So how much would it take to bankrupt the watchtower organization, they're already having to bleed tens of millions to child abuse victims, how much more would it take to bring the society to it's knees, I know at one point they were going to sell off Bethel.
How much would it take to bankrupt the Watchtower Organization?
by Vetro 9 Replies latest watchtower scandals
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Beth Sarim
The Watchtower has probably billions in assets. They could sell off a lot of their assets, deposit the money in the banks and recoup whatever losses suffered by income off of interest. -
Brokeback Watchtower
I think it all depends on how fast they can liquidate assets, they have lots of kingdom hall real estate that they can cannibalized push comes to shove to pay to keep liquid or solvent. Trouble in the courts seizing property to sell by revolting incorporated to kingdom ownership bodies might bring about a quicker demise. -
Brokeback Watchtower
I'm sure IRS has their sites set on this fraudulent corporation and is watching them very closely now that their reputation has been severely compromised due to all these lawsuits and what not -
freemindfade
I don't know. But I hope we find out -
JeffT
I'm sure IRS has their sites set on this fraudulent corporation and is watching them very closely now that their reputation has been severely compromised due to all these lawsuits and what not
I doubt it. The IRS is very reluctant to take on religious organizations. The Constitutional protections and long held legal opinion works against this.
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OUTLAW
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............The WBT$ won`t Run out of Money in our Lifetime..
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JWchange
Borg UK accounts are interesting
There are two key charities in the UK for the Borg. WTBTS of Britain and International Bible Students Asc. The links for the audited accounts of the WTBTS from the Charity Commission UK website are shown below. Their 2015 Accounts are about to be published, however what’s interesting is the extracts below from 2013/2014. Sorry if copy/paste doesn't line up properly.
You can get DFd for buying lottery tickets, but it’s OK for the Borg to gamble donated money
In 2013 they were happy that their flutter worked (Merrill Lynch, I think)
In 2014 they gambled on currency and lost.
Also, they had 8 months expenditure reserves in 2013, but in 2014 it was 6 months.
Furthermore, in 2014 accounts, litigation is shown as a risk. I wonder why? They are also seeking to relocate to save funds.
2013 Accounts http://apps.charitycommission.gov.uk/Accounts/Ends61/0001077961_AC_20130831_E_C.pdf
Report of the Trustees
for the Year Ended 31st August 2013
FINANCIAL REVIEW
Investment policy and objectives
The memorandum and articles give power to invest funds in any lawful manner having full regard to the suitability of
the investments, the need for diversification, and to be a socially responsible investor having due consideration to the
beliefs of Jehovah's Witnesses. The objective is to preserve capital and achieve a real return of 4% plus inflation. The
portfolio had a positive performance on August 31, 2013 of 4.6%. Given the objective, and because of the necessity to
retain a conservative investment strategy we are happy to have achieved a real return above the inflation benchmark of
3.1%. To reduce risk the portfolio was diversified by currency and asset class. The trustees continue to see the wisdom
in holding to the current strategy favouring portfolio diversification both by asset class and currency exposure, having
adequate liquidity and investment quality.
FINANCIAL REVIEW
Reserves policy
Although the charity has a consistent income base, the trustees have arranged to work closely with a similar charity
overseas. This arrangement continues to work well. At the year-end, free reserves stood at £21,471,000 which
represented 8 months of expenditure (2012: £17,056,000 and 5 months). The trustees feel that such a policy makes best
use of the charity's income, and are confident that it in no way adversely affects the charity's ability to both sustain and
increase its activity.
2014 Accounts http://apps.charitycommission.gov.uk/Accounts/Ends61/0001077961_AC_20140831_E_C.pdf
for the Year Ended 31st August 2014 STRATEGIC REPORT
Financial review Investment policy and objectives
The memorandum and articles give power to invest funds in any lawful manner having full regard to the suitability of the investments, the need for diversification, and to be a socially responsible investor having due consideration to the beliefs of Jehovah's Witnesses. The objective is to balance the following issues: Preserve the purchasing power, provide adequate liquidity and provide consistent long-term returns. Over the fiscal period, the Portfolio remained diversified by currency, overweighting the US dollar and due to the charity re-location project, holding mainly highly liquid assets. During the period, the value of sterling improved verses other currencies the portfolio holds. This is reflected in the value of the Fund decreasing by 4.5%, in sterling terms, primarily due to currency effects. It is anticipated that sterling will weaken against the US dollar reversing the loss in the following quarters. The trustees continue to see the wisdom in holding to the current strategy favouring portfolio diversification both by asset class and currency exposure, having adequate liquidity in investment quality.
Principal risks and uncertainties
The principal risks and uncertainties facing the charity are: Litigation; Failure to comply with legal requirements on health and safety, fire, environment, waste; Disaster in Kingdom Hall construction or maintenance. Statutory inquiry The Charity Commission has opened a statutory inquiry.
Plans for future periods
The charity is actively seeking to relocate its facilities in order to save funds.
Financial review
Reserves policy
Although the charity has a consistent income base, the trustees have arranged to work closely with a similar charity
overseas. This arrangement continues to work well. At the year-end, free reserves stood at £24,179,000 which
represented 6 months of expenditure (2013: £21,471,000 and 8 months). The trustees feel that such a policy is prudent
in the current financial climate and makes best use of the charity's income, and are confident that it in no way adversely
affects the charity's ability to both sustain and increase its activity
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Vidiot
vetro - "How much would it take to bankrupt the Watchtower Organization?"
A handful of things together could do it, I think.
x
Constant increasing child abuse court default losses due to the WTS refusing to provide GM members for testimony, and related internal documentation...
...constant increasing fines (and eventual revokation of status) for failure to meet improved standards for tax-exempt organizations...
...successful prosecution of WT officials (for criminal conspiracy, tax evasion, what have you)...
...subsequent Federal seizure of WTS-owned assets in the continental US...
x
...A "perfect storm", if you will.
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Half banana
I would just like to add to Outlaw's mention of moral bankruptcy; that of intellectual bankruptcy. Financial bankruptcy would make for a happy trinity!
