Archdiocese lists $45M assets, $16M debts as it prepares abuse payouts

Author:
Updated:
Original:

As it prepares to compensate victims of alleged clergy sexual abuse, the Archdiocese of St. Paul and Minneapolis has revealed it has assets totaling more than $45 million.

The Roman Catholic archdiocese has been required to reveal its assets and liabilities – which include $11 million in real estate – after it filed for bankruptcy earlier this month amid imminent lawsuits brought by alleged abuse victims.

The Associated Press said the figures "provides the public with the most detailed picture yet of the archdiocese's financial situation," with liabilities of $15.9 million also listed in the latest filing to the U.S. Bankruptcy Court.

AP reports that Archbishop John Nienstedt said the disclosures are "necessary steps of transparency and accountability and essential in finding some measure of justice for those harmed by clergy sexual abuse."

The archdiocese's liabilities do not include money set aside for abuse victims, and KSTP says the figures don't mean that the church has $29 million available for compensation.

Among the assets listed includes around $23.9 million in financial accounts, $94,378 in books, maps, art and other objects, and $265,400 in jewelry, of which $236,000 is a handmade sapphire and diamond ring donated to the archdiocese.

Financial maneuvers or prudent planning?

The Star Tribune has suggested that some of the archdiocese's money may be kept out of reach from its creditors because it has been shifted the church had set up.

The newspaper lists several organizations that may be protected from liability in the bankruptcy proceedings, prompting accusations from abuse victim support groups of "self-serving financial maneuvers."

But others say this can be viewed as "good financial stewardship" that ensures money from donors is spent in the way they intended.

Next Up

Car crash

'Grim' milestone: Minnesota's traffic deaths reach 364, tying 2019 total

“With fewer vehicles on the road during the 2020 pandemic, the loss of life on Minnesota roads is beyond disappointing."

Devin Weiland

Charges: Albert Lea man, 21, fired around 90 shots at police, residents

Weiland was arrested after a standoff that lasted more than eight hours.

Body storage warehouse

Body storage warehouse 'ready if needed for COVID-19 fatality management'

The warehouse is currently storing PPE and testing supplies.

Giordano's

Signs come down at Giordano's restaurant in Uptown

It appears the restaurant has closed for good.

State Capitol.

Walz eyes COVID-19 relief package totaling $300-$600 million amid budget surplus

The state forecasted a budget surplus for the remainder of the biennium.

Bar beer

Walz non-committal on extension of restaurant, gym closures

He has suggested that the ban on mixing with people outside your household could continue over Christmas.

scratch lottery ticket

State lottery: Don't give scratch-offs as gifts to minors

The Minnesota Lottery participates in an annual responsible gambling campaign focusing on underage lottery play during the holidays.

Marijuana, cannabis

Minnesota adds 2 more qualifying conditions for medical marijuana

There will be 17 conditions that qualify people to obtain medical marijuana in Minnesota.

Matt Birk

Ex-Viking Matt Birk confirms interest in future run for governor

The next gubernatorial election in Minnesota is Nov. 8, 2022.

Screen Shot 2020-12-01 at 10.59.59 AM

Handsome Hog in St. Paul to close temporarily

Executive chef Justin Sutherland cited inaction by state and federal leaders during the COVID-19 pandemic.

radio

MN radio host resigns after repeatedly body shaming Iowa female host

Aaron Imholte is now broadcasting the show from an online platform.

Related