If not, were they incouraged to "forgive" the loan?
Do you know anyone who has given the WTS a "Conditional Loan" and been repaid?
by 3rdgen 11 Replies latest watchtower beliefs
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Interested Observer
No, but one thing that I did find interesting is that in the loan documents, it states that, if the lender dies, the loan is converted to a gift to WBTS. Basically it prevents family members of the lender, or the lender's estate, from requesting repayment of the loan.
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DaCheech
I was congregation accounts servant.
back then we had close to $30,000 on loan to the society under this kind of loan.
Our monthly thank you letter (from society for contribution) confirmed this.
Once our Kingdom hall bank account got close to falling below $1,000, I asked the elders if we could get this $$$$ back.
They told me it was too much work involved, and told me to work with the $$$ we had.
Seems like a one way loan
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3rdgen
Thanks Interested and da cheech for the info. Do you think people and congs would loan large sums to the Watchtower if they knew they likely wouldn't get it back even if they desperately needed it?
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AndersonsInfo
Yes. A married couple loaned the Society around $30,000 and the "conditional" loan agreement papers were signed by both of them. When he died, over 30 years later, she wrote the Watch Tower and asked for the full amount back. There were no problems and in a few weeks she had the check. This happened within the last four years. If anybody wants to know more, PM me.
Barbara
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life is to short
Yes, I too put some money into the Conditional loan program and when I found out how many pedophiles we had in the hall, I wrote and asked for the money back. I explained that I did not want any of my money to go to paying for lawsuits that are being settled because of the stupid two witnesses rule, I was very blunt and very upset in my letter.
My husband knew I did this but I purposely did not have his name on the letter or have him sign for it as it was my money but of course both of our names were on the contract. I just truly wanted to see what they would do.
I got my check back within a week, no mention of the pedophiles but a thank you for me letting them use the money for the furtherance of the Kingdom work, yada, yada, yada.
What ever they did get a ear full from my letter as I made sure they knew why I wanted my money back and how upset I was over what I was seeing with my own eyes in my hall with all the baby rapists running around.
LITS
By the way I am still not DF'ed nor have I disassociated myself, I am still in what they call good standing somewhat I guess as I have heard nothing other wise.
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dropoffyourkeylee
Just to chime in, my father once loaned money to them under the conditional loan system and he received it back with no problem as soon as he asked.
Interested Observer said this:
No, but one thing that I did find interesting is that in the loan documents, it states that, if the lender dies, the loan is converted to a gift to WBTS. Basically it prevents family members of the lender, or the lender's estate, from requesting repayment of the loan.
Is this really the case, can anyone confirm this?
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life is to short
Yes that was true. It states that only the ones listed on the form can request the money back. As in my case it was my husband but I am sure parents could list their children if they wanted and then the children could get the money back.
In our case it is just the two of us so we felt let them keep it. At the time I was a very true believer and at that point I would have given them the money if I thought I would never need it. How stupid was I. I am so glad I never did that.
But only the people listed can ask for the money back when some one dies.
LITS
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dozy
Answer - yes. Paid promptly without any questions or problems.
But in reality , the WTBTS ( and other charities which have the same arrangement) expect only 10% of these funds to be repaid in any one year (source - WTBTS of Britain notes to accounts note 16 given below)
http://www.charity-commission.gov.uk/Accounts/Ends61/0001077961_AC_20100831_E_C.PDF). Allowing for the fact that no interest is repaid , a conditional donation is essentially treated as virtually as secure as a donation.
16. Creditors: amounts falling due after more than one year
2010 2009
£'000 £'000
(as restated)
Deposits- due between 1 and 5 years 29,160 29,079
Less- 10% transferred to short term creditors (2,916) (2,908)
26,244 26,171
Deposits comprise monies received from individuals, circuits and congregations and held with the Society until they have a need. Based on previous experience, it is considered highly unlikely that the entire balance of deposits will be demanded within the next financial year.
The deposits are given on the understanding that the Society will repay them on demand. This would normally lead to them being classified as current liabilities. If all of the cash received in respect of these loans was held as a current asset, then this would be the accounting policy adopted. However, as cash accumulates (from all sources, including deposits received) the trustees consider it prudent and cost effective to make transfers into fixed asset investments, both to improve security of principal and return on investment.
The trustees believe that it would be prejudicial to the charity’s liquidity to show a current liability for the creditor (for which no repayment date is known) and to show most of the resultant asset as a fixed asset investment. The trustees have therefore classified the deposits as long-term creditors in order to show a true and fair view.
Based on requests for repayment over recent financial years, it is anticipated that approximately 10% of deposits held will be requested back in the next 12 months. The trustees therefore consider it prudent to class 10% of the balance of deposits as short term creditors.
In the 4 months post year end, a total of £1.2 million has been requested back, and an additional £3 million has been deposited.
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Giordano
You know the society just craps cash.