From the Worldwide Faith News archives www.wfn.org
WORLD COUNCIL OF CHURCHES REPORTS MONEY WOES
05 May 1996 08:37:54
95299 WORLD COUNCIL OF CHURCHES REPORTS MONEY WOES
by Religion News Service
WASHINGTON--The World Council of Churches (WCC) has reported that 1994 was
financially an "annus horribilis," or horrible year, with the Geneva,
Switzerland-based ecumenical body posting an operating deficit of about
Its paper losses were even worse, said Michael Davies, the WCC's
assistant general secretary for finance and administration -- about $6.4
Davies blamed what he called an "abysmal" investment market
performance for the year and an unusually unfavorable exchange rate between
the Swiss franc, the currency of the WCC's headquarter nation, and the
currencies of its 324 member churches.
In addition, Davies noted that more than 100 WCC members, including
its largest member church, the Russian Orthodox Church, made no financial
contributions in 1994. German churches provide about 40 percent of the
WCC's total income.
For more information contact Presbyterian News Service
Presbyterian Church (U.S.A.), Louisville, KY 40202
phone 502-569-5504 fax 502-569-8073
E-mail PCUSA.NEWS@pcusa.org Web page: http://www.pcusa.org
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