World magazine’s Warren Smith has an article out today which provides some additional information regarding the Evangelical Council for Financial Accountability’s termination of Gospel for Asia’s ECFA membership.
According to Smith’s reporting, the lack of disclosure surrounding the $40+ million headquarters was key. As I first reported here, GFA failed to disclose the $19.8 million transfer of cash from Believers’ Church to help complete GFA’s new Wills Point, TX headquarters. This cash was not reported as a related party transaction but as an anonymous donation. GFA’s leaders told staff that the organization would not borrow money for the construction but in fact did borrow money from a U.S. bank in 2014 and then took money which Believers’ Church borrowed from an undisclosed source in India.
GFA’s CFO David Carroll said ECFA changes had been made and hopes to regain membership. I will have more to say about this in coming posts.
According to World, Ministry Watch’s Rusty Leonard has advised donors to halt all donations to GFA due to the extent of the problems.
Look for another article on this news from Christianity Today. Spokespeople for the magazine disclosed via multiple channels that an article is coming.