New financial arrangement is about ownership of the Kingdom Halls and Assembly Halls

by fedup 10 Replies latest watchtower scandals

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  fedup

  We may believe that the WT is having financial problems because of the sell-off that has been happening lately. However, I think the opposite. I believe the GB has realized that in today's world the money is in the properties that the sheepies have already paid or are paying for. It's free money for the GB.

  The new financial arrangement shows that the GB want full control of all these properties that have been constructed over the years. In my opinion, thats where the money is and the GB wants it badly.

  Waiving the mortgages owed to them is a facade to show they're the good guys, only to eventually have all the properties in their name, I bet the arrangement of transfering all properties in their name is coming up next.

  How much money does this represent??

  I did a rough calculation; in the Province of Quebec most municipal evaluations are public, easily accessed by internet. In this province alone, I counted 99 Kingdom Halls and 2 Assembly Halls (there may be more), the value of all the properties are approx $90.4 Million dollars (I could not find th values of 14 KHs because they are in very small towns, therefore I did not include them in the $90.4M). Technically the amount should be higher.

  We can estimate the value of all the properties in Canada and USA (excuding the Bethel facilities) by using a KH to publishers ratio. In Quebec there are approx 27,000 publishers, Canada's publishers are 115,000 which will give us an estimated value of $390 Million in Canada alone. The USA have 1.2M publishers which gives a value of $3.5 Billion in properties. This does not include the Bethel properties.

  Just in Canada and USA the GB have access to approx $4 Billion dollars of properties that most elders would just sign over to them. If I'm missing something or calculating wrong, let me know.

  Let's see what happens!
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  JeffT

  I've been thinking along these lines. My last KH is on the county records at $400,000. Admittedly its in a spendy suburb of Seattle. But even half that times the number of halls in the country yields a big number. Also, that value would be carried on the Watchtowers books as a fixed asset, which is a number bankers love. The loans, which are some amount less than that are subject to a deduction for possible bad debt, making them less desirable to bankers. This could all be very important if they are obtaining bank loans to finance other projects.

  The Watchtower's finances are some of the least transparent of any so-called charity.
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  Juan Viejo2

  Menlo Park (CA, USA) Kingdom Hall near San Francisco has an estimated worth of $2.5 Million. However, considering its location right near a major thoroughfare and across from a VA hospital that is expanding, you can figure it might be worth another $1 Million by 2015/16. That KH was the subject of a major property snatch by the WT HQ in 2011-2013. It is just one of dozens more in California alone that are in the same category.

  JV
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  steve2

  Religion is a snare and a racket, as the Judge said in a dazzlingly unintended moment of self-honesty.
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  Gorbatchov

  In the netherlands KH's are build for 1 million euro. A new assembly hall is build for 20 million euro.

  It's all about a transformation to a property fund. With the ownership of so much property you can make profit

  using the value for high speed market transactions.

  With the billions they have on their account they are a big player at the international market.

  Russell established the WTS and the USIC at the same moment.

  Since then the focus of the WTS is property and cash stream.

  Wake up my fellow witnesses and see the scam.

  G.
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  joe134cd

  The thing that really strikes me about all this. Is that Wt got away with it, with out the slightest bit of resistance. I heard of 2 KHs in this country that had 4 refurbishments done on them in a very short space of time. Then after the 2 nd refurbishment 1 of the halls was sold off and a new one built. At the time this just made no sense to me, and I can clearly remember someone trying to justify it by saying how tired and shabby the Hall looked. I remember thinking how last time I looked it looked totally fine to me. You can imagine how blown away I was when I found pages of complaints about unnecessary refurbishments been done. When I read the menlo park scandal I actually lost a nights sleep over it, I was that angry.
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  fedup

  The Assembly Halls are big money, the one in Montreal is valued at $14.5 Million dollars and in Gatineau $8 Million dollars. The most expensive KH in Montreal is on Ward street valued at $3.1 Million.

  Just 3 properties add up to over $25 Million.

  Properties in Toronto and Vancouver must be even more expensive. The value of all the KHs and AHs worldwide must be staggering
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  AndDontCallMeShirley

  The thing that really strikes me about all this. Is that Wt got away with it, with out the slightest bit of resistance.

  .

  It's the predictable result of systematic indoctrination of a group (Jehovah's Witnesses) for decades training them to avoid all critical thoughts or questions. Dumb them down further by telling that same group to avoid higher education and you can tell these people the moon is made of cheese and the only question they have is, "what kind?"

  .

  To the OP's point, the WT is awash in cash right now. The sale of the Brooklyn properties alone netted WT a tidy $1,2 billion dollar profit. Add to that the sale of 14 Branch Offices, the income from Assembly Halls, the new donation arrangement, reduced literature printing, etc, etc., and WT is increasing its cash flow while simultaneously decreasing its expenses. Obligating congregations to a set monthly donation amount which cannot be sustained is the first step to WT's wholesale takeover of properties ILO payments.
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  whatif

  I agree that it's about ownership but I'm thinking it's more for legal purposes. Let's say it is because the GB wants this money badly...my question is why? It's not like they're living opulent life styles in total luxury or anything. I hardly think living in dormitory fashion in NY is the life. And even if they do fly first class to give talks in other countries...not too exciting of a lifestyle for a rich person. And it's not like they have kids or anything or buying their wives diamonds. So, why would they want this money badly? What's the point of owning it all?
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  berrygerry

  http://www.jehovahs-witness.net/watchtower/bible/279067/3/2014-03-29-BOE-CONFIDENTIALS-PDF-Adjustment-to-financing-Kingdom-Hall-and-Assembly-Hall-construction-worldwide#5035195

  One thing that the WTS does well is plan ahead - there were articles in 2009 preparing for the shift to the GB being the FDS in 2012.

  They are preparing something for sure, real estate wise.

  As for legal purposes, all corporations try to shelter assets - the WTS is simply playing catchup.