wfn.org | WORLD COUNCIL OF CHURCHES REPORTS MONEY WOES

[PCUSA_NEWS@ecunet.org]

29-Aug-95

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 
$2.38 million. 
 
     Its paper losses were even worse, said Michael Davies, the WCC's 
assistant general secretary for finance and administration -- about $6.4 
million. 
 
     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. 
 
 

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