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.