PHILADELPHIA (PA)
TribTown
THE ASSOCIATED PRESS
First Posted: October 03, 2014
PHILADELPHIA — In a story Oct. 2 about property sales by the Roman Catholic Archdiocese of Philadelphia, The Associated Press reported erroneously the amount and type of liabilities the sales are to help offset. The sales will help pay about $126 million in pension and trust and loan fund liabilities, not $287 million in pension and insurance liabilities.
A corrected version of the story is below:
Philadelphia Archdiocese sells properties for $56M
Philadelphia Archdiocese sells properties for $56 million to help shore up finances, pensions
By KATHY MATHESON
Associated Press
PHILADELPHIA — The Roman Catholic Archdiocese of Philadelphia is selling three parcels of land for more than $56 million in an effort to shore up its finances, church officials announced Thursday.
Most proceeds from the transactions, which involve about 700 acres in the Philadelphia suburbs and Lehigh Valley, will go toward a parish trust and loan fund. About $3.7 million will go to the priests’ pension fund, officials said.
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