Friday, July 11, 2008

Diocese's financial picture brightens

Not Milwaukee's, it's that of the Archdiocese of Boston, reports Michael Paulson in today's Boston Globe.
But the archdiocese continues to face huge financial challenges, particularly in its pension fund for retired and disabled clergy, which covers about 800 active and retired priests and is underfunded by $110 million.

Milwaukee's might be fully funded, but I can't tell from the 2006-2007 Financial Statements.

(via Diogenes at Off the Record)

Update: A reader interprets Note 12's Adoption of Recognition Provision of FASB Statement No. 158 on Page 16 to include the Priests' Pension Plan. That would mean our Archdiocese's various pension plans, including the priests', were overaccrued by about $4.5 million. With the change, this amount became an unrestricted asset.

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