Tuesday, February 02, 2010

Court Confirms Assets That Belong To Episcopal Diocese of Pittsburgh

In Calvary Episcopal Church v. Duncan, (PA Com. Pl., Jan. 29, 2010), a Pennsylvania trial court implemented its earlier decision on ownership of assets of the Episcopal Diocese of Pittsburgh. (See prior posting.) The decision is summarized by Episcopal News Service:
Common Pleas Judge Joseph M. James accepted as accurate an inventory of diocesan property submitted by a "special master" he had appointed earlier and told Duncan's organization it must transfer the assets.

The inventory includes $22 million in cash, cash equivalents, receivables, and investments including about $2.5 million in pooled parish investments and real estate and other real property.

"The diocese plans to quickly make arrangements so that all parishes may again have access to their investment funds that were frozen by financial institutions during the legal proceedings," according to a news release from the Episcopal Diocese of Pittsburgh.