by Balaamsass 25 Replies latest watchtower scandals
With the more recent assimilation of Congregation properties, profit on sales of major real estate worldwide, and building of the new upstate compound does anyone have a handle on current Net Worth? "Book value"?
It would seem some of this Data would be available by government charities disclosure. Of course the real estate would be undervalued, perhaps at cost. I can't remember how many Corporations exist worldwide...so the State Department of corporations filings would be difficult to check.
Back in the early 90's there was a reputable looking financial statement that was being spread around listing the wealth of the WTS. at 930+ million US .
With all the recent Branch closers and sell offs and the recent sale the organization's real-estate holdings in Brooklyn New York,
which was reportedly worth close to a billion itself, one can draw up their own conclusions.
This is a massively huge publishing empire which has really accumulated most of its wealth by acquiring real-estate properties either by their own
purchases or by donation. Since most Titles and Deeds of the properties of the Kingdom Halls ( propaganda brainwashing centers ) are now
being handed over to the WTS., this once again is adding to this worldwide billion dollar publishing empire.
Isn't it a notable discrepancy that every congregation has a monthly public reading of the accounts to the congregation, but the Society does NOT publish its financials!!!
Hmmmm, why could that be?
The honest answer to that 00DAD is the WTS. doesn't want its devoted members to realize or know of the wealth of the organization for it might
very well incite questioning to the true agenda of the organization itself.
And this unquestionably has been going on for a very long time .
Remember how the organization kept quiet about J Rutherford and his lavish lifestyle.
Even at that, the WTS. always postulates itself as needing more money , so more money is given.
Its gotten so abruptly commercial now they even have Debit and Credit card machines set up at assembly halls
and conventions.
thetrueone: Thanks, I figured as much. It's such a sham organization!
It is a nonprofit religious corp. The stocks are not public. It makes it almost impossible to tell. Another factor is the many corporate entities and FASB standards. There are a lot of different ways of arranging financial info to tell whatever story you want. I thought accounting was total drudge work. When I studied it in school, I was amazed at the creativity involved. Accountants being interviewed. 2+2=? Response: 4. 2+2=? Response 4. all day. 2+2=what number would you like. Hired.
They are worth Billions in assets. The value of property in Brooklyn is worth over a Billion. Don't forget that on top of that there are tens of thousands of kingdom halls and also assembly halls. In developed countries there are thousands that are worth in excess of a million dollars each. It would be very hard to get a true figure as they are divided between a very complex structure of different companies.
There are two different aspects to look at - assets and revenue. Many of the Watchtower companies need to lodge annual reports that are available for the public to purchase. The Australian Bethel branch reported revenue (they classify them as donations) as around $14,000,000 on the annual report that I purchased a few years ago.
WOW. I wonder if their charitable tax exempt status requires some sort of filing. It is amazing that Witnesses give their very lives for this religion and we can't see a financial statement. I wonder how liquid they are.
Sorry. It would be nice to see financial statements for other same sized religions so that we can compare.
The biggest holding asset that this organization has in value $ of course is its real estate holdings.
Branches as well as properties where Kingdom Halls are located, irregardless of the properties owned in New York State.
Properties which had little value some 50 , 60 years ago are now worth a huge amount of money in most modern industrialized countries.
jwacts has got it right Billion(s) would be the correct description.
Just to give you an example, there are two Kingdom Halls around where I live, the land was donated to the WTS back in the late
1950's to early 1960's, those two properties as where they are situated now are easily worth 2 million a piece for the land alone.
Those properties were probably worth between $15,000 to $20,000 max when they were donated to the WTS.
The financial bean counters in Brooklyn have always been quite well aware of the value of real estate.
A matter of fact its well documented how the WTS. bought up properties in Brooklyn to include into their real
estate holdings, renovate the building by use of free JWS labor and eventual sell it for a huge markup.
The recent sell off of the organization's Brooklyn properties will yield close to a billion US alone.
Who says religion doesn't pay off
