Beth Sarim,
That is probably true. Here are some other possibilities:
1. WTC was leveraged to some financiers who made acquisition of those properties possible for many years. I am told that they told WTC that they had to be paid back when the properties were sold. It was a large amount.
2. Warwick ran so far over budget that WTC finally took off all constraints and told Construction to "just finish it - don't worry about the cost". It is thought to have exceeded $1 billion when it was completed. Some buildings remain unfinished.
3. CSA settlements have exceeded anyone's expectations, but they pale in comparison to other costs. Nevertheless, they are cash expenditures so the pain is severe. Non-JW attorneys have been hired to field many of the cases, and they are very expensive compared to free JW attorneys. Legal is overwhelmed by all the cases as statures of limitations are lifted in one place after another.
4. WTC was heavily invested in hedge funds that lost lots of money in the downturns of 2008, 2015, 2018, and 2020.
5. WTC had billions in offshore accounts and had to abide by US laws that allow such investments but have many rules on how long the money must be invested before being removed. The losses were heavy as they were unable to move the money as market downturns occurred.
6. The aging Bethel families, CO's and SP's have stipends and health coverage direct from Watchtower. The costs are significant. Efforts to reduce costs include retirement homes with dedicated nursing/doctors where costs can be more predictable. Some SP's have been dropped from the coverage and many Bethelites have been sent out to fend for themselves. Young Bethelites have been invited in to reduce costs but it is not a solution. The down-sizing continues.
6. Donations are down because so many are leaving. Elderly who were the largest contributors are passing away. Younger JWs do not contribute as much as their parents did.
7. Special projects like the Argentina facility have been pricey, built with commercial labor. They are the "GO BAGS for the GB" in all likelihood.
There are other drains on their cash but these are the big ones. If there was malfeasance in Treasury, it is not known at this time. They are hurting financially, thus the continual pleas for money. What comes in is considerably less than what is needed and they cannot get a handle on spending.