CHICAGO (IL)
Crain’s Chicago Business
The Archdiocese of Chicago has tightened its belt considerably over the past few years, but the Catholic Church’s central operations here still report a negative net worth of more than $45 million, according to its fiscal 2015 report.
Its finances reflect the church’s myriad challenges, including funding underattended parishes and schools, increased pension obligations for retired priests and the ongoing cost of settling sex abuse lawsuits.
The archdiocese said its main services division reported a $4.6 million ongoing operating loss for its fiscal 2015. The division, called the pastoral center, includes administrative functions for the archdiocese and financial support to needy parishes in the city and suburbs.
The archdiocese’s 351 parishes, which span Cook and Lake counties and report their budget separately, recorded a combined $58.8 million loss in 2015, up from a $49.9 million loss in 2014. Parish collections declined slightly in 2015, to $214.4 million, from $215.9 million in 2014.
(See the reports below.)
The pastoral center loss has narrowed significantly over the past several years. In 2012, the ongoing operating loss was $75.6 million.
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