More grim disclosures today explaining the financial plight of the Archdiocese.

The Archdiocese of Philadelphia on Wednesday reported a staggering $39.2 million loss for the year ended June 30, 2012, while disclosing unprecedented details about longterm financial deficits totaling $350 million. Even after stripping away millions in unusual expenses, including $11.9 million for legal and professional services related to the priest sex-abuse scandal and other issues, the archdiocese said its cash expenses 2012 still exceeded revenue by $17.4 million. “It’s not so simple to say our problems are related to the sexual-abuse crisis,” Timothy O’Shaughnessy, chief financial officer for the archdiocese, said. “That is a serious issue, a very serious issue that I believe the church is taking more seriously now. “We’ve also had serious financial problems independent of the abuse crisis,” said O’Shaughnessy, who became CFO in April 2012.
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