http://www.apostasie.org/portuguese/news/finances.html
The New York Times
June 13, 2002
Roman Catholic Church Faces Questions About Finances
Of the church's assets, one of the most visible is real estate — churches, rectories, offices and land donated by parishioners. Some dioceses have begun to move their properties into separate corporations, putting them legally beyond the reach of plaintiffs.
A few have sold or mortgaged property. Last month, Cardinal Francis E. George of the Chicago Archdiocese said he might sell his $15 million mansion, adding that the money could be used to pay abuse settlements.
In 1997, the Diocese of Dallas mortaged several vacant lots, its chancery and a building that once housed an elementary school to raise part of a $30 million sexual abuse settlement. The alternative was bankruptcy. "That was potentially catastrophic," Bronson Havard, a Dallas church official, recalled.
In 1995, the Archdiocese of Santa Fe sold a retreat run by Dominican sisters and other New Mexico properties to pay what its insurance did not cover of abuse settlements estimated at more than $30 million.
For years, churches have relied on insurance to bail them out. But churches can no longer assume their liabilities will be covered. Last month, the Boston Archdiocese found that its policy would cover a third - or less - of the claims to 86 victims.
The New York Times
June 13, 2002
Roman Catholic Church Faces Questions About Finances
Of the church's assets, one of the most visible is real estate — churches, rectories, offices and land donated by parishioners. Some dioceses have begun to move their properties into separate corporations, putting them legally beyond the reach of plaintiffs.
A few have sold or mortgaged property. Last month, Cardinal Francis E. George of the Chicago Archdiocese said he might sell his $15 million mansion, adding that the money could be used to pay abuse settlements.
In 1997, the Diocese of Dallas mortaged several vacant lots, its chancery and a building that once housed an elementary school to raise part of a $30 million sexual abuse settlement. The alternative was bankruptcy. "That was potentially catastrophic," Bronson Havard, a Dallas church official, recalled.
In 1995, the Archdiocese of Santa Fe sold a retreat run by Dominican sisters and other New Mexico properties to pay what its insurance did not cover of abuse settlements estimated at more than $30 million.
For years, churches have relied on insurance to bail them out. But churches can no longer assume their liabilities will be covered. Last month, the Boston Archdiocese found that its policy would cover a third - or less - of the claims to 86 victims.
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