Other

Deposit & Loan Fund

a) Parishes shall deposit surplus funds (i.e., any funds over the amount necessary for normal parish operation over 90 days) with the Archdiocese in the Deposit and Loan Fund. No parish is to maintain any other form of savings accounts, (i.e. CD’s, stocks, bonds or savings accounts). This fund shall pay a fair rate of interest. The rate of interest is reviewed and adjusted (when appropriate) by the Archdiocesan Finance Council. Funds may be withdrawn from deposit by a parish at any time by submitting a request, signed by the pastor and Chair of the Finance Council to the Finance Office stating the reason for the withdrawal.

b) Parishes may request a loan from the Archdiocesan Deposit and Loan Fund by a written request to the Chief Financial Officer. The Chief Financial Officer shall respond to the request in writing after reviewing the parish financial status and the reason for the loan and seeking the approval of the Loan Committee of the Archdiocesan Finance Council and the Archbishop. The schedule of repayment will be negotiated by the Chief Financial Officer with the parish.

c) No parish is to lend funds to another parish, individual or group nor invest in Mutual Funds, stock, savings accounts, bonds or real estate without prior written approval of the Archbishop (or his designee) in each case. 

d) No parish is to borrow funds from any outside financial institution. All financing shall be conducted through the Deposit and Loan Fund, except with the written permission from the Archbishop or his designee. Likewise, no parish is to borrow funds from any parishioner or other individuals without prior written approval of the Archbishop or his designee in each case.