ONLY 30% !!!!!! It's a bloody lot mate!
Aus Bethel 06 Annual Report - INCREDIBLE 50% DECREASE in donations
by jwfacts 42 Replies latest watchtower scandals
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nvrgnbk
Technically it's 33.333333333333333333333333333333333333333333333333333333333333333333333333333333%.
Don't worry mate, we'll do better next year. Love your enthusiasm!
Nvr
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jwfacts
ONLY 30% !!!!!! It's a bloody lot mate!
$5 million dollars less! Less hope the JWs are spending the money they didn't donate on Internet connections.
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Doubting Bro
Interesting information. I wish the US would make ALL tax exempt corps report this data. In looking at some of the numbers, it seems the drop in contributions of 33% (5/15 is the formula to calculate the % of decrease) caught them off guard.
06 - Total income of 10.9m with expenses running 14.2m
05 - Total income of 16.4m with expenses running 15.7m
04 - Total income of 14.3m with expenses running 13.7m
I'd be interested in seeing how much was sent to Brooklyn. That could give an indication as to how the total corporation is doing. I notice a pattern with them leaving around 600k in surplus in 04 & 05. However, this year, while the expenses dropped 1.5m it still wasn't enough. You would think that Brooklyn would have said to cut their contribution so as to not show such a huge deficit. But, perhaps they aren't in a position to do that and need every dime. That's exactly what Brooklyn does to the individual circuits. You have to donate a set amount no what you receive in contributions and that amount is very "generous".
Another thing I find interesting is that 30m in assets is only throwing off 300k in interest income (which I'm assuming is the difference between the contributions and the total income). That's an awesome 1% return!! That tells me that much of the assets are tied up in physical plant stuff and not much in cash or investments.
Edited to add - Brooklyn will run this corp dry before they starting showing real problems in their books. Also, I wonder if a big lawsuit is coming down the pike in Aus and they are trying to move out assets?? Remember, this is a big business and that's how you do it in the corporate world.
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ozziepost
Another thing I find interesting is that 30m in assets is only throwing off 300k in interest income (which I'm assuming is the difference between the contributions and the total income). That's an awesome 1% return!! That tells me that much of the assets are tied up in physical plant stuff and not much in cash or investments.
I think you're getting closer! Don't forget though that you haven't mentioned transfers. It works like this: transfers are made regularly throughout the year. There are certain funds coming in which Treasury are able to put out on the short-term money market, but moneys to the WWW may not come under that umbrella.
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Doubting Bro
True, it could be a timing issue. I did notice that the difference between contributions and total income for 04 & 05 was around 1m each year but then nose-dived to 300k this year. I wonder what happened?
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golf2
Why worry? Think of the mass of "real estate" that is left to the society.
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Alligator Wisdom
The one thing I am not sure of is how much is staying in congregations. Maybe the WTS is afraid of loosing everything through law suites, so encouraging the congregations to keep the donations individually in congregation accounts. Do any elders on JWD know if there has been any letters in regards to donations recently?
As I used to be the account servant at my former congregation, so I can say what we did. The POs instructions was for me to electronically wire half of the congregations bank account to New York once that amount reached US$5000. It was to be a congregation donation to the worldwide work.
I've been account servant for five years there. We reached $5000 in the congregation account three times during that time period (late 90's early 2000's). I don't know if this happens at all congregations. I suppose each has their own procedure.
Alligator Wisdom (aka Brother NOT Exerting Vigorously)
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jwfacts
Dozy, thanks for those links. It is interesting to see that in 2000 the UK branch had a similar decrease from 24 to 15 miilion pounds. It recovered some ground back up to 20 million pounds but has stagnated there for several years now.
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Chameleon
This is the best thing I've heard all day.