Intelligence Unit Special Reports Special Events Subscribe Sponsored Departments Follow Us

Twitter Facebook LinkedIn RSS

Facing hard times, Shriners may close six hospitals

Associated Press, April 10, 2009
Shriners hospitals are considering closing a quarter of their facilities as donations stagnate, costs increase, and the charity's endowment shrivels. Officials at the Florida-based organization say it is siphoning $1 million a day from its endowment to balance the budget for 22 hospitals in the U.S., Canada, and Mexico. Meanwhile, they say, that fund has fallen to $5 billion from $8 billion in less than a year because of the sputtering stock market and a charitable giving slump that has hurt philanthropies nationwide.