"As a result of the extraordinary legal expenses associated with the property litigation involving Grace Church in Colorado Springs our reserves have been substantially reduced. Such litigation totalled $2,900,000. The combination of withdrawals for litigation expenditures and the stock market decline have caused the Diocesan unrestricted reserves to decline from $4,900,000 at January 1, 2006 to $750,000 currently. This decline has also lead to a significant decrease in the investment income to be received from these reserves in 2010."
The Episcopal Diocese of Colorado. Read it all here - Kendall Harmon's got the scoop!