Hey Amazing,as usual good post.I do get a laugh out of WBTS charging any kind of interest on money donated to them,by the people their charging interest to.These goodhearted people are being charged interest on their own money...OUTLAW
Should WTS Charge Interest?
by Amazing 12 Replies latest jw friends
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Amazing
Hi Minimus:
Amazing, didn't you, a while back, say something to the effect that you didn't think that this was unfair or unreasonable?....or am I mistaken?
I probably said something like that. Generally, 3% is not much, and does reduce the effects of inflation. The original KH fund was NOT from the rank and file JWs, but from a privately donated funds set up by some wealthy JWs who turned it over to the Society when they died. The 3% was set up to offset inflation, which at the time was about 3%. The Society had no control over that fund.
Later on, the Society solicited funds from the average JWs, and the new quick-build was born. The problem I have is just what some of the others above stated, just when a KH was paid off, the Society through the CO was pushing them to do major remodel or buy land and build new, and sell the old Hall ... I am not sure that the sale proceeds from the old Hall had to be given to the Society ... more often this was used to build the new Hall ... but the new Hall cost so much more, often because much more fancy stuff was put into it ... and so the congregation had to borrow some money from the Society to afford the nicer KH.
The RUB, is that nowadays, if the congregation goes into demise, the Society is the beneficiary of the Hall, and can sell it, and keep all the proceeds, including the profits ... all in a non-profit way ... but that does not happen too often, but it does happen.
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Imbue
Amazing what do other religions do about borrowing for building? My understanding was that the KH building fund was supposed to be used for those that can't afford to build. Let alone pay back a loan for the building. Perhaps they use the extra monies outside the US.
In all fairness, I know someone that donated about $5000 dollars to the WT. When her non-JW husband discovered she had given so much he was furious. She asked for the money back and they returned it even though she hadn't requested the loan condition to her donation.
Edited by - Imbue on 20 July 2002 11:32:19