MILWAUKEE (AP) — The Archdiocese of Milwaukee has provided a rare look at its finances with a federal bankruptcy court filing.
Financial statements filed Monday show the archdiocese has nearly $41 million in assets and $24 million in liabilities. The archdiocese filed for Chapter 11 bankruptcy protection in January after it failed to reach a settlement with two dozen victims of sexual abuse by Catholic clergy.
The Journal Sentinel says the court will determine what assets are available to compensate victims and creditors. Then it will oversee a reorganization plan to keep the archdiocese operating.
Jeff Anderson & Associates Note: Financial records and institutional financial information can sometimes play an important role in abuse litigation and bankruptcy cases, particularly when compensation funds for survivors are involved. Financial transparency may help courts, survivors, and the public understand how institutions allocate resources and respond to abuse claims.