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April 30 - Archdiocese of Boston Releases Annual Financial Report

www.bostoncatholic.org

(Braintree, Massachusetts) April 30, 2008…The Archdiocese of Boston today released its annual financial report for the Fiscal Year ending June 30, 2008.  The full report is available on the Archdiocese’s website (http://www.bostoncatholic.org/Finance.aspx) together with the audited financial statements of Archdiocesan related organizations.

The report provides a comprehensive review of the Archdiocese’s assets, liabilities and annual revenue.   Included are the audited financial statements of the Roman Catholic Archbishop of Boston, a Corporation Sole (the “Corporation Sole”), encompassing the activities of the parishes and central operations. The report also includes an accounting of payments for sexual abuse settlements and related expenses and the sources of these funds.

Cardinal Seán P. O’Malley commented that,  “This annual report shows us that the Archdiocese’s overall financial status has improved over the last year, continuing the trend of recent years.  It also demonstrates that we face a number of challenges. One of the greatest is our striving to accommodate increasing requests for services for the poor and those who find themselves in a never-expected circumstance of need.  The economic declines and job losses of the past year have impacted many people.  We will do all we can to respond to all who ask for our help."

The report also highlights initiatives of the previous fiscal year that are continuing in the current year.  Among these are the effort to stabilize the clergy retirement funds, a program to revitalize Catholic education, the launch of the parish based RENEW program which has attracted more than 30,000 participants, focused efforts to manage the impact of the economic downturn and improved services to our parishes, schools and agencies.

Chancellor Jim McDonough noted, “While the challenges ahead are great, I continue to be optimistic about our future. We are blessed with the leadership and the resolve to continue the rebuilding of our Archdiocese. Through the dedication and commitment of clergy, religious and laity we have made great progress in recent years and will build on those accomplishments, always prepared to adjust our plans to reflect the realities of our time.”

About the Archdiocese of Boston: The Archdiocese of Boston was founded on April 8, 1808 and was elevated to Archdiocese in 1875. Currently serving the needs of nearly 2 million Catholics, the Archdiocese of Boston is an ethnically diverse and spiritually enriching faith community consisting of 292 parishes, across 144 communities, educating approximately 46,000 students in its Catholic schools and 156,000 in religious education classes each year, ministering to the needs of 200,000 individuals through its social service outreach. Mass is celebrated in nearly twenty different languages each week. For more information, please visit  http://www.BostonCatholic.org .