Morph - Thanks for your input. I was just reading about Circuit City who went bankrupt. We are talking over a billion in debt before they filed...
How bad do the JWs need to be doing financially
by cognac 51 Replies latest jw friends
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Finkelstein
Can a non profit charitable organization file for bankruptcy ?
Its not a limited company as a typical business.
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Simon
I don't think there is a realistic way they would go bankrupt. If they were short of money they would just squeeze their followers even more than normal or cut loose unprofitable operations.
They still hold many real-estate and investment assets even if they may have operational shortfalls.
It's a religion - tax free = pure profit.
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iwasblind
They now have authority under the new arrangement to sell Kingdom Halls so they have a lot of "juice" left in the tank. Sad to say :-( -
Finkelstein
In any case its far off of going bankrupt, more so than any time in its entire history.
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cognac
Fink - They are filed as a Corp so I don't see why not.
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JWdaughter
Non profits usually close rather than file bankruptcy. The ones that do usually fulfill a vital role in the community. The WT does not run schools, shelters, medical facilities or orphanages. It would likely close. This would be when their assets were depleted to the point that incoming contributions could no longer maintain the remaining work and workers. After it gets down to some pathetic point where the lack of contributions and involvement could no longer be disguised.
At this point the severe cutbacks could be a ploy or they could be desperately scrambling for reasons which will later be exposed. Let's wait and see.
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JWdaughter
You can only sell off assets to cover operational costs so long before there is not anything left to operate. -
cognac
Thank you JWdaughter! They certainly have been cutting back on a lot of things... Looks like they aren't done with the cuts, either... -
cognac
You can only sell off assets to cover operational costs so long before there is not anything left to operate.
Great point! Look forward to seeing their Year Book next year. It comes out in January, right?