CommunicatorIC
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Scientology spent $42 million for Global Media Center, now needs money to use it.
Mike Rinder: There’s A Sucker Born Every Minute (most seem to end up as Scientology marks)
http://www.mikerindersblog.org/ther...ute-most-seem-to-end-up-as-scientology-marks/
Excerpt:
In short, the Church of Scientology can satisfy the IRS requirements concerning not accumulating too much unspent reserves by... buying real estate.
The Church of Scientology can satisfy the IRS requirements concerning not accumulating too much unspent reserves by... accumulating unspent reserves in the form of real estate.
Mike Rinder: There’s A Sucker Born Every Minute (most seem to end up as Scientology marks)
http://www.mikerindersblog.org/ther...ute-most-seem-to-end-up-as-scientology-marks/
Excerpt:
Mike explains the strategy regarding the IRS:Now, he also announced this purchase and crowed about how it was going to “make planetary clearing a reality”. Funny, they bought the place in APRIL 2011. They paid a reported $42 MILLION DOLLARS according to Reuters, a story in which Karin Pouw may have made her last public statement, proclaiming: “The church plans to establish a central media hub for our growing world network of churches and to move into the production of religious television and radio broadcasting.”
Miscavige spent more than $40 million to buy a property to “make planetary clearing a reality,” and now 3 years later they are “doing the fundraise” so it can be put into action? It’s now just a “dream”, to be made a reality with your hard earned cash.
If I understand Mike correctly, the key is that a church can satisfy the IRS by spending money on an asset, such as a church building to "minister to the flock" or a facility to "disseminate the faith." That is, spend money on an asset which the church retains, meaning that nothing is given away and there is no economic loss. It is an IRS accepted way of being "charitable" without, you know, actually giving anyone any charity.The reality is that a property like this (or the ideal org buildings they buy) is purchased for tax purposes. A 501(c)3 exempt organization cannot accumulate too much unspent reserves. The money they take in must be used “for the public benefit.” But it’s no good throwing money down the drain building schools in Asia or providing food to disaster victims or mosquito nets to African villages. The IRS considers it to be a charitable purpose to buy property to “minister to your flock” or “disseminate the faith”. So, buying buildings keeps some semblance of conforming to the Internal Revenue Code without reducing the assets of the church (there is no drop in total assets, just a shift from cash to property). But the genius of it is that it can also be used to raise MORE MONEY.
In short, the Church of Scientology can satisfy the IRS requirements concerning not accumulating too much unspent reserves by... buying real estate.
The Church of Scientology can satisfy the IRS requirements concerning not accumulating too much unspent reserves by... accumulating unspent reserves in the form of real estate.
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