I remember watching Robert Schuller years ago on his weekly television program, “The Hour of Power” from his California megachurch called the Crystal Cathedral. Now the church is scrambling to overcome financial problems.
On October 18, 2010 the ministry filed for bankruptcy protection. It seems a whole lot ironic that the argument against bankruptcy by some is somehow that it is not in line with religious teachings but this megachurch filed bankruptcy. So which is it? Is bankruptcy bad, good, prudent, or what?
Over the past few years, the Debtor’s leadership has gone through several changes as the ministry has evolved to transition from its founders to the next generation who will carry the mission of the ministry forward. Robert A. Schuller became Senior Pastor in 2006. He ultimately resigned and Dr. Shelia Schuller Coleman became the Senior Pastor in July of 2009. The period of unsettled leadership caused some in the congregation and viewing audience to leave the ministry, resulting in reduced revenue for an organization that exists primarily on donations. However, the greatest impact on the Debtor’s revenues came from the severe downtown in the national economy, which has had a drastic impact on donations to the Debtor and to charitable giving in general. Donations were down approximately 24% in 2009 alone. – Source
The church attempted to reduce expenses when income declined but that change alone was not sufficient to allow it to meet its obligations. Now doesn’t that sound like the average household?
The only difference is the Crystal Cathedral bring in about $420,000 a week.
Here is a look at the bankruptcy filing for the Crystal Cathedral. – Source