$$$WTBS$$$

by Kool Jo 9 Replies latest jw friends

• 

  Kool Jo

  What do you think is the real status of the WTBS in terms of cash/assets/wealth?

  Based on the following statements, what do you think?

  1. Due to the Conti Lawsuit, they've suffered.

  2. They're asset rich and cash poor

  3. They've sold off most of their properties in NYC and moving upstate

  4. They're downsizing

  5. The arrangement to no longer ask for a specified cost towards the literature before the new arrangement went in effect

  6. They're enhancing the availability of their teachings online & in digital formats

  7. However, they still receive donations from those that are blind, including Trusts, Hedge Funds ect..

  So what do you think is the current financial status of the borg and how will it look in the future?

  Kool Jo
• 

  gingerbread

  There is a current push in the States for congregations to repay the KH 'loan' as quickly as possible. I'm sure the org wants to 'cash flow' all it's building projects.

  If the Society's corporations don't borrow money for it's construction projects, they won't ever go bankrupt. By owning all properties outright, they can liquidate at any time with ease.

  Remember that the Patterson complex was offered up as surety after the Candace Conti abuse case verdict. The WT could do this because Patterson's title is clear of any leans (mortgage).
• 

  Bob_NC

  Remember Sears, A&P Food Stores, Montgomery Wards, and Woolworth? Sure, they are still around select areas. Just sayin.
• 

  DesirousOfChange

  I believe they are cashing in so that assets can be moved to safe havens from future litigation. If they can move the assets from the old Corps that are at risk of being sued, to new corporations elsewhere that are "untouchable" by the lawyers and judges, they will have protected the "Lord's interests".

  For example, the KH titles are being transferred from the local congs to a trust [Kingdom Hall Trust was mentioned on here]. Thus if the local Elders make a grievous error that opens the Cong or WTS to a lawsuit, there will be no assets in the Cong's name. KH is protected in trust and local Cong just "rents" the property. Untouchable.

  Likewise, new WT corporations that do anything organizationally will be without any property ownership & without assets. Lawyers look for deep pockets.

  Doc
• 

  Finkelstein

  The WTS. has accumulated an enormous amount of real estate holdings over the years.

  The US branch has most likely hundreds of millions held in bank accounts collecting interest.

  Another example, the Canadian branch has over 60 million held in accounts, which the

  Canadian JWS have no knowledge of that being so.
• 

  fakesmile

  not only do they own everything outright, they dont have to worry about those pesky taxes like other corps. taxes are the real killer, especially with that much property. basically they could support themselves by recycling aluminum cans.
• 

  *lost*

  Desirous - good point, there may be some truth in that
• 

  snare&racket

  We should organise a petition for the UK and the US via this forum and other ex religious / atheist forums for a new tax law on charities and send them for government consideration online, both countries have this facility.

  ANY charity who has not over the last ten years contributed to charitable acts via a minimum of 25% of their collected income should lose charity status and pay tax. Good deeds are worthy and well, but they should be done for the fellow man without motive for tax savings. All charities who dedicate all or as much as possible ( minimum 25% of income) to charitable work for the community, would remain supported by charity tax laws.

  The past ten years should be examined and a scoring system established based on amount spent. Note in my opinion, religious instruction or charity work done during or in exchange for religious instruction is not charity but for self , in respect to what would be accepted as 'charitable'.

  now we just need someone with more time, inclination and smarts than me to do it....... They would all be showing their true colours concerning their charitible nature soon enough. If they want the tax savings, they have to release their finances.

  Seems democratic and fair to me. Very fair.
• 

  *lost*

  snare excellent thought.

  also, in the UK now with all the scandals re tax avoidance etc, stashing the cash outside the country, I'm sure David Cameron would be very interested to 'know the truth'.

  My memory fails me on this, but there is something about (general politics, petition) if enough people raise the required number of signatures. It has to be dealt with.

  Perhaps if we just put all the info into one letter format, and everybody sent the same letter, at the same time, it would be a start.
• 

  snare&racket

  Lost,

  pit requires one person to put the petition online with the American gov website (has to be us citizen) and the UK gov website, both have these facilities already.

  then we just promote the petition to everyone.

  people keep asking how we can end this fraudulent excuse for mankinds cure, its this simple. But I have medical exams to fight with, WT is a very small thorn in my ass.