$80 Million in ‘Missing’ Funds Accounted For, PTL Aide Says

PTL ministry officials said Friday that they have accounted for $80 million of $92 million in missing donations and called on former Chairman Jim Bakker to return a hefty bonus he received in the first three months of 1987.

“The plane that was in a dive, we’ve pulled up and gotten it stabilized,” said Chief Executive Officer Jerry Nims.

Nims said Bakker and his wife got $480,000 during the first 10 days of February alone. Hefty bonuses also went to former PTL President Richard Dortch, aide David Taggart, and Taggart’s brother, an interior decorator used by PTL.

Bonuses ‘in Seven Figures’

“Usually you get bonuses for success, but at the time they took the bonuses, this ministry was going down $1 million to $4 million per month. Those bonuses, when you add them up, are in seven figures,” Nims said.

There was no comment Friday from Bakker, who resigned as PTL chairman March 19 after admitting to a 1980 sexual liaison and turned the troubled television ministry over to the Rev. Jerry Falwell. Dortch resigned a few weeks later.

A week after declaring $92 million in PTL funds had disappeared into “a black hole,” Nims said he and other PTL officials are more optimistic.

Of the newly accounted for $80 million, $30 million was spent on salaries, labor and related costs; $20 million went for television time; $20 million was used for payroll taxes, travel and interest; $5 million was spent on publications, printing and postage, and $5 million went for Bibles and books, Nims said.

Nims said earlier this month that PTL’s finances were poorly managed under Bakker, operating without a budget and stashing cash in 25 separate bank accounts. Cash management was “loose,” and there were no internal auditing procedures, he said. On Friday, he said, accountants Arthur Andersen & Co. were uncovering where the money went as they continued their audit.

‘Wasn’t Really Missing’

“It wasn’t really missing,” he said. “It’s money we are accounting for.”

The ministry is hoping to raise an additional $500,000 today with an auction of items including a seven-foot bronze giraffe, a 1927 Franklin car and an environmental shower that includes a sauna.

A week ago Falwell began a “May Emergency” plea to raise $7 million by the end of the month to survive. He raised the goal to $10 million, and officials announced $3.5 million had been raised this week.