New Financial Arrangements

by Joe Grundy 44 Replies latest watchtower scandals

• 

  DesirousOfChange

  If that loan is ;forgiven' legally it reduces the WTBTS assets,

  Take this spin on it.

  WTS assets are down from "writing off" the loans.

  We know there are oodles of law suits pending on the Conti appeal. I have always thought the Brooklyn sell-off was an effort to get rid of assets in the US that are owned by the WTS Corporations that are potentially liable for damages in law suits.

  Suppose the new donations are being made to a different Corporation than the old Corp that held the loans. I think the goal is to liquidate the old Corps that have risk in law suits. Send the BILLION$ out of the US where the trail lawyers can't get to it.

  Doc
• 

  LoisLane looking for Superman

  Before the Tech Stock bubble, I was aware that you could buy yourself an established Bank anywhere in the world, many were already set up, to own outright or to possibly launder money. The

  older the established Bank was, the more valuable it was.

  I am curious to know how many Banks does Watch Tower own, with who knows who's name is on it, with how many millions, billions in it?

  LL
• 

  haboob48

  Non profit revitalazation act of 2013.....new corporate laws that go in to place July 1st, 2014. This goes into effect July 1st, 2014!
• 

  KateWild

  Joe,

  Thanks for your thread and your interest. What is needed is full transparency. The fact there is none leads us to believe a full audit will uncover fraud. Is there a way, the authorities can do a financial audit if they supect fraud?

  It would be good if you could help us in this.

  Kate xx
• 

  AnnOMaly

  Joe, thanks for starting this thread. It's interesting that your spidey senses are tingling about this too, given your background and experience. I'm no accountant and slow on the uptake at times, but as has been said before, it would be great to blow the lid off the WT's financial affairs and take a good look inside to see what the full picture is. All we have are bits and pieces, and feelings of unease which drive speculation.

  haboob48's 'non-profit revitalization act 2013' - putting it into 'idiot language,' how does this specifically affect the way Watchtower does business?

  Btw, the whistleblower policy caught my eye, LOL. I can't see it being implemented for real in the WTS.

  IV. Whistleblower Policy

  Under the Act, every corporation and charitable trust that has 20 or more employees and annual revenue exceeding $1 million in its prior fiscal year must adopt a whistleblower policy that complies with the Act. The whistleblower policy must prohibit intimidation, harassment, discrimination, adverse employment consequences or other retaliation against a director, trustee, officer, employee or volunteer who, in good faith, reports any action or suspected action by or within the corporation that is allegedly illegal, fraudulent or violates any corporate policy. The Act sets forth certain required provisions for reporting violations or suspected violations of law or corporate policies, specifying to whom such violations may be reported and to whom the policy must be distributed. A committee comprised solely of independent directors/trustees may oversee the adoption of and compliance with the whistleblower policy. If no such committee is designated, either the board, the trustees in the case of a trust, or the audit committee must oversee this function.

  Corporations and trusts that have a whistleblower policy should review the policy and, unless it is substantially consistent with the Act's requirements, should amend the policy to ensure compliance. - https://www.skadden.com/insights/exempt-and-nonprofit-organizations-alert-new-york-non-profit-revitalization-act
• 

  The Searcher

  As far as the new donation arrangement in the UK is concerned, I haven't personally heard of any congs bank accounts being pillaged yet.

  Perhaps the Branch is going to be more subtle - by hitting every cong in Britain with a letter soon, asking for substantial donations to fund the new Britain Branch Office at Temple Farm, Essex, England. Quickly followed up by another begging letter - asking for Witnesses who are skilled tradesmen or those with college degrees to offer their expertise free of charge for many months, to help build this wonderful new structure!

  We now have the Watchtower Bible & Tract Society of FLORIDA, I understand.

  It'll be interesting to see how much of a donation it receives from 'Mother' back up in New York!
• 

  wokeup

  According to the McGuireWoods website, if signed into law by New Yorks' governor, as of July 1st, 2014, this new act will be the first major overhaul in over 40 years and will require 'every charitable organization registered or required to be registered to solicite charitable contributions in New York' to report. Organizations with an annual gross revenue and support of $500,000 or greater will have to 'submit an annual financial report accompanied by an independant Certified Public Accountant's audit report containing an opinion that the financial statements are presented fairly in all material respects and in conformity with generally accepted accounting principles'. It would interesting if these financial statements will be open to the public for review. Has the Governor signed it into law? Perhaps for the first time we'll get a peak in the Watchtower's books in New York at least.
• 

  JeffT

  Suppose the new donations are being made to a different Corporation than the old Corp that held the loans. I think the goal is to liquidate the old Corps that have risk in law suits. Send the BILLION$ out of the US where the trail lawyers can't get to it.

  A successor corporation will, in all probability, still be liabable. The only way to get rid of the lawsuits would be to dissolve the WTBS and pay the bills. The courts don't like shell games to get rid of things like this.
• 

  DesirousOfChange

  According to the McGuireWoods website, if signed into law by New Yorks' governor, as of July 1st, 2014, this new act will be the first major overhaul in over 40 years and will require 'every charitable organization registered or required to be registered to solicite charitable contributions in New York' to report.

  That would be great! Bring it on.

  There are just soooo many charlatans that have jumped into the "business" of religion and are making a shitload of tax-free money. In the US, every level of government is insatiable when it comes to tax revenue. Once they figure out that religion is an easy source of funds and determine that they can go after it without to great of upset in the Religious Right, they will pounce.

  Go Get 'em!

  Doc
• 

  DesirousOfChange

  A successor corporation will, in all probability, still be liabable.

  What if the funds are *****gone******?

  Instead of piling up shitloads of CA$H in the US for attorney funds, what if they "donate" it to the Branches in other countries that are not so litigious?

  The UK already has too much reporting, but perhaps Eastern Europe, or Switzerland, or Latin America. There are still 100 branch offices throughout the world.

  >

  The one thing that defies this logic is the WTS grabbing all the Kingdom Halls in its name. When the KHs were each separate, only one could be liable when sued, and these never really had much value worth suing over, which is why lawsuits always sought to attach the WTS to the suit. Deep pockets.

  I appreciate your professional and experienced opinion

  Doc