Bicentennial Fund reports repeat a woeful tale
By Parker T. Williamson, The Presbyterian Layman, February 17, 1999
LOUISVILLE, Ky. – Presbyterian Church (USA) officials are eager to put their ill-fated Bicentennial Fund to bed, but as long as pledges remain outstanding, they have no choice but to face a succession of auditor’s reports, recounting the story of a project that never got off the ground.
Launched with a goal of $150 million, the Bicentennial Fund met significant opposition. But in most places, the reactions of Presbyterians were closer to a yawn. When the campaign was finally declared over in 1998, it had raised a reported total of $76,546,333 (only $50,317,360 has been received in the Louisville office; Presbytery and Synod offices retained the remaining $26,228,973 to fund projects in their areas).
During 1998, the Presbyterian Church (USA) paid off a commercial bank loan of $4 million and wrote off a loan from its reserve funds in the amount of $3,336,283. At the end of 1998, campaign expenses totaled $22,773,299. A deficit remains in the amount of $1,427,868. Campaign officials hope that this deficit will be filled as churches honor pledges that they made during the campaign.
During the Bicentennial Fund Campaign, the General Assembly ordered officials not to exceed an administrative expenses limit of 12 percent. On December 31, 1998 campaign expenses amounted to 29.75 percent of the total amount raised.