Word: gollins
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Dates: during 1971-1971
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...authors of the church-as-Fort Knox school, the favorite target, naturally enough, is the Roman Catholic Church and its prosperous American branch. Five years ago, Business Journalist James Gollin (Pay Now, Die Later), a nonpracticing Jew, decided it was time to stop the guesswork and to start investigating the secret church accounts. He distills his results in Worldly Goods (Random House; $10), a fascinating book and the first reliable report on American Catholic wealth...
Instead of a giant money machine, Gollin has discovered a religious empire that is decentralized, poorly managed and barely able to keep going at its current level. On paper, his estimate of the total wealth of the 48 million-member church is impressive. He calculates the combined assets of U.S. dioceses and religious orders at $34.2 billion, which is only slightly less than the worth of American Telephone and Telegraph. But Catholic assets consist mostly of churches and schools, which are costly to run and consume income instead of producing...