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TEC Financial Crisis

Episcopal Dioceses and parishes continue to spill red ink as they scramble to make sense of declining budgets, diminished Trust Funds, aging congregations and personal incomes ravaged by an economy in free fall.

The DIOCESE OF WASHINGTON took a hit and drastically revised its 2009 budget, largely because of paltry giving from the bulk of its congregations plus a drop in its investment income.

In an approximately $3.9 million budget approved in May by its diocesan council, the diocese made a series of staff and budget cuts to make up for a shortfall of more than $400,000 from initial revenue projections. The income projections included $357,800 less in pledges than the diocese anticipated from its 93 churches, plus an estimated $26,400 the diocese could lose in investment and interest income, The Washington Times reported.

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