The latest audited financial statements for Archdiocese of Philadelphia show a dramatic turnaround in church finances with a reported $3.9 million surplus for the 2013 fiscal year, up dramatically from the $39.2 million deficit reported for fiscal year 2012.
The accounting firm Grant Thornton
audited the financial statements and dated their opinion Nov. 22.
archdiocese released the information Dec. 5.
"Since my arrival in
Philadelphia, we've worked hard to be transparent about the financial
health of our local Church," Archbishop Charles J. Chaput said in a
statement. "We'll continue to do so. I'm pleased to relate that our
actions are beginning to have the much needed effect. Today, we're
releasing our financial report for the fiscal year that ended on June
30, 2013. It shows that we're making significant progress in some areas
and that we still have a long way to go in others."
While the steep
climb out of last year's deep deficit into surplus may encourage
Catholics in the five-county archdiocese, an analysis offers further
The $3.9 million "operating result" is a reported surplus that
the financial statements call a "change in net assets before other
The figure includes several nonrecurring transactions so a "core
deficit" remains, though not nearly as severe as in the previous fiscal