John Bennett explained his New...
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John Bennett explained his New Era organization as follows: "We consider ourselves ... venture capitalists in philanthropy and are attempting to break new ground ... between grantmakers and grantees." Furthermore, Bennett promised that if investors deposited sums of money with New Era for six months he would guarantee that their investments would double. For a while his pledge held firm. But then the money ran out, and scores of reputable institutions lost huge amounts of their financial resources. Highly respected Philadelphia institutions, such as the following, lost money: The Philadelphia Orchestra ($8 million), the Academy of Natural Sciences ($6.7 million), and Drexel University ($6 million). Nor were thriving Christian institutions exempt from falling for this scam. Young Life lost $11 million; Gordon-Conwell Theological Seminary, $9.8 million; and Wheaton College, $4.6 million, to name just a few well-known organizations. How easy it is to get sidetracked in increasing our material investments so that we forget the primary purpose of our Christian ministries. -- Hasler
