Last month, the Archdiocese of St. Paul and Minneapolis came forward with their financial information. What was interesting is the lead or headline that they were operating at a loss. However, the actual numbers showed that the loss was a result of reserves the archdiocese might need to cover unknown future costs related to clergy abuse claims. So it isn’t like a loss right now, but it is a future liability that is creating the paper loss.
It will be interesting to see how these numbers hold up. Looking to Milwaukee and the bankruptcy by that diocese, early financial disclosures were a foreshadowing of the future bankruptcy. So this may be an early statement from the Archdiocese.
It also will be important to see that there isn’t any transferring of funds as a way to hide money. The issue in Milwaukee was money that had been moved to a cemetery fund.
The records show that :
The archdiocese has been adding money to a reserve fund dedicated to litigation claims. The reserve grew eight-fold, from $650,000 in June of 2012 to $5.3 million a year later.
So they are getting ready to either spend a lot to defend the cases or to finally be held responsible for all of the damage they have caused.
Other items I have written about the Archdiocese
More names are now disclosed, there are more lists that exist in Minnesota, and there are many more names to find.
Abuse of children and the continued silence by the offenders needs to be prevented. If you suffered, saw, or suspected such events, it is important to know that there is help out there.
A founding partner with Bradshaw & Bryant, Mike Bryant has always fought to find justice for his clients—knowing that legal troubles, both personal injury and criminal, can be devastating for a family. Voted a Top 40 Personal Injury "Super Lawyer" multiple years, Mr. Bryant has also been voted one of the Top 100 Minnesota "Super Lawyers" four times.