facebook
twitter
rss
account
search
search
 

Family Radio encounters financial trouble

May 12, 2013 at 2:16 PM   |   Comments

OAKLAND, Calif., May 12 (UPI) -- Employees and public financial documents indicate Family Radio, the evangelical network in Oakland, Calif., may soon be out of business.

The non-profit has sold its three largest radio stations and took out a $30 million loan to keep operating while awaiting those sales proceeds, the financial reports indicate.

The troubles come after the company spent millions on Family Radio's announcement of Judgment Day, which it predicted to be May 21, 2011.

Former and current employers told the Contra Costa (Calif.) Times that the company's donations have dropped by 70 percent since Family Radio's Judgment Day prediction proved incorrect.

But board member Tom Evans said that although the non-profit is struggling in the current economy, the company is not closing and the financial problems aren't as serious as some allege.

"Sufficient funds were in the bank and, thankfully, we didn't spend everything on May 21, 2011," he told the Times. "But it did force us to make quick changes."

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Notable deaths of 2014 [PHOTOS]

Notable deaths of 2014 [PHOTOS]

Most Popular
1
Daniele Watts arrested for PDA with husband Daniele Watts arrested for PDA with husband
2
Rooney Mara signs on to musical 'Ziggy' Rooney Mara signs on to musical 'Ziggy'
3
Mariska Hargitay more in love with 'Law & Order' character now than ever Mariska Hargitay more in love with 'Law & Order' character now than ever
4
Randy Travis' name removed from hometown welcome signs Randy Travis' name removed from hometown welcome signs
5
Beyonce 'pregnant with another one?' Beyonce 'pregnant with another one?'
Trending News
Video
x
Feedback