To read between the lines here: the Treasurer of the Church, like all of the staff at 815, works for the Presiding Bishop, not for the Executive Council. When she tells him to “find money for litigation”, his job is not to ask “Where?”, but rather: “How much do you need?” And in exchange for such due obedience, she protects him from all incursions into his territory by the likes of the Executive Council — who only imagine that they run the show when General Convention is not in session.<\/p>\n
No, this is the Presiding Bishop’s show — lock, stock, and barrel. If the Church needs money to fund her agenda, then it will jolly well have to supply it, without any interference from the Executive Council. The Church is extraordinarily wealthy, with over $140 million in unrestricted securities and investments, the gifts of innumerable donors over the centuries. And in recent years it has not been shy about borrowing against the endowment to provide it with working capital for the Presiding Bishop’s ongoing litigation agenda.<\/p>\n
Thus it should now come as no surprise to learn that, in a face-off between the Committee’s alternatives and those explored by the Treasurer and his investment manager, the latter prevailed. The headquarters building did not have to be mortgaged; the Treasurer simply ponied up more of the endowment as collateral for two new lines of credit.<\/p>\n