Forensic accountant to review Milwaukee Archdiocese finances
A forensic accountant will be hired to review the finances of the Archdiocese of Milwaukee as part of its bankruptcy, and survivors of clergy sex abuse will have more time to file their claims, under an agreement reached Wednesday before U.S. Bankruptcy Judge Susan V. Kelley.
The agreement, hammered out in marathon negotiating sessions that began Friday, gives the creditors committee the go-ahead to hire California-based Berkeley Research Group as a financial adviser. Among its duties will be to scrutinize church finances to determine whether the church made fraudulent transfers as a way to shield assets from victims of clergy sex abuse, as at least one victims attorney has suggested.
The archdiocese had objected, saying it was an unnecessary expense. But church attorneys dropped their opposition Wednesday after the creditors committee agreed to strictly control costs and submit expenses to the court for review.
"We have to be sensitive to the fees, we absolutely do," Kelley said.
As financial adviser, Berkeley is expected to focus on three main areas: the transfer of $55 million into a cemetery trust, and $75 million out of parish funds, and the creation of the Faith in our Future Fund to hold the proceeds of a $105 million capital campaign - all since 2004, said creditors attorney Jim Stang.
the rest at MJS
3 comments:
Although I have plenty of criticisms of the Roman church, it is really a shame that a court in California allowed a suit against a diocese in Wisconsin go forward. The Supreme Court of Wisconsin had it right that the courts simply cannot second guess decisions made by a religious body in assignment of its own spiritual leadership.
Beyond that, the church, even a wealthy church, doesn't have any money of its own. Like the government, it must rely on the contributions of its parishioners, and lacks the coercive powers to make dissidents pay up, even if a majority agrees. How much money makes a molestation all better anyway?
I can't believe it, I totally agree.
That's my problem with these trial lawyers is they want the press to act like it's someone other than the people in the pews who have to pay these excessive settlements. On the other hand most victims really just want justice and to this point folks like Abp Weakland & Bp Sklba seem to be allowed to skate around public repentance for their errors.
Right on all points neighbor.
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