Theos-Talk Archives (December 2006 Message tt00837)

For anyone who has seen the sky rocketing real estate prices, $6.1 million
is no surprise especially in LA.

While I do not have any personal information, it looks like most of the
amount is the value of the buildings owned by Theosophy Company. In
addition, all non-profit tax exempt organization in the USA, except
Churches, are annually required to file financial and operational
information returns by IRS and this info is public info for anyone to
see.Soanyone can find out the financial condition of these
organizations.

Most of the long standing organizations which acquired real estate several
decades ago in such cities as LA, have seen the values sky rocket and from
time time, when long standing members and sympathisers die, they bequeath
substantial properties to many tax exempt organizations; which in addition
to fulfilling their interest in financially supporting the organizations,
their estates also get a tax deduction if the estate is large enough to
attract estate taxes.

Unless the above type of non-church tax exempt organization is a membership
organization, they are not required to disclose any operational information
except that is required by the Federal and State Tax authorities. So it is
almost impossible to find out any operational or financial details other
than the above.

I am aware of a local "church" type tax exempt organization in Texas, USA
which is supported by contributions from the public, but does not publish
any financial information either about their assets and liabilities or their
operational income and expenses and not even the contributing public has any
right to see any of the information. Of course, if IRS or the Secretary of
State determines there is a need to audit the organization, they have right
of  full access; but they cannot disclose any information they come across
during the audit. I thought, it may be of some interest to those not fully
familiar as to how the US system works.

mkr

On 12/21/06, Mark Jaqua <proto37@yahoo.com> wrote:
>
>   Re ULT Finances
>
> Thanks to Dr. Tillet for this information
> of public record.
>
> What the heck is going on here? $6.1
> million in assets - which can't be all
> books and Lodge buildings. Why in the heck
> does someone well-motivated like Wheeler
> have to work like heck to get donations of
> a few thousand dollars to publish a book??
> Who are all these people? Why in the
> world would a Theosophical organization
> have millions of dollars for the personal
> use of a FEW people who few know - Why don't
> they open a soup kitchen or drill wells
> in Africa? As Emmett Small said to me once,
> in relating what GdeP said about financial
> difficulties - "...if you ever are not
> hard-pressed for money - then you are doing
> something wrong!"
>
> Here I was feeling empathetic for ULT
> because because I figured they were
> hard-pressed (maybe most are...) - and
> they have millions.... (repost below)
>
> Will wonders ever cease!
>
> - jake j.
>
> --------------------
> <6a. The Theosophy Company
> Posted by: "gregory@zeta.org.au <gregory%40zeta.org.au>"
> gregory@zeta.org.au <gregory%40zeta.org.au>
> Date: Mon Dec 18, 2006 4:55 pm ((PST))
>
> <Documents lodged for taxation purposes by The Theosophy Company for
> 2004
> shed some light on that organization. Its directors were: Wesley
> Amerman
> (President), Joseph Martin (Vice-President), W. Dallas TenBroeck
> (Secretary), Rosemary Jourdan (Assistant Secretary), Colin Baker,
> Howard
> <McOwen, Joseph Rudison, Lavera Samuels, Carolyn Van Horn and Valerie
> TenBroeck.
> <At the beginning of the year it had assets of approx. $6.1 million, and
> by
> the end of the year approx. $4.9 million. Some $627,000 had been
> <transferred to the ULT of New York. The Theosophy Company paid some
> $160,000 in salaries (although none of the Directors received
> payments).
> <Its income was approx. $1.3 million, and it owned land and buildings to
> the value of approx. $666,000. There were loans of approx. $110,000
> outstanding to three named, but otherwise undescribed individuals.
>
> <Dr Gregory Tillett
>
> --------------
> <6b. Re: The Theosophy Company
> Posted by: "samblo@cs.com <samblo%40cs.com>" samblo@cs.com<samblo%40cs.com>
> Date: Mon Dec 18, 2006 8:08 pm ((PST))
>
> <Gregory,
> Thanks, it is interesting. I wonder "why" New York ULT received the
> <$627.000 transfer? Is there a tax record for the New York ULT? There
> looks to be
> <some $303,000 difference remaining unmentioned as regards the $1.2
> million
> <change in assets of 2004 after $897,000 of stated expenses and
> disbursements are
> deducted.
>
> <John
>
> ------------------------------
>
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