Matthew Crouch, president of Trinity Broadcasting Network (TBN) has launched a massive restructuring of the world’s largest religious TV network.
Financial disclosure documents published last week on the Internal Revenue Service (IRS) website report that Trinity Christian Center of Santa Ana (TCCSA), long the parent organization of TBN, and other affiliated organizations transferred $860,132,250 in assets to Trinity Broadcasting of Texas in 2019.
The Texas-based non-profit also reported $30 million in donations, $24 million in revenue from selling airtime, and $17 million of investment income. Total revenue for the year was $933,330,134!
In 2020, Trinity Broadcasting of Texas received a Paycheck Protection Program (PPP) forgivable loan of $3,308,005. Congress authorized the Small Business Administration to create the program to help small businesses retain employees during the Covid-19 pandemic.
While applying for the PPP loan, applicants were required to certify the following statement: “Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”
Was this loan necessary to guarantee ongoing operations? Trinity Broadcasting of Texas began 2020 with $878 million worth of net assets. Should a non-profit this large qualify for a loan for small businesses?
Trinity Broadcasting of Texas was able to qualify for the loan because it had less than 500 employees.