On March 31, 2017, the Roman Catholic Bishop of Great Falls, Montana (a/k/a Diocese of Great Falls-Billings) voluntarily filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Montana. The organization is represented by the law firm Elsaesser Jarzabek Anderson Elliott & Macdonald, Chtd.
According to court filings, the Roman Catholic Bishop of Great Falls, Montana has assets of $20.8 million, consisting of real property valued at $13.8 million and personal property valued at just under $7 million. The organization listed liabilities of $14.8 million – all of which are listed as nonpriority unsecured liabilities. Court filings list no secured debt.
Notably, the bankruptcy petition shows a significant decrease in income for the diocese from 2015 to 2016. Specifically, the petition lists fiscal year 2015 income of $9.4 million but less than $6.3 million of income for fiscal year 2016. Fiscal years run from July 1 to June 30 (i.e., fiscal year 2015 covers July 1, 2014 to June 30, 2015) and the sources of income are described as “contributions, parishes, etc.”
A copy of the voluntary chapter 11 bankruptcy petition is embedded below.