Red Cross Has $14 Million Debt
The American Red Cross announced today that despite an emergency fund-raising campaign, it faces a debt of $14 million, the largest in its 105-year-old history, partly because of late-season hurricanes and floods.
Red Cross President Richard Schubert said the agency, which is entirely supported by public donations, has committed more than $48 million in relief to disaster victims since July 1, the start of its fiscal year. About $30 million was budgeted for the entire fiscal year, based on average disaster needs. “There’s just no predicting Mother Nature,” Schubert said.
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