"The Business of Faith." BLACK ENTERPRISE

 BLACK ENTERPRISE

In May'sc: "The Business of Faith." Pastor Kirbyjon Caldwell and Bishops T.D. Jakes and Eddie L. Long use business strategies to finance their ministries. (PRNewsFoto/BLACK ENTERPRISE)

NEW YORK, NY UNITED STATES 04/25/2006

Publication's May Cover BLACK ENTERPRISE Story Examines the Proliferation of the Pastor/CEO NEW YORK, April 26 /PRNewswire/ -- For a growing number of modern-day clergy, preaching from the pulpit is only half of the job. A rising number of profitably managed black megachurches are turning pastors into high-profile CEOs of multimillion-dollar enterprises. In the May issue's special report, "The Business of Faith," BLACK ENTERPRISE (BE) conducts exclusive interviews with cover subjects Pastor Kirbyjon Caldwell and Bishops T.D. Jakes and Eddie L. Long -- religious leaders who have embraced business in a big way -- often facing criticism -- to further their church mission, spiritual message, and entrepreneurial aspirations.

 The combination of church and business is booming as ministries grant pastors oversight of both for-profit and nonprofit ventures. A prime example is Bishop T.D. Jakes. As head of the Dallas-based The Potter's House -- one of the nation's most prominent non-denominational churches with roughly 30,000 congregants -- Jakes, 48, is adept at juggling projects. He successfully serves as the chief spiritual leader of his vast number of parishioners while simultaneously pursuing his entrepreneurial dreams. His $15 million for-profit media empire, T.D. Jakes Enterprises L.L.C., includes books, plays, a record label, and motion pictures, including Woman, Thou Art Loosed!

 "The pastor oversees two kingdoms divided by a carefully constructed firewall," says BE News Editor Nicole Marie Richardson, who co-wrote the feature and spent months researching black megachurches. "The ministry has a compensation board that determines Bishop Jakes' salary and approves all budgets, including last year's $15 million MegaFest. This solid financial infrastructure has enabled the church to fund nearly 100 charitable ministries ranging from grief management to debt consolidation." To secure the flow of revenue for his far-reaching endeavors, Jakes employs what he calls the three Ps: partners, corporations that help fund programs and initiatives; products, items sold to the public for proceeds that go to the church; and people, congregants who make significant contributions.

To avoid conflicts, Bishop Jakes employs two staffs and uses different accounting systems and financial institutions for The Potter's House and T.D. Jakes Enterprises. He also has two sets of accountants perform separate compliance audits. By embracing entrepreneurship and sound business practices for both his church and his companies, Bishop Jakes says he's answering God's call. "(Our) compliance audits are so thorough that if I bought you a Coca-Cola on my church card, it would show up in the audit," says Jakes. "We are pastoring to the equivalent of a small city. If you're going to be here for longevity's sake, you have to do things right."