Nugget, isn't that what the F&*^%king Banks do? They use your savings, lend you money, and charge you interest.
Congregation Loans
by sosoconfused 14 Replies latest watchtower beliefs
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nugget
Not really the banks lend you money to build your home or buy your home. At the end of the process and once the loan is paid your house is yours.
The society lends congregations money to build a hall, the congregation pays back the loan but at the end of the process they give the hall to the society. In fact they are paying to build something they will never own. Not what banks do.
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Quarterback
Well, in a sense you maybe right. At the end of the loan, the congregation owns the KH and sells it it for Market Value. They use that equity to purchase land to upgrade to another area to rebuild another KH. The money that comes from that sale belongs to the congregation, not the society. Granted it must be used up for rebulding and use of a KH. The only way the Soc would receive those proceeds is if a resolution is passed and the funds are donated to the Soc. So, you may be right, but, possibly the congregation may keep those funds.
I have seen many KH's sold and the monetary value of the purchases were maintained in a trust fund of the congregation that it came from. It sometimes took years before that money was used to purchase another property for a KH. I am aware of some cong 's that have carried a ballance into the hundreds of thousands and the money is just sitting in their accounts.
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nugget
Over the last few years the situation changed and congregations were encouraged to sign the halls over to the society. They still pay all the bills and maintain the property but the hall no longer belongs to the congregtion.
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St George of England
Kingdom Halls that are signed over to the WTS are held in a charity (Charity No. 275946 - THE KINGDOM HALL TRUST).
Looking at the Charity Commission website for this 'charity' you would never guess what a complete scam it really is.
George