Where Is All The Money Going from Sales of WTB&TS `s Real Estate Properties.

by smiddy 13 Replies latest watchtower scandals

• 

  smiddy

  What governmental requirements are their for full disclosure of the proceeds from sales of property made by a Not For Profit Organization such as the WTB&TS.

  How does the WTB&TS explain their charitable status when they do not provide any charitable benefits to anyone , when all their members , Jehovahs Witnesses are not employed by them , they are just volunteers.

  Does American Law allow religous institutions to hide monetary transactions or is their FULL transparency regarding their use of their money.

  How can a Multi Million $ publishing Company , engaged in a Multi Million $ Real Estate Organisation be considered as a Not For Profit organisation .

  Is their anything like an Auditor General in the USA that needs to investigate these things ?

  Just asking.

  smiddy
• 

  bigmac

  why wait for government intervention ?

  it would greatly enhance the WTBTS public credibility if it was open and transparent in its financial affairs.

  fat chance.
• 

  smiddy

  it would greatly enhance the WTBTS public credibility if it was open and transparent in its financial affairs.

  Fair enough , so WHY arent they open and transparent in their financial affairs. ? !.

  smiddy
• 

  Captain Obvious

  Investment earnings made by a non profit org need to be re-invested in the org to remain non-taxable. They will likely be pouring millions into the new cult compound, but I really don't see how they will be able to put the full $800+ Million they've made already in property sales in Brooklyn so far Into just that one project. Perhaps they will build more in other countries?

  This brings up an interesting problem for them though. They all of a sudden have a pant load of liquid cash, which must be spent or re-invested. I suspect they still don't have enough cash flow to sustain operations long term. They are steadily shrinking in developed countries.
• 

  alanv

  Pretty nice problem to have though. Lets hope they spend it all quickly then find the cotributions are drying up.
• 

  The Searcher

  Two words - Hedge Funds!
• 

  StephaneLaliberte

  What about the possibility that there were mortgages on these properties and that most of the profit was to pay them off? So, in reality, they would not have a billion in the bank but a fraction of that money... let’s say a quarter: 250 million. Wouldn't that change our perspective of the WT being profitable?
• 

  AlphaMan

  Investment earnings made by a non profit org need to be re-invested in the org to remain non-taxable.

  I could see the Watchtower Society pulling some sort of financial "theocratic warfare" in order to avoid paying the Government any tax if it came to it. With the legal & financial departments they have, they could easily organize and arrange for an elderly WT zealot company man to "steal" multi-millions and hide it in secret Watchtower bank accounts to avoid an possible taxes. The "con-man" (wink wink) hides in foreign countries living as a JW under an alias until he dies to be resurrected into Paradise. Or...if he's caught he says nothing to the Police and enjoys a Bethel like experience in prison until he dies. Yeah, it's far-fetched, but I would put nothing past the Watchtower Society when it comes to protecting & keeping their money. The Watchtower leaders could reason away anything illegal under the guise of "theocratic warfare".
• 

  DesirousOfChange

  Investment earnings made by a non profit org need to be re-invested in the org to remain non-taxable.

  Captain, I know that applies to not-for-profit businesses, ie, hospitals, etc, but does that apply to "religious groups"? I believe a religion can make a profit and still it is not taxed, meaning they can just still on the huge stockpile of money and let it earn interest (probably in the Caymans or some place where it is nont-available to the money-hungry, blood-sucking attorneys filing sex-abuse lawsuits.

  Doc
• 

  gingerbread

  Religious organizations in the US have a unique status regarding financial transparency. The Federal Government has checks in place to stay out of the religion business.

  These laws were a primary reason that, after Charles Russell passed away, J.F. Rutherford turned the Bible Student movement into the new religion called Jehovah's Witnesses. Maintaining a religious status with governments keeps an organization tax free and protected.

  Only in solid cases of embezzlement within a religious organization will a District Attorney press charges.

  'Managing' funds and assests is not embezzlement - no matter how large the religious organization.

  ginger