Sitting on billions, Catholic dioceses amassed taxpayer aid
When the coronavirus forced churches to close their doors and give up Sunday collections, the Roman Catholic Diocese of Charlotte turned to the federal government’s signature small business relief program for more than $8 million.
The diocese’s headquarters, churches and schools landed the help even though they had roughly $100 million of their own cash and short-term investments available last spring, financial records show. When the cash catastrophe church leaders feared didn’t materialize, those assets topped $110 million by the summer.
“I am gratified to report the overall good financial health of the diocese despite the many difficulties presented by the Covid-19 pandemic,” Bishop Peter Jugis wrote in the diocese’s audited financial report released last fall.
As the pandemic began to unfold, scores of Catholic dioceses across the U.S. received aid through the Paycheck Protection Program while sitting on well over $10 billion in cash, short-term investments or other available funds, an Associated Press investigation has found. And despite the broad economic downturn, these assets have grown in many dioceses.
Read it all...Sitting on billions, Catholic dioceses amassed taxpayer aid (apnews.com)
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