...then check this out!
(Of course the Society has $billions in real estate, but many have speculated that they are low on cash for day-day operations).
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 advantags 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 decsion 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 inthe United States. By applying the Scriptural principle found at 2 Corinthinas 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." (empahasis 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.
Comments? Mine later, tired of typing!