question about kingdom halls

oppgirl63

Hello everyone....I don't post very often but I read every day. I'm the 42 yo lesbian with a JW roommate. My question is about ownership of the kingdom halls. My roommate told me the other night it was announced that they didn't have enough money to make the mortgage payment this month (they had a new hall built almost 2 yrs ago). Does the society lend the congregation the money for the land and the building or do the elders have to get a loan from a bank or something? My thinking is the society pays for all this and the congregation has to turn around and re-pay the society the principal plus interest...and even when it's paid off the society still owns all of it. Am I correct? A while back, I had shown my roommate the Newsday article which has the wtbts one of the top 40 companies in NY with over 900 million in revenue. She said she wasn't giving them any more for the mortgage this month...they had enough money already. :)

blondie

Each kingdom hall is administered by a non-profit corporation with 3 corporation officers, usually the presiding overseer, secretary, and service overseer of the congregation who has the territory that the kingdom hall is in. Ownership reverts to the Watchtower Society whenever a congregation is dissolved (by the decision of the Watchtower Society), then it reverts to the parent non-profit corporation (WTS). Until then the corporate officers make any corporation decisions.

Some congregations may qualify for a loan from the WTS. I understand that they no longer charge interest for the same reason they no longer charge for their publications, whether than be JWs or non-JWs.

Some congregations take out bank loans on their own (I know of 2 congregations where the WTS suggested that they do that rather than borrowing from the WTS).

In each case, if the congregation fails to make their payments, the bank and the WTS can institute foreclosure proceedings (the WTS not because they own the KH but because they have ownership in the same way the bank does through the loan requirements).

(All these are US financial laws/regulations)

Blondie

oppgirl63

Thanks Blondie

HoChiMin

Check out this past thread> http://www.jehovahs-witness.com/6/96054/1.ashx

HCM

plmkrzy

The WTS IS A BANK. They also offer auto loans. You can buy a used car from their lot. Not sure what you need to do to qualify for a loan. Especially if the end is right around the corner. lol!

greendawn

If I recall well the KHs are built using free local JW labour and they also provide the needed capital (for land/materials) usually by taking out a loan yet the WTS will come along and take permenantly the title deed of the property. That is very greedy.

OnTheWayOut

Blondie states it correctly. Just to add-

The WTS will normally not loan money to a congregation to build a hall, unless they already OWN the land, so sometimes the congregation will get a commercial loan for that reason (land and building). Loans are mainly for materials.

Their arrangement is interesting in that they never own the land unless the congregation(s) within are dissolved. This means the congregation can sell it and use the money for a new location, if they need a bigger or better place.

I do not defend the WTS, but these are ordinary arrangements, typical, and out in the open. They may be evil, greedy, liars, but many religions have similar arrangements.

enlightenedcynic

The wts continues to charge interest on loans to congregations. I started a thread on this topic a few months back.

http://www.jehovahs-witness.com/11/114197/1.ashx

ec

OnTheWayOut

Just to point out their greediness in one area-

They had that video shown by CO's about building KH's in poor countries. They were trying to gather donations for this work.

After they build the KH, the poor JW's have to pay back an agreed upon loan to the WTS, so the donated money gets put back.

question about kingdom halls

Share this