Sorry for being slow.
You are not slow, the light just got brighter
The Money is Interest-Free, People!!!
by Yan Bibiyan 22 Replies latest watchtower bible
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Yan Bibiyan
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Scully
20 years ago when the local JWs were jonesing to build a new KH, the WTS wouldn't even give them the time of day until they had secured and paid for land. The amount of the loan would not exceed the value of the property, IOW, the property was collateral for the loan. The construction was undertaken by volunteers, i.e., free labour. The loan itself came from a fund that was comprised of donated money, and at the time, the WTS *did* charge interest.
Once the loan was paid off, the congregation was still responsible for paying a monthly per capita amount based on the number of publishers, i.e., rent.
The congregation apparently does not own the building or the property - because rent is paid to a landlord, i.e., the WTS.
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jemba
Greedy friggin bastards.
The money donated originally was for KHs to be built so the society eventually agrees to lend the money to the cong as long as they pay back the money that was already meant for the building of KHs then when the funds come back to them to cover the 'loan' they get the KH signed over to them anyway and the lucky suckers get to rent their own hall built with their own labor and hard earned cash. Im glad I was a tight arse when it came to donating, I always had the feeling that the society was greedy and had more than they let on. Now we can see just one of their many schemes.
Surely people should be able to see through this?? Im so glad that Ive found out about these things now Ive left or I would have been announced an apostate years ago.
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WTWizard
What about simplifying the arrangement. If a congregation wishes to build in the future, they ought to simply save the donations for this purpose. They should invest it as they see fit so it maintains value while hyperinflation destroys the currency, and use that as their budget. If they don't need to build, they should not. Instead, they save up the funds in an inflation-proof investment.
When they get enough funds for a build or major remodel, they draw from their own accounts. If they are short and the need is urgent, then they may borrow from another congregation that has surplus funds or from the bank, at reasonable interest, to make up the shortfall. But, if this is followed and they create enough value to make it worth donating for, they will not need to borrow from the Washtowel. And they keep the building--if they must sell later, that money will go a long ways toward funding the new building. Combined with savings (kept in inflation-proof investments), there is rarely to never a need for an extant congregation to need to borrow from the Washtowel Slaveholdery corporation to build a new building.
Also, the question. Is it even worth the time and resources needed for a building when people are taught to be slaves?
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God_Delusion
This is so interesting!
I've wanted to get to the bottom of this for a long time and write an article on JWB about it.
So let me see if I've got this right:
- The JW's make donations.
- These donations are given to buy land and to build a hall in the form of an interest free loan from the WTS.
- The land is purchased (if land needs to be purchased) and the brothers build the Kingdom Hall - free labour.
- The JWs then pay off the loan and the title deeds are transferred to the WTS.
If that really is the case, then it's one of the best business models I've ever come across. Talk about a bunch of charlatans.
Regards,
Teeny -
Slidin Fast
There is a large program of building basic halls in African countries and probably others world wide where buying power is scarse and hard to come by. I believe the same system is applied there.
These poverty stricken individuals have to pay back the loans of already donated money. I believe I am right in this but would love to be shot down by someone who knows better. I have been to one of these halls in Kenya and understood that they had to pay. The people were lovely but the meeting was just as boring, a parody of those in Western countries.
In short, where is the charity.
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bats in the belfry
How its's done:
Local KH Donations ---> WTBTS ---> Funds (Loans) toward building local KH
"Man in the middle"How it should be done:
Local KH Donations ---> Funds (Loans) toward building local KH
The WTBTS probably would apply a bible-based principle for not allowing the locally funded KH -
Jeffro
Why is it so wonderful that there is no interest?
The reason they consider it 'wonderful' that they don't charge interest is because previously, they did charge interest for the 'Kingdom Hall' 'loans' that were donated by members in the first place.
Our Kingdom Ministry, April 1985, page 4:
These loans are repaid to the Society Kingdom Hall Fund with interest at the rate of 6 percent.
Our Kingdom Ministry, December 1993, page 3:
Moneys lent to congregations are being returned to the fund along with accrued interest
It's only the last 3 years or so that they stopped charging interest.
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Yan Bibiyan
It's only the last 3 years or so that they stopped charging interest.
I would love to know (really) why. Not the bull$hit "simplified", "blessing", "new light", "adjustment" crap.
They never do things "out of the goodness of their hearts". I suspect there was some government inquiry into it, maybe the FTC or so, because defacto they are running a massive bank operation without the proper licensing and regulations.
Does anyone has more info on it?
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sir82
I would love to know (really) why.
I don't know, but my best guess would be taxes.
It's hard to justify getting a tax exemption as a "charity" when you are loaning out money at interest.
They would probably be required to pay taxes on the interest, and maybe even the loan amounts.
And as we all know, "pay caesar's things to caesar" applies to us am-ha-a-rets, not the lordly pharisee class.
Any accountants or lawyers who are more knowledgeable than me?