Revealing Watchtower tax returns

by Nambo 33 Replies latest watchtower scandals

  • Nambo
    Nambo

    Please excuse if this has already been posted:- https://www.youtube.com/watch?v=YSyQIsh-l_E

    Under the freedom of information act, this guy has tax returns showing where your money goes, where it is invested, companies like Northrop Gruman, Monsanto, cigarette and Porn peddlers, and we thought we where giving money to God! I am quite sickened to discover I was giving money to the Watchtower to invest in arms manufacturers.

  • JeffT
    JeffT

    I wish I could drive a stake through this thing's heart so it would stay dead. These are not tax returns for the Watchtower Bible and Tract Society. They are tax returns for a charitable trust established by some one else for the benefit of the Watchtower. The WTBS has NO control over where the money is invested, that is how trust funds work.

    In case anybody asks, I'm a retired accountant.

  • Nambo
    Nambo

    Oh,

    I need a bit of clarification though then, does the "some one else" that has set up this charitable trust for the benefit of the Watchtower, have control over where the money is invested?

    Is the Watchtower obliged to accept money made from investment in weapons of war?

    Who is this "Some one else"?, I know nothing of financial affairs but the video seemed to be suggesting the Watchtower itself is the "some one else" as part of a tax dodge.

  • Virran
    Virran
    It's probably set up by a Jehovah's Witness that gave it to the WT after her death. But yea, it's very tasteless they're profiting from it, since so many witnesses throughout the history have suffered, even giving up their lives, based on symbolic principles.
  • Giordano
    Giordano

    They would have to know how the money is invested unless this is a blind trust. Did it say anywhere that it is a blind trust? The trust I am in is a real estate trust........... Trustee's make the day to day decisions. But I receive comprehensive reports like these filings that cover every aspect of the Real Estate. Everything down to janitor supplies.

    I also understand that if money is in a trust it could certainly be managed by an investment firm who makes the day to day decisions.

    However wouldn't a religious corporation like the WT want to make sure that those investments were not being made in cigarettes, pot, armaments etc, weapon systems etc.

  • Giordano
    Giordano

    This is a very successful mutual fund:

    At Saturna Capital and the Amana Mutual Funds Trust, we endeavor to align our investments with our principles.

    They follow a value-oriented approach consistent with Islamic finance principles. Generally, these principles require that investors avoid interest and investments in businesses such as liquor, pornography, gambling, and banks. The Funds avoid bonds and other conventional fixed-income securities.

    If a bunch of Muslims can follow their principles why can't the WTBTS?

  • JeffT
    JeffT

    The "some one else" is Henrietta O'Rielly, whoever she was. It says that right at the top of the form this guy is reading from.

    The beneficiary of a trust can refuse to accept it, if they do so in writing within nine months of the death of the person who established it. If they do so, the entire thing goes to the next person in line to receive it. Disclaiming the assets is an irrevocable act, so you don't have the opportunity to get the money back if you change your mind.

    So no, the WTBS can't refuse to take money from one part of the trust, it's theirs, and they can't control what the trustee does with the investment, although they could change trustees, which might well cost a bunch of lawyer fees without fixing the problem.

    The bottom line here: this is NOT proof of hypocrisy on the part of the WTBS. They are the ongoing beneficiaries of a gift over which they have no control. There are real issues to get pumped up over.

  • sandy
    sandy
    Why did they accept the money? This is hypocritical because jdubs are risking their lives even sacrificing their lives for the org supposedly in the name of God. T
  • Nambo
    Nambo

    This surely cannot be a gift from a single person, we are talking about millions and millions of Dollars, I am no wiser to how this works?

    All that money that is invested must come from the Watchtower in the first place surely?, who would donate so many millions to the org?

  • Giordano
    Giordano

    although they could change trustees, which might well cost a bunch of lawyer fees without fixing the problem.

    There are real issues to get pumped up over.

    We are already pumped up over shunning, blood, lies and deceits about sexually abused children.

    I and my fellow beneficiaries did go through the expense of changing trustees over certain issues so I speak from experience. The Society has that same ability, just the threat of doing that would cause the trustees and investment firm to make changes.

    Their UN connection was totally inappropriate contact based on their belief in what the UN represented. This financial statement from the Trust is at least at that level of hypocrisy if not worse.

    I am not giving them a pass on this as you don't establish principles for your followers and then enjoy the profit from many of these companies that produce products that violate those principles.


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