BIRMINGHAM — Questions have been raised about whether Stanley W. Anderson, a Denver businessman who’s promised the Presbyterian Church (U.S.A.) a $150 million gift — one of the largest private gifts ever from an individual to a denomination — has the financial resources to deliver on the pledge.
The Denver Post, Anderson’s hometown newspaper, has reported that public records show Anderson has not paid his mortgages, dental bills and fees to his homeowners’ association, and that he owes hundreds of thousands of dollars to creditors (link to article).
The newspaper reported that Anderson’s home is in foreclosure and assets are frozen because of an unresolved court judgment.
Anderson, a member of Central Presbyterian church in Denver, told the Post he’s working to pay off his debts and intends to make good on his pledge.
John Detterick, executive director of the General Assembly Council, stepped onto the stage before the assembly the morning of June 21 to acknowledge the news accounts. Detterick told the assembly that Anderson has promised to keep his promise, but “I know this is a great disappointment to many people.”
But Detterick told the assembly “the money is there,” and said the church will accept Anderson’s gift “with gratitude and grace.”
In an interview, Detterick said he’s spoken personally with Anderson, and Anderson has told him, “I would not promise my church something that I could not deliver” and that “the money will be there.”
But Detterick said church officials have not independently investigated Anderson’s finances.
“Were we going to go out and do an evaluation of him? No, it’s not necessary or appropriate,” Detterick said. That’s not typically what churches typically do when someone makes a pledge to a congregation, he said. “When John Detterick goes out and makes a pledge, no one would say, `Let’s see your credit statement.’ “
He’s known Anderson personally for 13 years. Anderson was chair of the presidential search committee that brought Detterick to work for the denomination’s Board of Pensions before he came to work for the General Assembly Council.
“I truly have known him to be an honest man, a man of integrity in the 13 years I’ve known him,” Detterick said. “When he says he’ll do something, he’ll do it.”
But Detterick said he does not know whether the Denver Post reported about Anderson is accurate or not.
Detterick said Anderson first initiated a conversation with him three or four months ago, wanting to talk about church growth, but he didn’t know the amount of the gift until June 12. He announced the gift to the assembly June 15 — its first day in session — calling it an “historic event,” and the assembly gave Anderson a standing ovation.
The fund Anderson has said he wants to set up — the Loaves and Fishes Church Growth Fund — would be used to provide grants to presbyteries, from $250,000 to $1 million apiece. Presbyteries would have to apply for the money and match part of it. The money would be used for church growth, mission work and theological education.
Detterick said the plan is still to set up a committee that would consider the grants, and he expects the $150 million to be deposited in the fund by November, as planned.
“When the money comes in, we will make sure there’s not a problem,” he said — acknowledging that occasionally in the past, with other donors, “there have been efforts to use the church to avoid taxes.”
Anderson described himself as a third-generation member of Central Presbyterian. The assembly was told that Anderson made his fortune through a series of companies related to financial services and procurement cards.
