So..You donate your money, and then you have to pay intrest on it??!!

by Lady Liberty 29 Replies latest watchtower scandals

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  neverendingjourney

  I don't see Lett and the other GB boys driving around in mercs or sailing up the carabean on a lavish boat.

  You miss the point. They are dishonest with the way they treat their members. In other words, they lie. I went to assemblies for years and I had no idea that my money was going to the society. I always thought it was going to cover the expenses for the weekend. They way they handle that shows contempt for their members. They treat them as if they are children who don't deserve to find out how things really work. They're not open about the way they deal with their finances in order to keep up an appearance that they are different from mainstream churches. In other words, so they can have something else to bash all of non-JW religions with. In reality, the way they handle money matters in not any better.
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  emptywords

  I do agree with you, I was just don't understand why they want all that surplus, who personally gets it if the WTBTS folded tomorrow. I pray to Jehovah to clean up this organization, I have been suspicious of the rorting for years but can't understand who is personaly benifiting.
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  TheOldHippie

  Africa and other poor areas:

  Most of the costs is carried by donations from the richer/Western world, but the locals have to contribute with two things:

  1. They have to contribute with a part, small as it may be, of the costs, to - how should I put it - show that they are willing to do their part, financially, although it perhaps is only a very small fraction.

  2. They have to do their part of the work. Although skilled personnel comes in from other parts, voluntary workers, they have to do as much as they are able to to assist in the construction.

  But there are no loans with interest afterwards, just ordinary contributions. And as a comment to what some others have pointed out, the interest is just an inflation compensation, 3 % or something like that, to maintain the size of the contributions and make sure it is not inflated. In my area, the WT interest is about half or even close to 40 % of what a bank would have charged.
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  bebu

  Concerning ownership of KHs... About 2-3 years ago on this board there was a poster named imallgrowedup, whose research revealed that quite a number of KHs in California were titled to the WTBTS in Brooklyn. Some of the names on the titles were very strange, she told me, but the address of the legal owner was the Brooklyn office (PA too, I think). This information came in very handy, I understand, with the legal battles in CA, for the WTS had been claiming that they were NOT connected to the local halls at all. imallgrowedup's discoveries went to one of the lawyers suing the WTS (don't know if it was Love & Norris) to show them that in fact, they OWNED those buildings and had legal title. Maybe they changed/policies since then...? bebu
• 

  Ténébreux

  That whole arrangement really amazes me. Charging 3% to cover inflation - well okay, they didn't use fiat currency in Biblical times, so I'll give them that one. But also claiming the property purchased with the loan? That's not 3%, that's 103%. That's beyond dodgy.
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  TopHat

  The KHs are a franchise like McDonalds, except the only ones who profit are the WTS elite
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  Mary

  The Society doesn't hold title or deed to the local congregations property or building. This is for a very specific reason: if somebody gets hurt on that property, they can only sue the local congregation, not the WTB&TS.

  After reading the comments about whether or not Crooklyn holds the deeds to the Kingdom Halls, I guess I stand corrected. I'm surprised as I was always under the impression that head office actually owned KHs, even though the R&F paid the mortgage. Thanks to everyone who clarified the real procedure.
• 

  monophonic

  so, congregations sell their hall, and the money goes to the society for the 'fund', then the society gives the 3% loans, don't hold the deed, but if a congregation dissolves or the hall is put up for sale to build a new hall, the money goes back to the society (with the profit from the real estate equity), then the process starts again.

  and, they'd get more interest on that money w/ a simple ing direct account, but i'm sure they're invested in money market funds. so it's not really advantageous for them to loan the money to the congregations, but, there is a certain amount of control over the property sans liability.

  essentially, when they want to bank out, they can say they've had new light and the great tribulation is about to start and everyone needs to dump the kingdom halls to meet in smaller groups at people's homes, then all moneys from the property go to the society for a 'fund' to help those being persecuted.

  is that correct?
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  TopHat

  essentially, when they want to bank out, they can say they've had new light and the great tribulation is about to start and everyone needs to dump the kingdom halls to meet in smaller groups at people's homes, then all moneys from the property go to the society for a 'fund' to help those being persecuted.

  is that correct?

  NO, NO, the money goes to Jhoover....and the Jhoover tells the Society how to spend the money. You see, it is all in Jhoover's hands.
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  doinmypart

  Here are WTS instructions on KH ownership - http://www.reexamine.info/BOE/Ownership_of_KHs_03-01-00.pdf It details title information, articles of incorporation, trustees, financing, etc. Very informative.