Very few parishes have outside debts or loans with commercial banking institutions. Those who do were approved by the College of Consultors. Parishes are required to deposit into the LDP all parish funds in excess of 60 days of parish operating expenses.
Parishes and schools can continue to make investment deposits into the Archdiocese of Detroit Endowment fund in which 77 parishes, schools, and organizations have 90 accounts in the fund totaling $66 million. These funds are invested in the market with the goal of getting a better rate of return but can experience loss of principle in a down market.
Some parishes and schools collectively owe the Lansing-based Michigan Catholic Conference (MCC) more than $4.7 million in overdue healthcare benefit payments for priests as well as pension and healthcare benefits for lay people in parish service, and for property and liability insurance coverage. The MCC operates the retirement and benefit plans covering all lay church employees in the state. The MCC also facilitates property and liability insurance for parishes and schools.
The Archdiocese is addressing these and other debts outside of the LDP in the financial planning it is facilitating with parishes.