More financial statements published by archdiocese

The Archdiocese of Philadelphia on Friday published audited financial statements for 15 education, social-services and health-care entities with aggregate revenue of $408 million in the year ended June 30, 2012.

The disclosures, building on a newfound openness about its financial state, did not include any balance-sheet bombshells like those in last month's report on the archdiocese's central financial office. That July 3 report showed a $39.2 million loss for fiscal 2012. The archdiocese's chief financial officer, Timothy O'Shaughnessy, added details on $350 million in long-term financial gaps.

Results from the central office, called the Office of Financial Services, are key to understanding the archdiocese's overall financial health because it oversees pensions, insurance, and other aspects of its operations.

The largest operation to report Friday was Catholic Health Care Services, which had $132.2 million in revenue from six nursing homes and a retirement facility. Catholic Health Care had a $7.7 million operating loss for the year, largely part because a significant portion of its revenue comes from Medicaid, which does not cover all expenses.

The Office of Catholic Education High Schools, which operates 17 archdiocesan high schools, was the second-biggest operation, with $118.4 million in revenue. The high schools, whose management was turned over to a new nonprofit, the Faith in the Future Foundation, last year, had a $138,292 operating loss.

The two newest high schools, Bishop Shanahan in Downingtown and Pope John Paul II in Upper Providence, Montgomery County, were central to a major bond refinancing that closed June 1, 2012. The archdiocese retired $113 million in external debt, including debt to build the schools, money owed by other archdiocesan operations, and $15.75 million owed to banks for interest-rate swaps that went negative.

Catholic Health Care and Catholic Social Services paid off their portions of that debt and lent most of what was needed to pay off the outside creditors. The result was that the Office of Catholic Education High Schools owed $77.2 million to other parts of the archdiocese.

O'Shaughnessy said last month that the deal was possible because Catholic Health Care, which supplied more than 60 percent of the money for the refinancing, had significant unrestricted cash balances. "As time goes by, I continue to be very grateful that we did that," he said.

Other reports released Friday included the Office of Catholic Cemeteries and the Philadelphia Theological Seminary of St. Charles Borromeo. Still to come are the audits for the Catholic Charities Appeal and the Heritage of Faith-Vision of Hope fund-raising campaign.

^{Contact Harold Brubaker at 215-854-4681 or hbrubaker@phillynews.com.}