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the crystal cathedral owes 7.5 million
and is going bankrupt.
how can a megachurch get into such debt?
From an article in THE ORANGE COUNTY REGISTER
GARDEN GROVE -- Crystal Cathedral officials have shown no intention of paying back more than 100 vendors to whom they owe $7.5 million, according to one of the vendors who is waiting for more than $50,000 from the megachurch and lost her house to foreclosure.A church that strings people along? !? No way! No ******* way!
Kristina Oliver said she was happy to get on a committee for creditors in April.
"I honestly believed that the church was going to come up with an equitable plan to pay us all," she said. "But now I know that all they wanted to do was string us along."
source
the crystal cathedral owes 7.5 million
and is going bankrupt.
how can a megachurch get into such debt?
By not selling enough miracle water or telling families about revelations that they should donate a monetary gift.
It's the economy, people loose jobs and others tighten their belt as the economy falters and then they give less to the church. During boom times the church does more, give more to the poor, helps more people, sends more missionaries out to Haiti, etc... because people give more, but during bust times it is like anything else, they have to cut back.
It sounds like they weren't prudent with their money during boom times and over extended.
over extended by 7.5 mil? i wouldn't call that prudent.
that's a bit excessive...
every year they put out 2 huge pageants, why? how many people (homeless, sick, displaced children) could have benefitted from all that money...
instead they go in DEBT 7.5 mil
a haughty spirit come before a fall....
That depends on what their yearly income is. Such debt can be managable for a large church, but it seems that they don't owe banks this money, but local vendors. That's just unusual. If the vendors knew what they were doing, they should have demanded payment up front, forcing the church to either pay from its income or use a line of credit from a bank.
As it is now, the church can basically go without penalty for owing the vendors until one of them sues.
I work in church finance, and I could get them out of that hole in 6 to 9 years.
What a great song. Thanks for sharing.[youtube]lcdl753QS94[/youtube]
over extended by 7.5 mil? i wouldn't call that prudent.
that's a bit excessive...
every year they put out 2 huge pageants, why? how many people (homeless, sick, displaced children) could have benefitted from all that money...
instead they go in DEBT 7.5 mil
a haughty spirit come before a fall....
I hope they learn from their mistakes and recommit themselves to what is important, worshiping God and helping others in Jesus name.
What a great song. Thanks for sharing.
Oh Lord Won't You Buy Me A [youtube]SP9Dj2nvW3Q[/youtube]
Mercedes Benz
Nothing, because I wouldn't think it.If Jesus insisted on washing the feet of his disciples, what makes you think he'd wear a Rolex?
Vendors have a dilemma. If you demand payment up front, the customer will go to a vendor who extends credit. If you extend credit, sometimes you get stiffed.If the vendors knew what they were doing, they should have demanded payment up front, forcing the church to either pay from its income or use a line of credit from a bank.