New Financial Arrangements

by Joe Grundy 44 Replies latest watchtower scandals

  • DogGone

    I have no reason to suspect the WTS does not have competent financial, tax, and legal advisors. I'd suspect they would bring in outside experts to vet a reorganization of this nature. There are many firms who provide expertise on liability shields and the like.

  • frankiespeakin

    This may be true, but I bet they left themselves wide open because of all these years nontransparency and no need to file any data with the government has let them proceed rather recklessly not realizing a change was comming,, until wammo! the shit just hits the fan! And on the ties of the Governing Body/Faithful and Discreet Slave Masters.

  • DogGone

    I sure hope so, Frankiespeakin.

  • frankiespeakin

    I'm thinking just like the pedofile problem that the WT is in big trouble financially with so too this new auditing problem that the WT is faced with, both caught the Governing Body with their (baggy for sure)pants down. The Governing Body is in denial big time over many issues and they hope these things just go away miraculously some how(jehovah saves them).

    Pinning hopes on some imaginary dream about the WT corporation being God's Organization, hoping that the Pedofile problem just goes away, never thinking that they could be up for an audit by Ceaser I'm sure they have been doing some very sloppy cooked up book keeping, I'm wondering if they might have some potential whistleblowers working for the GB right now, and since they make more than $1,000,000 a year this means they have to implement whistleblower policies according to the New York state Charities Revitalization act. Could pose some very interesting problems for the GB in the very near future.

    - Ensuring sound financial management by requiring that charities’ boards perform active oversight over financial audits. Boards will be responsible for retaining independent auditors and reviewing results of the audit. At larger charities (over $1 million in annual revenue), the board or audit committee will be required to follow additional oversight procedures.

    - Preventing conflicts of interest by requiring that transactions between a nonprofit and insiders who stand to benefit be fully disclosed and that nonprofit boards determine they are fair, reasonable, and in organizations’ best interests. When a charity engages in a substantial transaction with an insider, the board will have to consider alternatives and document its basis for choosing the insider transaction.

    - Strengthening the Attorney General’s power to police fraud and abuse by granting clear power to bring judicial proceedings to unwind interested-party transactions.

    - Ensuring board independence by prohibiting any employee of a nonprofit from also serving as chair of its board.

    - Promoting good governance by requiring all nonprofits to adopt conflict of interest policies and those with over $1 million in annual revenue and 20 or more employees to adopt whistleblower policies.

  • wallsofjericho

    This could equal billions of dollars net gain on the Society's books.

    this is about getting money OFF the books. purely donated funds from month to month are not assets

    they are trying to "look" poor while guarenteeing their revenue stream.

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