Boston Archdiocese is releasing an accounting study that finds no evidence of theft or mismanagement in the 37-year history of its troubled trusts for ailing and elderly priests. The study raises several potential red flags, pointing out that accounting controls were not tight enough to prevent theft and asserting that there are not enough records to determine how much money was used before 2000 to support priests accused of abuse, The Boston Globe reports.
But the accounting firm said there is no indication that money is missing.
The firm also said that the archdiocese retained all the records it was required to retain and that all evidence indicates that money contributed at Christmas and Easter was used to benefit priests as promised.
The study was released yesterday, as the archdiocese was in the midst of overhauling its policies for providing assistance to retired priests.
It has warned that, even though the funds have taken in $336 million in contributions and investment income over the last 37 years, they will run out of money in 2011 unless expenses are cut and fund-raising is increased.
Like many employers, the archdiocese has experienced a sharp increase in health costs in recent years, and its retired priests, like most Americans, are living longer, meaning that the costs of financing their retirement has risen.
Currently there are about 270 retired priests in the archdiocese, of whom about 55 percent live on their own, 28 percent in Regina Cleri, 22 percent in assisted-living facilities or nursing homes, and 20 percent in rectories.
There are about 500 active priests in the archdiocese.
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