The biggest and most popular charity in Australia has become a big player in the country’s stock market, the Associated Press reported June 23.
Citing a report in the Australian newspaper, AP said the stock portfolio of the Salvation Army totaled 300 million Australian dollars, or $155 million.
The Christian charity, which has more than 1 billion Australian dollars in assets, or $515 million, earns 350 million Australian dollars a year, or $180 million, through its annual Red Shield Appeal and through government funding, AP said.
The charity gives away more than 300 million Australian dollars a year, or $155 million, to social services groups, and reinvests much of its funds, AP said.
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