However, many churches rely on income from investments for their financial health and are already slashing their 2009 budgets.
Kurt Barnes, treasurer of the 2.2 million-member Episcopal Church, said the value of the denomination’s endowment funds, which cover 5 percent of the annual budget, have declined by 30 percent this year. Some staff at Episcopal headquarters in New York offered to take a pay freeze, but church administrators declined, saying it wouldn’t be fair to the employees.
The United Methodist General Board of Global Ministries, which oversees humanitarian aid and evangelizing for the 11 million-member denomination, has cut next year’s budget by $2 million, reducing it to $58 million, because of a decline in investment income.
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AP: Churches are looking at hard times
However, many churches rely on income from investments for their financial health and are already slashing their 2009 budgets.
Kurt Barnes, treasurer of the 2.2 million-member Episcopal Church, said the value of the denomination’s endowment funds, which cover 5 percent of the annual budget, have declined by 30 percent this year. Some staff at Episcopal headquarters in New York offered to take a pay freeze, but church administrators declined, saying it wouldn’t be fair to the employees.
The United Methodist General Board of Global Ministries, which oversees humanitarian aid and evangelizing for the 11 million-member denomination, has cut next year’s budget by $2 million, reducing it to $58 million, because of a decline in investment income.
Read it all.