In a major announcement at the fourth Global Anglican Futures Conference (Gafcon IV) today the Primates’ Council of the movement outlined the establishment of an endowment fund.
The assembly was informed that the finances of Gafcon, “… do not look pretty at all. We have been on a slippery slope for the last three years”. There has been “rationalisation” to the “bare bones” and important programs have had to be suspended. “Therefore, our great movement finds itself in a very serious financial situation”.
The whole movement is now being run on a shoe-string budget of around £¼ m a year. The cashflow projection is a 45% angle downwards. It makes the slopes of Mount Fuji look like comparatively gentle inclines.
The Most Reverend Richard Condie, Bishop of Tasmania said that to address these issues Gafcon was going to raise a permanent endowment fund of $10 million during the next three years. The fund will then produce an income that will, “Secure the future of this work into the future”. He said, “$10m sounds like a lot of money but our movement represents 85% of global Anglicans and the God we worship in this movement owns the cattle on 1,000 hills”.
Needless to say, this development only makes sense if Gafcon intends to be much more than just a conference over the next five years and beyond. It would seem likely that this significant announcement presages others to come.
In his appeal to the Conference Bishop Condie said, “Charity begins at home and charity begins now”.
That was indeed the case: a considerable number of donors have already come forward, each offering $10,000.
What was not announced was what the endowment will be called. Any suggestions?
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