What has the Archdiocese done over the last several years to stabilize the LDP?

In November 2010, Archbishop Vigneron established new LDP policies and procedures, and established a LDP Committee to provide financial oversight of the LDP:

  • All loans were reviewed to determine their repayment status.
  • Best practices and lending criteria were established for all new loans.
  • LDP interest rates are reviewed quarterly and adjusted periodically.

The LDP Committee is comprised of members of the archdiocesan Finance Council and the College of Consultors. The committee meets regularly and recommends interest rate changes, new loan requests, and loan modifications to the Finance Council. The Finance Council is a nine-member committee comprised of lay financial experts and clergy who provide advice to Archbishop Vigneron and oversight on financial matters pertaining to the Archdiocese. The College of Consultors is the priest council of advisors to the Archbishop on administrative and financial issues.

Since the implementation of the new policies and procedures no new sub-standard loans have been made.

Because of the implementation of the new policies and procedures, as noted above, along with good returns on invested funds, the Net Asset Deficit has been reduced from a negative $64 million as of June 2010 to a negative $20 million as of June 30, 2018, an improvement of $44 million.