Rumors that Family Radio raised and spent over $100 million to promote the errant doomsday prediction of founder Harold Camping appear to have been overblown. RBR-TVBR has obtained the 2010 Form 990 that the non-profit filed with the IRS – and it’s not that different from 2009 or any other year.
Family Radio did spend more than it took in. Total expenses were $39.7 million, while revenues were $28.5 million. Most of that was contributed by supporters of the Christian radio ministry, a total of $18.7 million, up only modestly from $18.4 million in 2009. The remaining $492K was investment income, up from $368K the previous year.
As of the end of 2010 Family Radio reported net assets of $54.9 million, down from $72.4 million a year earlier. It still had $16.3 million in publicly traded securities, down from $34.1 million as the year began.
Camping, who has since stepped down from his on-air role following a stroke, served as the organization’s unpaid President in 2010 and it still owes him $175,516 from an old loan. Secretary/Treasurer William Thornton was again the highest-paid employee, at $62,148. The entire payroll, including taxes and benefits, was $9.9 million, up from $9.7 million. That includes employees at the headquarters in Oakland, CA, stations across the country and even operations overseas.
RBR-TVBR observation: It will be a while before the 2011 form is filed with the IRS, but since the original “End of the World” prophecy was for May, most of the promotional fundraising would have been in 2010. Family Radio has now stopped making and promoting such predictions. The organization has recently sold off some major FM stations, so its coffers should be pretty full again.