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."