How the American Red Cross makes and spends its billions

The American Red Cross has long been recognized as the universal symbol of humanitarian services — and it's an expensive operation. In 2022, the American Red Cross had net assets of about $2.7 billion and spent just more than $3 billion in operating expenses the same year. But the sheer size of its budget has also raised concerns over the years. So how does the American Red Cross make and spend its billions?