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November 23, 2008

Dear Brothers and Sisters in Christ,

The turmoil that we are experiencing in today’s economy affects each family across the archdiocese, the country, and around the globe. Uncertainty is pervasive amidst mounting job losses and home foreclosures combined with shrinking investments and savings balances. Families are concerned for their futures, as most marketplace indicators are suggesting that even more difficult times are still to come. I offer my prayers of support and hope for you all, especially those most immediately and directly impacted by the recent turn of economic events. We should pray as well that the present government and the incoming administration succeed in their efforts to face the economic crisis.

For many in our society, it was outside factors, such as corporate financial mismanagement, that caused their current predicament, while others brought their difficulties upon themselves due to overextending and living beyond their means. Whatever the reason, there are now people struggling and burdened in these challenging times.

Our parish communities are aware of those who are suffering from the stresses caused by these financial difficulties. Local parish outreach is the most genuine way to be present to our hurting neighbors. All parishes should use the most effective means at their disposal to offer assistance and comfort to the needy in their midst, particularly those for whom it has become a struggle to afford even the most basic necessities of life.

On another level, I have asked archdiocesan institutions to be especially attentive to the newly unfortunate who are seeking assistance, while continuing to minister to the disadvantaged whom they regularly serve. These dedicated servants already know that they can see Christ in the faces of the poor.

In support of the parishes and direct ministries, the agencies and departments of the archdiocesan Pastoral Center are exercising good stewardship and fiscal responsibility by working within the budgetary constraints imposed on them and for which they are accountable. We are scrutinizing all planned operating expenditures and evaluating many for either temporary deferral or permanent deletion.

Under the guidance and oversight of the Investment Committee of the archdiocesan Finance Council, the savings and investment funds of the parishes, institutions and archdiocese are allocated and diversified so as to preserve value, particularly when markets are down. Despite the precipitous 30 percent-plus declines in most market indices so far this year, our pooled investment results are considerably exceeding the comparable benchmarks. We continue to monitor the financial markets so as to invest prudently, as good opportunities are identified and available.

Additionally, we are adjusting and deferring some cash outlays in order to maintain the liquidity of assets necessary to fund the cash flow of parish and archdiocesan operations. I am instructing the Capital Projects Committee to be vigilant when reviewing proposals for buildings and property improvements and to adhere strictly to the standard cash availability requirements before recommending approval of a project’s execution.

The church’s law prescribes that we are to administer the gifts of the people of God with the diligence of a “good housekeeper.” I am sure that all at the parish level are paying close attention to conserving resources carefully and deploying them wisely in fulfilling the church’s mission.

As we approach the season of Thanksgiving, I wish to express my gratitude to you for your generosity of goods and spirit. I appreciate all that you do to proclaim the teachings of the Lord by living them out daily. You are in my prayers and I ask that you keep me in yours. God bless you.

Sincerely yours in Christ,

Francis Cardinal George

Archbishop of Chicago