PHILADELPHIA (PA)
Philadelphia Inquirer
Harold Brubaker, INQUIRER STAFF WRITER
LAST UPDATED: Wednesday, July 3, 2013
The Archdiocese of Philadelphia on Wednesday reported a staggering $39.2 million loss for the year ended June 30, 2012, while disclosing unprecedented details about longterm financial deficits totaling $350 million.
Even after stripping away millions in unusual expenses, including $11.9 million for legal and professional services related to the priest sex-abuse scandal and other issues, the archdiocese said its cash expenses 2012 still exceeded revenue by $17.4 million.
“It’s not so simple to say our problems are related to the sexual-abuse crisis,” Timothy O’Shaughnessy, chief financial officer for the archdiocese, said. “That is a serious issue, a very serious issue that I believe the church is taking more seriously now.
“We’ve also had serious financial problems independent of the abuse crisis,” said O’Shaughnessy, who became CFO in April 2012. Somewhat more positive financial news could be on the horizon in the nation’s sixth-largest diocese, which covers the five counties in Southeastern Pennsylvania and is home to nearly 1.5 million Catholics.
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