Posted on 02/04/2020 4:41:55 PM PST by marshmallow
WINDSOR TERRACE — The Diocese of Buffalo, N.Y., faces near certain bankruptcy after it posted a $5 million loss in 2019, in large part because of the financial impact of the sexual abuse crisis that has plagued the diocese for almost two years.
The diocese’s assets fell by $21.7 million, according to the diocese’s annual financial report released Jan. 30.
“In response to the magnitude of the number of claims, and alleged damages, the CAO (Central Administrative Offices of the Diocese of Buffalo) has determined that a filing of a voluntary petition for reorganization under Chapter 11 of the Federal Bankruptcy Code is imminent,” the report stated.
The diocese would be the second of New York’s eight dioceses to seek bankruptcy protection. The Rochester Diocese filed for Chapter 11 protection in September. Nationwide, more than 20 dioceses have sought bankruptcy protection in a reckoning of the abuse crisis in the church that has spanned almost two decades.
In the Diocese of Buffalo, former Bishop Richard Malone was accused of mishandling the abuse crisis in the diocese. He resigned in December after Bishop Nicholas DiMarzio conducted fact-finding mission in the diocese in October.
“The diocese published its financial overview, which it does annually, and it includes comments from the auditor. There is nothing new here,” Gregory Tucker, a spokesman for the Diocese of Buffalo, told Currents News. “Bishop Scharfenberger, the apostolic administrator of the diocese, has already indicated that the diocese is considering a Chapter 11 reorganization and, in all likelihood, will go down that route.
(Excerpt) Read more at thetablet.org ...
They announced today that they are closing the seminary.
Father Baker must be rolling in his grave.
I have zero sympathy. I know how dicoeses work and i know how bishops and archbishops shuttled known problem priests to different churches to cover up the endemic sexual problems, and not telling the parishes about what they were getting.
No sympathy. Sell off assets. They are lucky the bishops and archbishops aren’t in jail for their roles in this.
A Catholic church with a Boy Scout troop would really be a double whammy.
Quit giving at Catholic Church. The clergy uses your money against you and your children. They coddle illegals and foreigners.
Take a hike.
Q. How does a diocese go bankrupt?
A. Gradually, then suddenly.
How much gross profit have they transferred over the last 5 years? To whom?
How much property have they “sold” for pennies on the dollar? To whom?
Excuse me, bishop?
We’d like to see a full accounting of all gross receipts and real property transfers over the last 5 years. Such records should be kept in order to qualify for the religious exemption.
My priest knows this and gave me his blessing.
Other giving ideas: "That's My Money, Your Excellency" (list at LINK)
Absolutely essential NOT to run off and leave the sheepfold to the wolves. Stand your ground. Stand and fight. But keep your money out of the pipeline.
“A Catholic church with a Boy Scout troop would really be a double whammy.”
Funny you should mention that.
Saint Stanislaus church sponsored a Boy Scout troop in my day. They were afforded meeting space and an occasional financial contribution (under the table, cash) to ensure good camp outs and other festivities.
The Boy Scout organization appeard to me to be straight as a board. The church priests, not so much.
Yes, it takes a while to find an altar boy and then suddenly things happen.
Much later thousands of parishioners find out and stop contributing. Then the diocese goes bankrupt.
So no one goes to jail...They just pay off the victims...
RCINC just files it as a write off. RCINC is the oldest most profitable multinational corporation on the planet
But RCINC can afford 500$ /hr. legal mouthpieces to defame and intimidate victims and witnesses in discovery, depositions, and trial.
Watching the accelerating pace of Parish consolidations/school closings/property sales here in Pittsburgh, it would seem this Diocese is positioning itself for same.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.