Down They Go - Episcopal Dioceses, Cathedrals, Parishes Face Financial Losses

http://www.virtueonline.org/portal/modules/news/article.php?storyid=9426

[VirtueOnline] 27 Nov 2008--The Episcopal Church is imploding as dioceses, cathedrals and parishes face huge financial losses as the stock market reels and aging parishioners on fixed incomes rein in their giving. Large well-heeled cardinal parishes have taken tens of thousands of parishioners and their money with them to orthodox Anglican jurisdictions leaving liberal dioceses scrambling for money. At least two dioceses are living mainly on endowments.

It was recently revealed that the Episcopal Church's endowment funds have decreased by 30 percent this year. Treasurer Kurt Barnes told the Executive Council recently that every 5 percent decline in the value of the church's endowments equals $87,000 less revenue for the budget. Ironically, as the overall budget of TEC sinks, millions of dollars in legal fees are being spent to keep parish properties. To date, that figure is $2 million, but it is expected to rise to more than $5 million with coast- to- coast lawsuits in several dioceses.