Watch Tower Corporation Listed Top Forty Revenue-Generating Companies in New York City, Reporting an Annual Revenue of About 951 Million US Dollars

by frankiespeakin 27 Replies latest watchtower beliefs

• 

  frankiespeakin

  So are they a Religious Non Profit Corporation? How is this dicotomy possible that they could generate such revenue and not make an accounting to IRS?

  Originally known as the Peoples Pulpit Association , the organization was incorporated in 1909 when the Society's principal offices moved to Brooklyn, New York. In 1939, it was renamed Watchtower Bible and Tract Society, Inc. , and in 1956 the name was changed to Watchtower Bible and Tract Society of New York, Inc . [9] Until 2000, a member of the Governing Body of Jehovah's Witnesses was president of both the Watch Tower (Pennsylvania) and Watchtower (New York) corporations, as well as Britain's International Bible Students Association corporation; in 2001, it was decided that the corporations' directors need not be members of the Governing Body. [2] In 2001 the Watchtower Bible and Tract Society of New York was listed among the top forty revenue-generating companies in New York City , reporting an annual revenue of about 951 million US dollars. [10]
• 

  sd-7

  "Our report for the year is different from a Wall Street company," said vice president George Couch. Indeed, the company's employees are volunteers who live and work in the Brooklyn complex.

  This is a weird blurb, I mean, what's the context of this statement? Either way, the problems of salaried employees are pretty much gone. Of course, if the literature is accurate, about 10% of that or maybe a bit more goes just to taking care of the missionaries in the field.

  Nonprofits can take in massive amounts of money and still be nonprofits. The profits they get are just called "gains" rather than "profits". Either way, there's no reason to think they're not reporting to the IRS. Tax evasion is a sure way to invite government attention, and while they'd spin-doctor the hell out of it if that were to happen, it could also become problematic, so I'm sure they're on top of it. I mean, after all, that's why they stopped charging for the literature more than 20 years ago, because of the tax issues.

  Still, it certainly doesn't look right for the so-called one true religion to rake in so much cash they're on the same list as Donald Trump, KPMG, and other corporate big wigs. So much for keeping your eye simple. One would think there would be more programs to help the underprivileged, considering, even if it was geared towards JWs only, you know?

  --sd-7
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  jeremiah18:5-10

  Can you post the reference please? I would like to read it.
• 

  Tater-T

  did we not generate great wealth in your name ... and not help one sick or poor person....

  ever!!!!!!
• 

  DaCheech

  Even "non-profits" have someone at the top that makes a healthy profit! (administration)

  There are quite a few college courses on "phylantropy", and they also teach that, because it's a good profit-making enterprise!

  Even "good" organizations like the Red Cross and the Salvation Army has good paid CEO's!!!

  something to think about????

  In my book, many of these are just a big $$$$ making bullshit enterprise!
• 

  frankiespeakin

  Jeremiah,

  Oh, it was late and I forgot to post the link, your going to have to paste it in the add bar:

  http://en.wikipedia.org/wiki/Corporations_of_Jehovah's_Witnesses
• 

  frankiespeakin

  And here is another link:

  Read more: http://www.investopedia.com/articles/basics/07/government_nonprofit_statements.asp#ixzz2LBGegDhj

  Governments and nonprofits take our tax and contribution money to provide valuable services - shouldn't we be making sure that they're making good use of our money? In this article we'll examine the different financial statements for these non-businesses organizations (NBOs) and teach you how to read them so you'll always be sure where your money is going. (To get started, see Fundamental Analysis Tutorial and Advanced Financial Statement Tutorial .) Nonprofit Reporting

  Just like governmental organizations, nonprofits aren't in it for the money. They too use fund accounting and offer up financial statements for public consumption each year.
  
  Nonprofits straddle the fence somewhere between the private sector and government. Because they are not out to make a profit, fund accounting provides the best accounting system for most nonprofit organizations. The same fundamental ideas apply for nonprofit accounting as governmental accounting - the goal is to have annual expenditures end up very close to annual revenues.
  
  Nonprofits don't publish CAFRs - instead, their reports will typically just be called a "Report of Consolidated Financial Statements". Either way, the statements for both governmental and nonprofit organizations are very similar. Nonprofit financial statements often consist of:
  

  Business Financial Statement	Equivalent Nonprofit Statement
  Income Statement	Statement of Activities
  Balance Sheet	Statement of Financial Position
  Cash Flow Statement	Statement of Cash Flows

  
  If you are at all familiar with the analysis of for-profit financial statements, analyzing the financial statements of a non-business organization shouldn't be too much of a stretch, once you understand what each statement is supposed to be. Nonprofit organizations report using accrual basis accounting and Financial Accounting Standards Board (FASB) and GAAP standards.
  
  Financial statements, governmental or nonprofit, can typically be found on the organization's website, or by calling and requesting a copy.
  
  Making your Voice Heard After you review of a NBO's financial statements, it is essential to determine whether you feel that the organization is treating your money prudently. If you find a nonprofit organization with exorbitant operating expenses, don't give it your money. In the case of government, hold your politicians and governmental employees responsible for their actions.
  
  Spreading awareness is the only way to make an impact in any large measure, so share what you know about these financial statements with others. Read more: http://www.investopedia.com/articles/basics/07/government_nonprofit_statements.asp#ixzz2LBGegDhj
• 

  frankiespeakin

  Did you know the IRS offers a 30% reward for reporting fraud?

  Any people there at Watch Tower head quarter listen up:

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  The new IRS Whistleblower statute gives anyone with information about large-scale tax underpayments, including accounting errors, tax fraud or evasion, a significant financial incentive to report it. The IRS must give you up to 30% of any money they collect based upon your information.

  If you believe that you have such information, contact The Ferraro Law Firm in Miami, Florida, for a confidential consultation.

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• 

  Pterist

  Thanks, marked !
• 

  Refriedtruth

  The Watchtower could have as much as $200 BILLION in mostly tax free mostly real estate assets. Like Scientology founder L Ron Hubbard said,"want to make money got to start a religion."