STOCK MARKET WATCH -- Monday, 11 March 2013

[Demeter]

12. Christian Megachurch in Foreclosure After Preacher Paid Himself Millions in Donated Cash

http://www.alternet.org/christian-megachurch-foreclosure-after-preacher-paid-himself-millions-donated-cash?akid=10138.227380.dM9FUt&rd=1&src=newsletter804567&t=11

... the story is about Munsey’s church, Family Christian Center, which claims to have a weekly attendance of 15,000, making it one of the largest churches in the country. According to an investigation by the NWITimes.com, a paper covering northwestern Indiana, the judge presiding over the foreclosure proceedings told attorneys in court, “When I saw some of the expenditures being made in this church when there was a mortgage not being paid, I was astounded.” NWITimes reports that even as the church owed close to $100,000 a month in mortgage payments (not to mention mortgage payments on condos the church claimed to use for visiting clergy, and other unspecified bills in excess of half a million dollars), Munsey and his wife Melodye raked in “$2.9 million in total compensation from 2008 through 2011 from organizations connected to Family Christian Center, IRS records show.” In all, “The church annually spent $3.5 million in leadership compensation and had a $900,000 budget for travel and meals, a $500,000 housing allowance and $500,000 for jet fuel and other expenditures, according to the transcript. In 2010, the church paid $1 million for property in Illinois, the transcript states.” There’s more: an IRS investigation and tax liens, for starters. You can read the whole investigative story, for which Munsey declined to be interviewed AT LINK...