By Nick O’Brien The St Jude Charity is losing millions of dollars a year because of the “financial strain” of its work with the U.S. military and its partners, says the charity’s director.
The U.K.-based charity has spent more than $600 million on medical and mental health services for troops since 2004, but it has suffered $60 million in lost revenue and has filed for bankruptcy protection, the organization said Tuesday.
The charity has been under pressure since the terrorist attacks of Sept. 11, 2001, and its work has become increasingly difficult, the St. Jude Foundation said in a statement.
The foundation said it plans to start a public auction to raise money for its future operations.
“It’s not something we’ve always been able to do,” said Tim Tufnell, the charity director, in an interview with Bloomberg Television.
“It’s a massive undertaking, and it has become quite difficult for us.”
St Jude is one of the largest private foundations in the world, with $4.8 billion in assets and nearly 3,000 employees.
Its operations include more than 200 mental health facilities and a major program that treats soldiers who are suicidal or who are depressed.
The charity was founded in 1949 and has helped over 3 million people in more than 100 countries.