Pulpit & Pen has been an outspoken critic of charismatic mega-organizations such as Bethel, IHOPKC, and Hillsong. The unsound doctrine inherent in such denomination-church hybrids gives way to not only an unfruitful mission but paves the way for a debased leadership who, in many cases, end up in some kind of scandal. Moral depreciation is no stranger to the charismatic crowd; the charismatic culture is replete with sexual immorality, greed, pride and men and women who are hungry for power. Word of Faith theology and end-times mania are the prevailing systems of thought which preside over such sects. The Word of Faith system is a scheme that promises riches and good health to the peasants at the bottom while enriching the royalty, often considered “God’s anointed”, at the top. Charismatic organizations such as IHOPKC, which teach that modern-day Apostles are leading churches, increase the error and revenue all the more. So it should come as no surprise that IHOPKC has taken in multiple millions of dollars during its relatively short lifespan as a spiritual organization. Some of its riches, according to a recent independent investigation by Barry Bowen at The Christian Sentinel, have not been accurately reported to oversight agencies.
The 2014-15 990s for Friends of the Bridegroom and Shiloh Ministries show large property transfers to IHOP–FCF. It is possible that the church is planning to simplify its operations by merging its various ministries into the church. While it was being dissolved, Shiloh Ministries transferred $37,919 in cash and $1,193,294 in non-cash assets to the church.
Page 26 of 2014-15 Form 990 for Friends of the Bridegroom reveals a larger transfer: $863,178 in cash and $13,946,391 in non-cash assets.
The church should have reported at least $15,139,685 in non-cash assets. However, the church’s financial data submitted to ECFA reports $0 in non-cash donations and only $8,800,472 in other revenue. It appears that there are millions of dollars in missing non-cash assets.