Tuesday, October 06, 2009

Church's financial costs revealed

The financial costs of the Episcopal Church’s property wars was disclosed last week after the Diocese of Colorado’s reported that its lawsuit against its breakaway congregation and a downturn in the stock market had consumed almost 85 per cent of its endowment.

The value of diocese’s portfolio shrank from $4.9 million in 2006 to $750,000 in Aug 2009, with over $2.9 million consumed by the costs of litigation with Grace & St Stephen’s Church in Colorado Springs, diocesan treasurer Robert Poley reported in a covering letter accompanying the diocese’s proposed 2010 budget.

However, the diocese remained optimistic about its financial future, estimating a rise in pledge income from its 101 congregations, with the proposed 2010 budget increased from $1.84 million in 2009 to $2.27 next year.

St George’s Anglican Church, the breakaway congregation which earlier this year lost its legal fight to keep the $17 million Grace & St Stephen’s property has also begun a campaign to eliminate its $750,000 debt of legal fees and court expenses.

The Rev Don Armstrong, rector of the CANA-affiliated congregation, has asked its 500 families to each contribute $1,500 as a one-off gift to retire the debt. Fr Armstrong told the Colorado Springs Gazette he expected the debts to be settled by the end of November.

Troubles remain, however, for Fr Armstrong, who has been charged with misappropriating parish funds.

He was arraigned before a Colorado Springs court last week on 20 counts of theft.

He has denied the charges and has stated he is confident of being cleared of misconduct.
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