Archdiocese Releases Annual Financial Report

The Pilot
July 10, 2008

Braintree — The Archdiocese of Boston released July 10 its annual financial report for the Fiscal Year ending June 30, 2007.

The report provides a comprehensive review of revenue growth, assets and liabilities and program initiatives that have been developed or are currently underway. Included are the audited financial statements of the Roman Catholic Archbishop of Boston, a Corporation Sole (the "Corporation Sole") that encompasses the activities of the parishes and its central operations. The report also includes an updated accounting of payments related to sexual abuse settlements and related expenses and the sources of these funds.

"The financial state of our Church continues to improve, however, we continue to face a number of financial challenges," said Chancellor Jim McDonough.

"Parishes continue to be our main focus. They represent the primary connection for our faithful in worship, religious education and the celebration of the sacraments. I am continually touched by the resilience and resolve shown by our employees, priests, deacons, religious, and lay parishioners. All are important members of our Catholic Church in Boston, and I believe we are all committed to moving forward in faith."

In addition to fiscal year 2007 financial information, the report also includes details on the sale of the remainder of the Archdiocese's Brighton campus — excluding St. John's Seminary — to Boston College.

"We are committed to improving the services provided to our parishes, schools and agencies and to responsible planning," said Cardinal Sean P. O'Malley. "As we continue the Archdiocese's journey of healing and rebuilding, we offer a message of hope to all. To those who are actively engaged in parish life and Christian service, please know how much we value and appreciate your presence. For those who have been absent from the life of the Church, allow me to personally share that you are welcomed and needed."


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