Congregation Funds

by EmptyInside 11 Replies latest jw friends

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  EmptyInside

  I don't claim to understand anything about finance. But,I remember about three years ago , the congregation was asked to allow the Society to hold onto the savings,CD,etc,until the congregation needed it. I forget the reasoning they gave on the matter,maybe the Society would collect interests on it. And it would be used to help other congregations.

  I thought this odd and it bothered me at the time. I got the vibe that a few others felt the same way. But,it seems when the elder body decides something,everyone is expected to go along with this.

  Has anyone heard of this before and explain to me how this actually works?
• 

  DesirousOfChange

  Very common procedure in the bOrg.

  It let's the WTs use the funds interest free.

  Doc
• 

  skeeter1

  But, doesn't/didn't the WTS charge local congregations interest to the local congregations on Kingdom Hall loans?

  The Society is nothing but a money stealer - no different then the Catholic church (who at least has soup houses, real charities, and old folks homes for priests/nuns).
• 

  wannaexit

  I remember that letter quite well. The body language of the bro who was reading indicated that he was uncomfortable with it. His face was beet red.

  Here is what happened in this area. The congregation gives most of the funds to the society for safe keeping . The understanding was that when these funds were needed for renovating the hall, the money would be returned. (approx. 200,000)

  The renovation came and went and there was no mention of the funds safely stored at the bank of watchtower. The watchtower did provide a generous loan however and there was great solicitation for funds week after week. Now the cong is saddled with a large mortgage.

  What's disturbing is the fact that few dubs remember the money that was given to society for safe keeping. I mentioned it to someone and this person was clueless. Most dubs tune the meeting out and their reasoning skills are non existing.

  I remember when that letter was being read- I turned to my mate and whispered " they just gave away the farm and they don't even realize it".

  What a bunch of crooks the whole lot of them.
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  Billy the Ex-Bethelite

  I remember it vividly. The reasoning was that bank interest rates were so low that the congregation could send any funds that wouldn't be needed to cover the next few months expected expenses, so that the Society could use it 'to advance kingdom interests.' Whenever the congregation needed the money returned, they could send a request to the Society to have it forwarded to the congregation account.

  So, the Society has become a bank, without FDIC guarantees or audits. And it certainly wouldn't be the same as having the money in the bank, because in the bank, you can easily do a transfer or write a check. With the Society, you now have hoops to jump through to get your money back. WT is a real estate and cash scam... since the publishing business isn't doing well.
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  Scott77

  	the Society has become a bank, without FDIC guarantees or audits. And it certainly wouldn't be the same as having the money in the bank, because in the bank, you can easily do a transfer or write a check. With the Society, you now have hoops to jump through to get your money back. WT is a real estate and cash scam... since the publishing business isn't doing well.
  	Billy the Ex-Bethelite

  I like that piece.

  Scott77
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  blondie

  Legally, the WTS has no hold over individual congregation funds unless there is an outstanding loan owed to the WTS and only that amount (they dissolve the congregation). So this "suggestion" is really blackmail in my opinion. The congregation I was in last in turned down this "opportunity" as it had the "suggestion" to give money to a neighboring congregation to build a new KH after that congregation had made several bad financial decisions. I wonder what interest accrues now anyway with the economy in the US since 2008?

  The WTS no longer charges interest on their loans.

  The Org will stop charging interest on KH Building Fund loans effective Sep 1, 2008. Current loan payment amounts will remain the same so the loans can be paid off sooner.

  Congregations should continue to donate to the KH Building Fund, and publishers can donate directly to the fund by sending donations directly to the Branch. Congregations are encouraged to forward surplus congregation and operating funds to the Branch until the time those funds are needed by the congregation (this was actually read to the congregation...talk about full disclosure).

  This is for all Branches and congregations, not just the U.S.

  http://www.jehovahs-witness.net/jw/friends/160688/1/WTS-Will-Stop-Charging-Interest-on-Loans

  http://en.wikipedia.org/wiki/Kingdom_Hall#cite_note-47
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  Splash

  Since the jw.org site added congregational transactions as one of it's sections, adding and removing funds lodged with the soc is quite a simple thing.

  It's a bit like online banking.

  You will also see in the near future a new feature once per month at the start of the service meeting. The accounts report which was stopped from being read out to the cong a few years ago will now be added back into the program. This report includes mention of all Funds On Deposit (as it is properly known), so the cong will no longer 'forget' how much is loaned to the Soc.

  Splash.
• 

  blindnomore

  Yes, my husband told me about this a few months ago as we were discussing about the Menlo Park Kingdom Hall case. This happened at least 5 years ago here in local KH. I was too zombie at the time to even realize any of these development.
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  Sheep2slaughter

  I will happily provide my PayPal or bank account info to any and all that would like to place their surplus funds with me for safe keeping. This arrangement has the advantage of being FDIC insured and will NOT be used to further Watchtower interests.