Rising costs, lagging donations, and a dwindling endowment
Money Woes May Force Six Shriners’ Hospitals to Close
WASHINGTON, April 10 -- The Shriners organization may shutter six of its 22 free hospitals for children, citing rising costs, lagging donations, and a dwindling endowment.
The Florida-based organization uses $1 million a day from its endowment to keep its hospitals operating, Shriners executives told the Associated Press.
In less than a year, the endowment fund has dropped to $5 billion from $8 billion as the poor economy has put a major dent in philanthropic donations across the nation, the Associated Press reported.
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