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Wednesday, December 26, 2012

Ham is going broke!

The Panda's Thumb has released a year-end report on Answers in Genesis' financial situation and discovers that the company is losing money year after year.

Reporter James McNair recently reported in a Cincinnati newspaper that the attendance at the Creation Museum has dropped for four consecutive years and that Answers in Genesis lost over $500,000. These tidbits inspired my colleague Dan Phelps and me to look at AIG’s Forms 990. These are tax forms that must be submitted by nonprofit organizations to the US Internal Revenue Service and may be found if you have a (free) account on GuideStar.
According to various Forms 990 through the tax year ending June 30, 2011, in four consecutive years, AIG has run surpluses of approximately $2.1 million, $716,000, and $940,000, and a loss of $540,000. Not exactly a monotonic decline, but certainly a steep drop from a surplus of $2.1 million to a loss of $540,000 in three years. Can we expect similar losses due to the Ark Park? Maybe: Joe Sonka in the Louisville newspaper LeoWeekly reports that “… correspondence between Ark Encounter and the Tourism Cabinet reveal an application process that proceeded with remarkable speed, little scrutiny, and standards that appear different from that of [another applicant].”
The article gives out the lowdown on how much money AiG is losing which includes dropping of crackhouse attendance (who wants to see the same ol' exhibits displaying filthy lies?) and money wasted on building the infamous "Ark Park" which will unlikely be built. This indeed is a sign that says AiG and Ken Dumb Idiot Ham is going broke in a matter of a few years. When it does, he may have to scrap the Ark Park and close his crackhouse museum down for good.
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