Cornerstone World Outreach Center, a Sioux City, Iowa, church, has filed for bankruptcy, three years after completing a new $8 million building program. An Ohio contracting company won a lawsuit against the church in an attempt to recover $3.6 million the church had failed to repay after the building was completed.
In a statement announcing the bankruptcy, Cornerstone’s pastor, Cary Gordon, cited “complications arising from an inability to achieve funding during the economic climate” and a breakdown of negotiations between the church and the contractor.
Cornerstone’s plight is only the most recent of financial woes for churches attempting to weather the economic recession.
The Orange County Register reported that several members of the orchestra hired to perform at the Crystal Cathedral’s Easter Sunday services walked out and refused to play after they realized that the church had paid them half of what was promised to them. The Southern California megachurch, pastored by Robert Schuller, filed for bankruptcy protection in October 2010, following the revelation that it owed $7.5 million to unsecured creditors.
Click here to continue reading.
article courtesy of blackchristian.com
Most Views
- T.D. Jakes Presents “Sacred Love Songs 2,”
- Juanita Bynum II Signs Historic TV Deal With The Word Network
- Congratulations Kierra Sheard!!! Graduating From Wayne State University
- 20,000 Expected To ‘Get Motivated’ During Business Seminar In Cleveland
- Ted “Golden Voice” Williams Headed Back To Rehab
- New Music: Beyonce – God Bless America
- TD Jakes Talks About New Movie Jumpin’ The Broom
- Meredith Vieira To Leave TODAY In June; Ann Curry Named Co-Anchor
- Micah Stampley Sings ‘Back At One’ On Mo’Nique Show
- Leave The Past Behind And Move On