fiscal year ended June 30.
On an operating basis, the archdiocese’s central financial office posted a loss of $3.1 million in fiscal 2014, down from $4.9 million the year before and well below the $17.6 million loss in fiscal 2012.
That was when Archbishop Charles J. Chaput arrived to find the finances of the Catholic Church in Southeastern Pennsylvania in shambles after years of mismanagement, compelling him to embark on a major campaign to convert assets into cash.
In one sign of progress, the archdiocese collected 94 percent of parish assessments due in fiscal 2014, up from an estimated 88 percent or 89 percent the previous year. Parish assessments yield money that the Office of Financial Services uses to pay for its operations and certain archdiocese-wide programs
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