by sosoconfused 14 Replies latest watchtower beliefs
What I am trying to figure out is wether or not the society actually collects interest on the money they loan for kingdom hall construction.
For instance if we have 70k in the bank and need 90k for project and we get a loan from the borg - do they charge interest on the loan or is just the base 20k paid back over time?
I never actually paid attention to this process, does anyone know
Hi sosoconfused, Have you also scrutinize the project costs? Does the WTBTS charge the congregation for donated materials/labor or inflate prices for discounted materials/labor?
I have a feeling that the WTBTS would not promote remodeling/building new buildings unless the WTBTS could make money from the projects. I cannot prove it, but I have a strong suspicion of the WTBTS's motives.
Peace be with you and everyone, who you love,
Robert
About 5 or 6 years ago they stopped charging interest.
Prior to that loans from the Society for KH construction carried a 3% interest rate.
I could be wrong, but i believe that they didn't stop charging interest alltogether.
My understanding is that if the loan is repayed within X amount of time, there is no interest. If it takes longer than that period, then there is interested charged. Again not 100 % sure.
Sir82 is accurate with the change in policy regarding interest. I remember over 20 yrs ago, when the Soc charged 6% interest. That was when we had high inflation. The rate of interest was justified because the value of the money lost it's power as time continued on. Today's annual inflation rate of 2% doesn't really justify charging an interest rate.
sir82 was correct, no interest now. I think it falls in the same pot where no price is charged on publications and food at the convention.
Isn't it kind of foul that you give them money at every meeting and event yet when you need some back so you can "advance kingdom intreests" they charge you for it?
As said, they stopped charging interest.
Someone can explain the details, but now they actually own the property before and after the loan is paid off.
In other words, you borrow money for your Kingdom Hall and pay it all back just so the lender can still own the entire property.
Many older Halls are still owned by the local committee of congregation members (elders) but as WTS C.O.'s recommend remodeling or moving, the organization is shifting full ownership away from locals.
No, the WTS doesn't own the KH unless they dissolve the congregation....rules of non-profit religious organizations in the US, anyway.
The irony is the coingregation takes out a loan from the society to build a hall. They build the hall, pay the bills and pay back the loan. The congregation may believe it is their hall. However they have passed over the ownership of the hall to the society. So the society loans someone else the money to build something for them and the congregation pays for the privilege.
It's daylight robbery.
