Court Watch - POSTED: 2011/02/08 14:10
A filing in bankruptcy court is providing a rare look at the finances of the Archdiocese of Milwaukee.
Financial statements filed Monday show the archdiocese has nearly $41 million in assets and $24 million in liabilities. The archdiocese filed for Chapter 11 bankruptcy protection in January after failing to reach a settlement with two dozen victims of sexual abuse by Catholic clergy.
The Milwaukee Journal Sentinel reports that the filing shows:
• The archdiocese earned $25.9 million in income during fiscal year 2010, down from $26.7 million the previous year. Its income so far for fiscal year 2011 was $13.2 million.
• It owns 25 properties with a total value of $7.7 million. About half of the holdings - all cemeteries or schools and a youth home - are listed as having no value. Others range in value from $4.5 million for an undeveloped cemetery in Franklin to $120,000 for the Newman Center at UW-Whitewater.
• The archdiocese holds bank and investment accounts totaling about $19.7 million.
• Liabilities include $13.7 million in the retired priests' health plan, $1.2 million in the pension plan for cemetery workers, $3.4 million for Messmer High School and $702,000 for payments to sex abuse victims who went through the archdiocese's mediation process.