by Tahoe 43 Replies latest jw friends
Capital assets: with the sale of many buildings/properties, I believe that capital assets increased by $100 million for the WTS.
Capital asset. A capital asset is property that is expected to generate value over a long period of time. Capital assets form the productive base of an organization. Examples of capital assets are buildings, computer equipment, machinery, and vehicles.
Addl info https://corporatefinanceinstitute.com/resources/knowledge/accounting/types-of-assets/
Thanks, sparky1 for info. So the sell off of Brooklyn is part of this NY 'umbrella' that plumped them up plus all their modest hall buildings throughout the country (and inherited properties, stocks, bonds, insurance policies, etc., etc., from JWs) -- unless in prime areas can't be worth much or the podunk ones I've seen. I realize many in London might be worth incredible amounts but they don't own another Brooklyn, NY.
How could they have liabilities exceeding assets with their business structure. Reputable accountants/attorneys would have never advised the development of the new cult compound if it jeopardized the cult's bottom line. Maybe they flipped Brooklyn for the new compound -- makes no sense to end up short of cash unless few options for reorganizing/restructuring/downsizing in countries that support the fraud. Seriously doubt they're in debt for the new compound.
The begging of cash for new halls few yrs. ago was quite a scheme but that's their MO.
The begging of cash for new halls a few yrs. ago was quite a scheme but that's their MO.
Correct , they knew they were about to sell off more than billion$ US (1.7 billion) in all of their Brooklyn New York held proprieties but they still lied and deceived the flock.
an increase in assets of $100 million does not indicate a profit of $100 million.
sir82 ...
You are absolutely right. If you buy a new $30,000 car you have added a $30,000 asset to your portfolio. If you finance it, you still have a $30,000 asset but you also have a $30,000 amount owed to the bank (a liability).
Rub a Dub
One shouldn't be surprised when the leaders of the WTS/JWS lie, the WTS has had a long history of lying to the general public and its following members, it really all started with this guy........
I doubt enterprising Russell was in it for god! Charlatans and capitalism 101.
If you search by town (i.e. Wallkill, NY), you'll see results for several WT-related entities:
Although none are surprises or have additional financial info available (aside from WBTS of NY), a "fun fact" nonetheless.
I did a quick search of Warwick, NY and Patterson, NY too, but none of the results jumped out at me as WT-related.
The point is is that the WTS has many recognized branches which are under listed as being non profit charity organizations (Tax Free) and they are quite capable of shitfting around funds when needed.
Yeah - "shifting around funds . . . " and thus the reason crooks love non profit charity organizations. There are legit ones, of course.
