JeffT2 days agoThose numbers are meaningless unless you can find the full financial statements including the footnotes and auditors comments. I can't see any of that in the available links. Flag Dislike Like
WT Society SEC Records : Hedge Funds, Cayman Islands, Financial Losses - Links
by flipper 81 Replies latest watchtower scandals
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respectful_observer
I agree. We can assume all we want, but without having all the facts, it's all just pure speculation. -
yalbmert99
Here is the link for the Watch Tower of Canada revenue (do not search for Watchtower in one word but two words) :
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John Aquila
yalbmert99o
Here is the link for the Watch Tower of Canada revenueExpenses
· Gifts to other registered charities and qualified donees $35,921,399 (30%)
These charities are local Kingdom Halls. They lend them the money to remodel or construct then the members have to pay back the loans, then the member give the title to the Watchtower.
What a great Business. And non-taxable. There is no way they will be bankrupt. They are just going through a temporary cash flow problem
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sammy
Regarding hedges funds located in the Cayman Islands, an offshore financial haven
From the documents provided by sec.gouv, we find that 40 million dollars was present in 2011 and removed in 2012.
Looking at the form 990 of the WTB&TS 2011 and 2012 the investment fund is not indicated
Where is the money?there is more detail in the document below
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OnTheWayOut
Flipper wants to apologize for not return replying to the individual comments like he typically does. He says his computer is broken again and it may be a week or more before he gets back on here. So thanks all, he says. -
JeffT
Sammy, I have been looking at those documents, I am less familiar with SEC filings than other types of documents, but I do not believe the posted forms mean what people seem to think they mean.
The "$40,000,000" under shares sold may include those funds held by the owner/managers of the fund.
The fact that the $40,000,000 disappears does not mean that the WTBS lost that much money. They could have reinvested it somewhere else, and since its an overseas transaction they may not be required to report it on the 990. In any event, if they bought it at $40M and sold it for $40M there is neither gain nor loss to report on an income form.
Most improtantly, if you might want to hide a $40M gain, I can't think of reason to hide a loss, and a number of reasons to report it. Sure they don't want the R&F to know about it, but they won't be looking for it anyway.
As I keep saying, absent a full set of financial statements, we can't understand the WTBS financial state. Looking at random documents is like ripping a page out of the middle of a book and trying to reconstruct the entire story from it.
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cognac
John - It just doesn't make sense that they'd have a cash flow problem right now with the sale of so many properties. Something is going on.
I'll have more of an opinion on this at a later date.
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respectful_observer
As I keep saying, absent a full set of financial statements, we can't understand the WTBS financial state. Looking at random documents is like ripping a page out of the middle of a book and trying to reconstruct the entire story from it.
Right there with you JeffT!
I appreciate that lots of folks here would love to treat this as a sign that the WTS has lost a lot of money somewhere or is engaged in nefarious investing or accounting methods, but these SEC filings don't give a clear indication of anything except that for a period of time several years ago they had a significant investment in the fund.
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Phizzy
What on earth is a "charity" doing parking $40,000,000 in a Hedge Fund anyway ?
When I was in we were led to believe that all available funds, i.e most all of each year's donations, were used in the "Worldwide Work".
Thus each Congregation, and Circuit and District were supposed to be self-supporting, and send surplus funds to help in the "preaching" work..
How come $40,000,000 was sloshing around when we were being told to stump up for the "deficit" at each Assembly/Convention ????
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flipper
Finally got my computer back after two weeks. What a freaking hassle. Something with the hard drive I believe. Anyway been in communication with some folks about this situation with the WT Society financial shortfall and it looks like it's legit. I'm not at liberty to say anything more right now but it's definitely looking like they have their financial tits in the wringer. Thanks for all of your comments.
With the stopping of worldwide WT construction, the laying off of thousands of workers, and the cutbacks and downsizing of the printed materials - something is happening behind the scenes that the WT Society is not coming clean about to rank & file JW's . As you realize it's not just that they " want to emphasize the preaching work." Nice try there WT leaders but we know bullshit when we smell it. Any comments welcome. Good to be back to you folks online again ! Take care, Peace out, Mr. Flipper