CEN—Episcopal Church in cash crunch
The Episcopal Church’s Executive Council has authorized its finance office to seek a $60 million line of credit to support the church’s operations. The loan will be secured by a mortgage on the church’s headquarters at 815 Second Avenue in New York, and by offering as collateral its unrestricted endowment funds.
The Oct 23-25 meeting in Salt Lake City of the church’s governing council between meetings of its General Convention also voted to cut its budget by 5 per cent next year in response to a $2.1 million shortfall in income.
A memorandum from the church’s Finance Office to the 38 council members stated that diocesan contributions to the national church were expected to be $700,000 below budget, while cuts in spending at the national church offices were expected to depress income also.
Read it all.
The Oct 23-25 meeting in Salt Lake City of the church’s governing council between meetings of its General Convention also voted to cut its budget by 5 per cent next year in response to a $2.1 million shortfall in income.
A memorandum from the church’s Finance Office to the 38 council members stated that diocesan contributions to the national church were expected to be $700,000 below budget, while cuts in spending at the national church offices were expected to depress income also.
Read it all.
No comments:
Post a Comment