The Watchtower Corporation gets to legally keep all the money and property assets, even if it does fail or reduce in numbers

by Finkelstein 16 Replies latest watchtower scandals

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  Finkelstein

  I think its vitally important to realized that the WTS now has as of this year probably close to 2 billion in overall assets worldwide that it can live off for a very long time.
  

  I get this gut feeling that the WTS heads are positioning themselves and the organization in tentative survival mode for the long run.

  So many cut backs, the selling off of many branches, the down sizing of much of its operations, are all tell tale hints that even the Heads of this organization are preparing for the eventful devolving of this organization.

  The WTS GB leaders say that Jah's chariot is moving along at a faster pace but in reflection of how this organization been conducting itself as of late, that wouldn't necessarily be the real truth of the matter.
  

  What do you think ?
  
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  OneEyedJoe

  I'd be fine with it if they take the money and run. Above my desire to see these frauds thrown out on the street is my desire to see the end of the victimization of millions of people.
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  blondie

  Since the international headquarters are incorporated in the US they are subject to the laws of the US/IRS for non-profit religions corporations.

  https://www.irs.gov/Charities-&-Non-Profits/Termination-of-an-Exempt-Organization

  What to Do With Money When Dissolving a 501c3?

  by John Cromwell, Demand Media

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  To qualify for 501(c)(3) status, an organization must operate exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, to foster amateur sports competition, or for the prevention of cruelty to children or animals. When a 501(c)(3) dissolves, the organization must settle all outstanding liabilities and distribute any leftover funds according to the provision set in its charter.

  Resolving Debts

  When a nonprofit decides to dissolve, the first thing it must do with its assets is satisfy all of its outstanding debts and liabilities. If the directors of the 501(c)(3) are keeping good records, they should be aware of the outstanding debts of the organization. To ensure that the organization settles all its debts, they may consider contacting any organizations or individuals with whom the 501(c)(3) has recently done business to inquire if any outstanding financial obligations exist.

  Donating to a Like Cause

  After the dissolving 501(c)(3) settles its debts, it may not transfer any remaining funds to shareholders or board members of the organization. When a 501(c)(3) organizes, it must include a provision in its charter defining how it will distribute any leftover assets when it dissolves. Generally, it must donate any remaining funds to another organization that has a similar mission to its own, a charitable organization, or to the federal government.

  Transfer Process

  Prior to transferring the cash to another charitable organization, the dissolving 501(c)(3) must do some due diligence and take some procedural steps: First, the dissolving 501(c)(3) must acquire information regarding the recipient organization's governing structure, its financial reports for three years, a copy of the recipient’s IRS letter of determination, and an affidavit of the recipient’s board stating the recipient is tax-exempt. After obtaining this information, the dissolving 501(c)(3) may have to obtain permission from the state where it is located to transfer the assets. Once it obtains permission, it can transfer funds to recipient, generally within a specific time frame.

  Federal Filings

  When the 501(c)(3) terminates, it must inform the IRS how it is going to dispose of its funds. When it files its final annual return, Form 990, it must enclose a completed Schedule N detailing how the assets of the organization were distributed. Schedule N describes all the assets disposed, including cash, as well as detailing any transaction fees and when distribution occurred. The IRS must receive the completed Form 990 and Schedule N within 4 months and 15 days of the dissolution of the 501(c)(3).

  http://info.legalzoom.com/money-dissolving-501c3-21769.html
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  Finkelstein

  Thanks blondie but I don't see that happening for along time away , at least not in are lifetime.
  

  There is going to be continuing generations of men who will gladly sit on top of this flotilla of bullshit for their own means and purpose, even if they have to switch up the bullshit to keep the ignorant supporting engaged.
  

  With all of that money and appealing power to languish in, its just too alluring and attractive for many men to take a ride on this ocean liner and bask in its wealth.

  Which is kind of reflectively emulates why men such as J Rutherford grabbed onto the WTS for himself so many years ago.

  The power and control was there, so was the money which he exploited both toward his own assuming desire .
  
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  bafh

  If they were planning to dissolve the US Non-profits, then I would expect to see all of the assets being "given" to the other entities they have set up in other countries. There may be a country where they can shelter the assets without repercussions.
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  Finkelstein

  I don't see the WTS dissolving its legal identity in the US just shrink or plateau its overall building growth.

  You might see more pressing growth in poorer third world countries where there's a lessor quality of education and perhaps the inter-net.
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  Lostandfound

  Bath

  There may be a country where they can shelter the assets without repercussions.

  I am convinced that as we speak locations for "storing" money are in full progress, constitutions of variou charities of WT allow funds be transferred to related charities. Watch with interest the Charity Commission site in the UK to see how the funds held there vaporise.

  GB paying for top level finance and organisational advice ,which is what led to present downsizing, or making proper use of dedicated funds, as they say out of the corner of their mouths.
  
  
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  JeffT

  I think the money is probably already in the safest country they can find. The US government is VERY reluctant to tread on the 1st amendment protection of churches. Unless they are doing something like outright criminal (think the Mormon renegades marrying thirteen year old girls) they aren't going to pursue a religion. That isn't true in a lot of other places.
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  Lostandfound

  Think of a country where the JWs are nominally proscribed .

  And what safer location than a country with minimal corruption, perfect as a safe place to hide money ......................
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  Wild_Thing

  the organization must settle all outstanding liabilities and distribute any leftover funds according to the provision set in its charter.

  First of all ... this will never happen. But if it did, who would they distribute money to? Would they allowed to "distribute" it to another country or would it stay here in the US? They certainly would't give it back to it's members.

  It still makes me sad they try eek so much money out of their members when their members are all poor and uneducated.