Coronavirus FAQ for Catholic School Principals
Sharing the Light
- Archdiocesan Finances
- Catholic Charities of Southeast Michigan
- Catholic Cemeteries
- Catholic Foundation of Michigan
- Catholic Services Appeal
- Changing Lives Together
- Clergy Sexual Abuse
- John Paul II Center
- Loan Deposit Program
- Mooney Real Estate Holding Company and Parish Incorporations
- Parish Finances
- Parishioner Data Management and Privacy
- Priests' Pension Plan
- Protecting God's Children
- Stewards for Tomorrow/Archdiocese of Detroit Endowment Foundation
- St. John's Plymouth
- Synod 16
- Unleash the Gospel
- Compartiendo la Luz
Ecumenical and Interfaith Relations
Marriage & Family
Parish Care and Sustainability
Development - Mission Advancement
Prayer and Intercession Teams
Who has loans from the LDP? What is the status of those loans?
There are approximately 49 LDP loans to parishes, parishes with affiliated schools, independent Catholic schools, Catholic organizations and internal archdiocese accounts. Outstanding loans to all Catholic institutions noted above total approximately $74 million.
Of the $74 million in total gross outstanding LDP loans, about $36 million is being reserved for these accounts, which are unlikely to be collected in full. The Archdiocese made this accounting allowance (a non-cash charge) of $36 million to address the possibility that some LDP loans may not be paid in full. Interest charges are not accruing on nonperforming loans.
As of June 30, 2018, the $36 million in reserved funds resulted in the LDP having a net deficit in assets totaling about $20 million due the large amount of uncollectable loans.
The $36 million accounting allowance for uncollectible loans was determined through a review of outstanding LDP loan balances and the financial condition of the related parishes and other organizations. The $36 million total is considered adequate to cover all possible uncollectible LDP loans as of June 30, 2018.