WTS Will Stop Charging Interest on Loans

by doinmypart 49 Replies latest jw friends

• 

  doinmypart

  The Org will stop charging interest on KH Building Fund loans effective Sep 1, 2008. Current loan payment amounts will remain the same so the loans can be paid off sooner.

  Congregations should continue to donate to the KH Building Fund, and publishers can donate directly to the fund by sending donations directly to the Branch. Congregations are encouraged to forward surplus congregation and operating funds to the Branch until the time those funds are needed by the congregation (this was actually read to the congregation...talk about full disclosure).

  This is for all Branches and congregations, not just the U.S.
• 

  dinah

  I wonder if they had to stop charging interest to keep their non-profit status? Probably so. Everything they do seems to have a legal motive.

  Anyway, that's good. I always thought that was very wrong charging congregations interest on the money they donated in the first place.
• 

  Doubting Bro

  This has got to be motivated by taxes. Now it makes sense why they want the congregations to send all available funds to be held on deposit. Its an attempt to make up the money they'll be losing on the interest charges.
• 

  Honesty

  The apostates probably caused this new arrangement by reporting the Faithful Slave to satan's gubmints.
• 

  WTWizard

  That's what happens when us apostates expose their scams. They get embarrassed, and they either have to do something or risk losing their status.

  Let's hope it repeats with the pedophile scandals they are having, and that it cuts into their Worldwide Pedophile Defense Fund.
• 

  Metamorphosis

  yeah - one small tiny step in the right direction.

  Morph
• 

  Quandary

  When was this letter read?
• 

  joebin

  They were charging interest? LOL

  I don't know but it's pretty clear in the bible that you should not lend money to your brother with interest.

  Oh, I get it, this is new light. They just started reading the bible and got to that passage and realized they had to apply it.
• 

  NewYork44M

  I was always unconfortable with the society charging interest. There is no doubt that the decisions relates to maintaining their not for profit status.
• 

  Open mind

  It's about time.

  Even when I was a true believer, this always just looked bad.

  It seemed like pointless paper-shuffling. It would be kind of like the Dept. of Motor Vehicles charging State agencies a vehicle registration fee. At least in California (as screwed up as we are on so many other things) they don't do this.

  If you can stand to put on your true-believer goggles for just a minute, it ultimately made sense either way, (we all want to give as much as we can to further Kindom Interests ), but the interest charging was a dumb idea from day one.

  OK, now take off those goggles, and get real. The WT most likely squeezed out quite a few extra drachmas over the years that they wouldn't have gotten otherwise.

  om