by unfamiliar 19 Replies latest watchtower beliefs
The organization must not be organized or operated for the benefit of private interests, and no part of a section 501(c)(3) organization's net earnings may inure to the benefit of any private shareholder or individual.
There are shareholders Blondie. There was a shareholders meeting at the AGM I attended years ago. What do you mean?
Non-profits have shareholders/trustees but they are not "private" shareholders but represent the corporation's financial interests. The corporation does not share profits with the shareholders.
I know a couple of people who have non profit businesses. One had an animal rescue funded by donations and a thrift shop where people could drop off household items, clothes, musical instraments, you name it. She didn't pay a penny for the stuff but sold it at the going rate. She was taking in HUGE amounts of money. She was able to live better than she ever had in the past and a few cats were better off too! She moved away to start another "Non Profit" well paying business. The person/persons in control of the non profit decide where to rearrange funds and pad expences to look legit. Edit to add: Who needs a big bank account when everything that you want is paid for by the corporation.?
Thank you jgnat!
magazine printing in Canada leaped from 22,407,343 in 2004 to 263,791,047 in 2012 since now printing magazines for US congs as well.
GB's gotta keep the cash rolling in so they can go on their lavish vacations and be taken care of for the rest of their lives. If the WT goes under, so do they.
I don't think that it's the GB that's raking it in. But someone is.
I think those that are really behind the WTBTS are siphonin money out using a phony vendor that receives accounts payable checks from the WTBTS. The WTBTS is never subjected to a financial audit and this type of fraud is difficult to discover. Phony invoices, big check. Thank you, suckers!!!!!
"religious" non-profits operate differently than regular non-profits per IRS laws. The WTS audits itself, has a department for that alone.
http://nonprofit.about.com/od/faqsthebasics/f/What-Is-A-Faith-Based-Nonprofit.htm
There are no direct legal benefits associated with being identified as an FBO. However, there are benefits and drawbacks associated with being a certain type of FBO. For example, churches that meet the requirements of Section 501(c)(3) of the Internal Revenue Code can claim tax-exemption without a determination from the Internal Revenue Service (IRS) and have special protections that limit how and when the IRS may audit them. Additionally, certain religious organizations, including churches, are exempt from filing IRS Form 990 and may be exempt from filing state information returns and charitable solicitation registrations.
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Organizational structure of nonprofit corporations
Like any corporation, a nonprofit has a board of directors to make important policy decisions, officers (president, treasurer and secretary) to oversee and manage the day-to-day operations of the organization, and possibly employees to do the work.
Unlike regular corporations, however, nonprofit corporations do not have shareholders or owners. (Nonprofits are owned by no one person or group of persons and cannot be sold. In the event the directors of a nonprofit want to dissolve the corporation, they must distribute all of its assets to another nonprofit corporation.)
Who benefits? Obviously not society, The way i see it:
1 billion hours of free labor a year should cost them 13 billion in wages.
avoiding 780 million in unemployment.
avoiding 976 million in social security and medicare tax
avoiding 520 million in state workers compensation.
avoiding pensions,
avoding health insurance contributions,
-that's pretty cool when you can get people to pay off real estate and a corporation can launder a billion dollars of real estate, get free labor, and masquerade as a tax exempt corporation.
It's quite the business model.
It's too bad the watchtower doesn't get super greedy and take themselves public. Kind of like the Enron of religion.
Then all the apostates could buy up the stock and do a hostile take down, short the stock in to the toilet, Or just file massive class action lawsuits against the directors of the company.
