Tuesday, December 23, 2008

Churches default on heavy debts as giving falls

A sobering article from The Wall Street Journal. (h/t Cranium Creek) ...

"There have been too many churches with a 'build it and they will come' attitude," says N. Michael Tangen, executive vice president at American Investors Group Inc., a church lender in Minnetonka, Minn. "They had glory in their eyes that wasn't backed up with adequate business plans and cash flow."

FWIW, the article focuses on an example from Easton, MD, where a continuing Anglican church over-borrowed and now has its property at auction. Easton has a strong Episcopal parish with a believing Rector.

No comments: