Sunday, May 22, 2011

It is all about money

Dear insansapinas,

Naah Virginia, I did not blog yesterday because I was expecting Rupture. But as usual, I got interested in the financials of Harold Camping's non-profit organization. Ang salbahe, he predicted May 21 to be the end of the world but Family Radio  postponed the submission of the financials for July. Then Camping wrote a letter of goodbye to his employees; 80 per cent of whom did not believe their leader. bwahaha.

Why did I say, it is about the money?

Since the meltdown of Silicon Valley; the bust and then the sub-mortgage crisis and Madoffs massive Ponzi scheme, the non-profits that relied on the donations of people barely survived. People  who wanted tax shields for their income dwindled  in number as unemployment rate went up. Aside from cash donations, the non-profits accept  stocks and properties as well. These are sold as the need for cash arises. Idle cash are invested in pension  and other interest earning  funds; many of which dried up courtesy of Madoff. Even non-profits were victims. 

I should know. I have been in the non-profit business. The donations for the affiliate church were not enough to sustain its operations as many envelopes sent to regular donors  did not come back. Unlike the organization of Camping, however which relies solely on donations, our non-profit receives grants from the governments and other charitable organizations for its feeding program, drug rehabilitation and housing for the homeless.

Camping;s financials ahowed a decline of assets in 2009. From 86 million, networth was reduced  to  72 million. In the year, 2008, they received a total of 15 million donation but deducted an investment income of 9 million. Investment went awry?
 Subsisting mostly in donations, some of its employees must be receiving fat paychecks. One employee said that some of their co-workers recently were driving fancy cars and spending in nice vacations. Although they have no programs to spend on, the expenses exceeded the revenues. No big deal, they are not paying taxes. They are tax-exempt, remember.

So predicting it's the end of the world was a strategy to attract people to donating their assets or proceeds from sale of their properties? Parang Jim Jones. . The only difference was that Jones joined his followers in the mass suicide.

All along many of its members sold their properties because they believed they have no use of them when the end of the world comes.

What happens now to the people who left their jobs in the belief that they are ascending in heaven with Camping? Magkacamping na lang ba sila.

What is his explanation, this time? Abangan.


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