WTBTS of New York "revenue"

by Narkissos 6 Replies latest social current

• 

  Narkissos

  Hello everybody,

  I recently read (secondhand) the following report (from newsday.com/business, September 22, 2003) ? WATCHTOWER BIBLE & TRACT SOCIETY
  OF NEW YORK
  
  25 Columbia Heights, Brooklyn, 11201
  718-560-5000
  
  www.watchtower.org
  
  Revenue: $951 million
  
  Industry: Publishing
  
  CEO: Don Adams
  
  Employees: 5,227 (all volunteers); local, 3,000
  
  The Brooklyn print shop responsible for producing almost half of the
  books used by Jehovah's Witnesses worldwide will soon complete its
  final run. The Watchtower Bible & Tract Society of New York printery
  that has produced more than 1 billion books since 1927 is slated for
  closure now that printing, binding and shipping operations will be
  moved to a Walkill, N.Y., location. Walkill's new bindery equipment
  will be able to produce hardcover books and deluxe Bibles at a rate
  of 120 a minute.
  
  In May, Watchtower announced plans to sell the 1-million-square-foot
  building - just one of the buildings in the Brooklyn waterfront
  complex. "Perhaps this building will be used by others in a way that
  is compatible with the Brooklyn waterfront development," said Robert
  Alexander, a spokesman for Watchtower. The organization headquarters
  will remain.
  
  Watchtower says these changes will contribute to a streamlined flow
  of literature to its 12,000 congregations in the United States. The
  Jehovah's Witnesses' primary journal, The Watchtower, has an
  international circulation of 25 million in 147 languages.?

  My question is one of technical terminology: what is exactly meant by ?revenue?? Is it the gross total of receipts (turnover, financial products, and so forth), before any deduction of costs and charges? Or the (gross or net) profit?

  As I wondered over this figure (rather abstract to me) I had the idea (a very natural one for a former Bethelite) to divide it by the number of ?volunteers employees? mentioned. The result was, on an European basis there would be several times enough to pay all the workers a decent salary with all charges included. What do you think?
• 

  sens

  $951m ?
• 

  Narkissos

  According to a friend on a French forum, the WTBTS of NY has been declaring exactly the same annual figure (whatever it may mean) for the last three years. Isn't that strange?
• 

  Insomniac

  Narkissos-according to my understanding, revenue means all money earned in the year. This is before they subtract expenses, taxes, etc. As a religious organization, I don't think the WTBS has to pay taxes, so their final amount for the year (their net profit) would still be pretty high.
• 

  Hamas

  Hi Nark !!!!

  http://www.escapethewatchtower.com/wt_money.htm
• 

  shamus

  Yes, that equals profits before expenses.

  I would love to know what they're expenses are... nice to see them get into a financial bind and have to beg for money!
• 

  Narkissos

  Thank you very much for your answers. I guess "revenue" really means what Insomniac and Shamus seem to be agreeing on. Anyway the figures (especially if repeated identically one year after another) may be sheer fake.

  I learnt a lot from Hamas? link, since I was already out of the WT when the 1990 policy change occured. The 1996 "thrift appeal" might be interpreted as a sign that the WT is not so well off after all, but it may be mere "communication strategy" as well.

  As regards tax exemption, you must be aware that many countries are not as generous with religious organizations as the US administration seems to be. In France, the debate is still continuing before the courts as far as I know. As for the Labor Code, the French branch has been able, to this day, to escape the general regulation on social charges by affirming that the "Bethelites" were nothing but a religious congregation. However, a recent work accident in the French Bethel opened the eyes of the French administration, and the matter is still before the courts too.