The archdiocese has hired a New York company, Guidance In Giving Inc., to study the feasibility of a large-scale fundraiser that would shore up a bottom line hit hard by costly abuse litigation. It would be the archdiocese's first capital campaign in 60 years.
The archdiocese's $660-million settlement in 2007 with more than 500 victims was the largest in U.S. history. According to a December financial report, the archdiocese is still paying down loans it used to cover the settlement, and its liabilities now outstrip its assets by $80 million.
The archdiocese is contemplating the fundraiser as a way to repay settlement loans totaling $175 million, according to the report. An archdiocese spokesman confirmed that the capital campaign was being considered but in a statement did not address whether any proceeds would be used to pay down the settlement loan. Read more at The Los Angeles Times