October 31, 2017 TO SELECTED BOEs IN THE US BRANCH TERRITORY Re: Discontinuation of the Funds-on-Deposit Arrangement
by wifibandit 38 Replies latest watchtower beliefs
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The Fall Guy
Thanks again for your contributions WiFi.
The letter says, "If there are excess funds, the elders may decide to recommend that the congregation(s) pass a resolution to donate the excess funds to Kingdom Hall and Assembly Hall construction worldwide."
Is there such a named and specific fund for "Kingdom Hall & Assembly Hall Construction"? (KH & AHC)
I distinctly remember the org's 4 page money-grabbing letter mentioned KH & AHC more than 20 times, but then said that the org would use the money for whatever it desired. The blood-sucking WTBTS continues to suck.
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Magnum
Sounds to me like they're just wanting to take that money, too - the money that congregations have on deposit with them.. I think they're reasoning that this letter will move most congregations to donate their deposited funds to the org.
The letter says that at the end of this year, any money still on deposit with the org will be transferred to the involved congregations' bank accounts. But, even if that happens, the org will still get the money because congregations are only supposed to keep on hand enough funds to cover about three months' expenses. They'll end up sending the returned funds right back to the org, but this time permanently - not just as a deposit.
More money grabbing.
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Gorbatchov
There must be some serious money drain.
G.
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pontoon
My guess the funds on deposit arrangement has some banking regulations that the corporation is not willing to meet, like an escrow account. Maybe a CPA or a financial expert will comment on this.
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stuckinarut2
Ah yes...just as Proverbs 30;15 says: The leech has two daughters; they cry, “Give! Give!” Three things are never satisfied; four never say, “Enough!” —
Sounds just like the "society"...Never satisfied....
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stan livedeath
so those congs who have saved for their own hall can kiss that money good bye.
wake up folks.
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_Morpheus
I can hardly wait for slim to get his hands on this 😂😂😂
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sparrowdown
Sounds like "Mother" is packing her bags and collecting her money, is she leaving us Daddy is she leaving us? LOL.
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LV101
Haven't they already set this arrangement in action? They want each congregation's bank account linked with a branch so the WT will have immediate access thus allowing WT to know at all times exactly what's on hand throughout the land? They don't want to wait for congregations to forward any funds after operating costs? They don't trust anyone or need a better accounting system - who knows.
Interesting.