May 21 End of the World: Harold Camping's $72M business

NEW YORK (CNNMoney) -- By now, you've probably heard of the religious group that's predicting the end of the world starts this weekend.

Harold Camping and his devoted followers claim a massive earthquake will mark the second coming of Jesus, or so-called Judgment Day on Saturday, May 21, ushering in a five month period of catastrophes before the world comes to a complete end in October.end of the world, harold camping, family radio, doomsday, judgment day, may 21


At the center of it all, Camping's organization, Family Radio, is perfectly happy to take your money -- and in fact, received $80 million in contributions between 2005 and 2009. Camping founded Family Radio, a nonprofit Christian radio network based in Oakland, Calif. with about 65 stations across the country, in 1958.

But not even all of his own employees are convinced that the world is ending on Saturday.

In fact, many still plan on showing up at work on Monday.

"I don't believe in any of this stuff that's going on, and I plan on being here next week," a receptionist at their Oakland headquarters told CNNMoney.

A program producer in Illinois told us, "We're going to continue doing what we're doing."

According to their most recent IRS filings, Family Radio is almost entirely funded by donations, and brought in $18 million in contributions in 2009 alone.

Take a look at Family Radio's IRS filings

According to those financial documents, accountants put the total worth of Family Radio (referred to as Family Stations on its official forms) at $72 million.

With those kind of financials -- and controversial beliefs -- it's no wonder skeptics have accused the group of running a scam.

Camping first inaccurately predicted the world would end in 1994. Even so, he has gathered even more followers -- some who have given up their homes, entire life savings and their jobs because they believe the world is ending.

Esther, the receptionist in the Oakland office, said some of her most extreme coworkers have recently driven up in fancy cars or taken their families on nice vacations as a last hurrah.

But overall, she estimates about 80% of her coworkers don't even agree with Camping's May 21 forecast. She has stuck to her work as usual, booking appointments and filling up calendars for her coworkers well beyond the May 21 date.

Meanwhile, some employees are questioning the meaning of Harold Camping's goodbye letter sent to the Family Radio mailing list last week. While he says farewell, he encourages employees to "steadfastly continue to stand with us to proclaim the Gospel through Family Radio."

Could that mean he plans on disappearing, but the company should still go about its business as usual?

Read Harold Camping's goodbye letter

The producer in Illinois said, "We're trying to guess what it means for the company. Our producers have programs done through the end of the month, so we're not looking at that having any effect on the work."

Also curious is why Family Radio requested an extension to file their nonprofit paperwork. The group is required to submit financial documents in many of the states where they solicit donations, and in Minnesota they requested an extension from their July 15 deadline to November 15.

July 15th was already well past their Judgment Day prediction -- when they say believers will ascend to heaven -- so why bother requesting an extension to November?

But Family Radio's financial filings otherwise look hardly unusual for a religious nonprofit.

"At first glance, it looks like they have a lot of assets, but they actually don't have a lot of cash that they're stockpiling," said Laurie Styron, analyst with the American Institute of Philanthropy.

Most of the group's net worth is tied up in FCC broadcasting licenses, valued at $56 million. Family Radio claimed it held only $1.5 million in cash on its books at the end of 2009.

The paperwork shows Camping has so far, never taken a penny for his own salary, but Family Radio has plenty of other paid employees.

The nonprofit employed about 350 people and paid them a collective $8.3 million -- or roughly $23,000 per person -- in 2009.

What the 2009 IRS filings don't show, is how the organization's donations and expenses may have changed during 2010 and leading up to the May 21 Judgment Day prediction.

In the last few months, Family Radio billboards have popped up across the country. And the group purchased RVs to drive around the country on its evangelizing missions.

Those expenses could have changed their financial picture, but since Family Radio doesn't have to turn in their next IRS filing until November, it may not even matter.

"If people donating to this group think the world is ending on Saturday, then I'm not sure that they care," Styron said.

Credit / Source http://money.cnn.com/2011/05/19/news/economy/may-21-end-of-the-worl...


Views: 51

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

Comment by Tara on May 24, 2011 at 11:36am

I think this "Cake" song is highly appropriate for this post, enjoy:)

 

 


Comment by Tara on May 24, 2011 at 10:05am
Unbelievable!!!!! It just baffles me that there's people out there who follow these holly rolling, steal all your money raptards and they can be so easily deceived. You don't even have to be that smart to figure out it's all just a big con. Talk about dumb ass people, wtf!!!!

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

cheeki kea posted a photo
46 minutes ago
cheeki kea commented on cheeki kea's photo
Thumbnail

First World Order

"Ah ha Truth hidden in plane sight. Notice the map depicted on this 'world order' book…"
58 minutes ago
cheeki kea commented on cheeki kea's video
3 hours ago
cheeki kea posted a video

Iyah May Karmageddon Lyric Music Video

While ‘Karmageddon’ has sparked significantconversation and controversy, Iyah has stood her ground. She refused to compromise her vision when asked to change...
3 hours ago
tjdavis posted a video

Steven Wilson - PERSONAL SHOPPER (Official Video)

"The song PERSONAL SHOPPER sits somewhere between being a love-letter to shopping (which I love to do!) and the uneasiness I feel about the more insidious si...
yesterday
Doc Vega posted blog posts
Monday
rlionhearted_3 posted photos
Monday
Burbia posted a photo
Monday
tjdavis posted a video

propaganda: DIVIDE & CONQUER (1942) - Warner Bros. vs Hitler

Not to be confused with the much drier Frank Capra film from 1943.A "Broadway Brevity", released August 1, 1942. Vitaphone #1022-1023A.Transferred from 16mm.
Sunday
Doc Vega posted blog posts
Friday
cheeki kea commented on cheeki kea's photo
Thumbnail

Thumbs down - ship gone.

" So this sort of stupidity has occurred before. Norway or NZ - Who did it better? Cast your…"
Dec 20
cheeki kea favorited Doc Vega's blog post The Last Meal
Dec 20
tjdavis favorited Sandy's photo
Dec 17
tjdavis favorited cheeki kea's photo
Dec 17
tjdavis favorited tjdavis's video
Dec 17
tjdavis posted photos
Dec 17
tjdavis posted blog posts
Dec 17
cheeki kea favorited tjdavis's video
Dec 17
cheeki kea commented on cheeki kea's photo
Thumbnail

Prime clown idiot of the year.

" Stay tuned this prime clown might just resign from his own circus as his Finance Minister…"
Dec 17
cheeki kea commented on cheeki kea's photo
Dec 17

© 2024   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted