The rapid growth of Swaggart’s ministry-just six years ago, revenues were only $60 million-has gone largely unnoticed because Swaggart, until his confessed indiscretion, has avoided national controversy and because his organization has maintained such financial secrecy.Īlthough nonprofit charitable organizations are exempt from taxation, most of them file with the Internal Revenue Service an annual information return that is open to public inspection. Other large shares were used to build schools and to run food programs for children overseas and to meet administrative expenses that include a payroll of 1,200 employees and teachers. Almost half, they say, paid television production costs, including the purchase of equipment, and bought air time for the broadcasts seen around the world. Officials of Swaggart’s ministry insist they can account for the spending of every penny of the $150 million.
The rest represented proceeds from the sales of gospel records and tapes, Bibles, books and T-shirts by the largest mail-order business in Louisiana and one of the biggest in the country.
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