When a parish school building is sold, net proceeds shall first be used to repay any debts owed by the parish or school to the Archdiocese, including but not limited to debts owed for:
After repayment of any debts and obligations, the remaining net proceeds will be distributed as follows, based on the parish’s average annual offertory for the last three years:
|80%||Parish||Unrestricted Parish Use|
|20%||School Fund||Archdiocesan Education Endowment|
|75%||Parish||Unrestricted Parish Use|
|25%||School Fund||Archdiocesan Education Endowment|
|70%||Parish||Unrestricted Parish Use|
|30%||School Fund||Archdiocesan Education Endowment|
Distribution of proceeds between the sponsoring and/or affiliated parishes will be governed by the By-Laws or other governance documents. Each parish entitled to proceeds will distribute its proceeds according to one of the three formulas above as dictated by each parish’s annual offertory.
All proceeds from the sale of an Archdiocesan School building shall be paid to the Archdiocese unless the building was leased by the Archdiocese from a parish for its use as a school. In that case, the proceeds from the sale follow the above policy with respect to the sale of parish school buildings.