I received an email from a sister-undercover -apostate saying someone had posted on her anti-JW group that there was a BOE Dated March 1, 2008 about local KH financial accounts and the WTS.
My fading doesn't always let me log-on much and I couldn't find anything under "BOE Letter" with last month search tool. Has this been discussed? I stopped by the KH today and checked the board and we had nothing posted (not really expecting to see it posted either).
Here is the cut/paste of her email to me:
Sweetie have you heard any of the DBs discussing this at the hall? After all the hub-bub about govs confiscating WTS loot at the zones and they want all to give over to the society? Seems like bait and switch. Like they say 'don't let the left hand know what the right hand is doin' " Anyways here is what was posted (below).
Unfortunately I don't have a working scanner, but here is a summary of & a few quotations from a BOE letter dated March 1, 2008:
"For an number of years, an arrangement has been available to congregations to place funds on deposit with the branch office. However, a recent analysis shows that only 10 percent of congregations in the United States are taking advantage of this provision."
(Some congregations have no-interest checking, or are even charged a fee for checking...others have a savings account, but earn little interest)
"...At best though, each congregation acting on its own will only achieve a limited return on its excess funds. Therefore, we are encouraging all congregations to give serious thought to participating in the funds-on-deposit arrangement with the branch office."
"There are significant advantages to participating in this arrangement. First of all, each congregation would only need to operate one checking account for its monthly financial activity. Congregations would not have worry about opening savings or other accounts and becoming involved in investment decisions. Second, by consolidating funds, the branch office is able to earn additional interest at rates above what a congregation normally earns by acting on its own. The funds earned by the branch office would then be available for use in building Kingdom Halls in lands with limited resources or for covering other necessary operating expenses. All of this is accomplished by making full use of funds that have already been contributed but now may be idle, earning little or no interest." (emphasis added)
(details follow on how to set this up electronically, via www.jw.org)
(Program is also vailable for operating committee funds, where 2 or more congregations share a Kingdom Hall)
A couple of pages of Q&A follow. Of most interest is no. 2:
"Question 2: If we currently have a checking account for our monthly expenses and a savings account for our excess funds, do we have to close the savings account and send those funds to the branch office? What if we prefer to keep the interest for local congregation needs?"
"Answer: You are to be commended for making wise use of funds dedicated for Kingdom interests. While we leave the decision to the local body of elders, we encourage all to look beyond local circumstances. There are congregations in other lands where greater material needs than we have here in the United States. By applying the Scriptural principle found at 2 Corinthians 8:8-15, we hope to achieve an equalizing for the entire brotherhood. At best, a local congregation will only be able to earn interest at the local rate. The branch office has access to higher rates of interest because of volume and pricing, and by consolidating any excess funds into the funds-on-deposit arrangement, more interest can be generated collectively to benefit the worldwide work." (emphasis added)
(Other Q&A covers mechanical details, depositing the money, getting it back in case of need, etc.)
So there you have it. Instead of earning interest at a local bank, deposit your $$$ with the Society, who will then invest it in [whatever], earn interest that the Society keeps for itself, and if you ever need the money, say, years down the road, we'll cheerfully return whatever principal you donated.
Guess they will establish a legal bank or some sort of Credit-Union