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with this problem, and I myself had several thousand dollars on the
books as a loan. I thought -- as I know many Co-Workers have
thought -- I probably would never need to ask for it -- but, just
in case of an unexpected emergency, I would have this to fall back
on. Of course the loan was made so that at my death it became a
donation to the Work.
So I want to tell you what I have done. At first, I
thought I would turn this into a donation at the rate of a certain
amount each year which I could deduct on my income tax. Then I
realized that if I did this, either 1) I could not deduct my tithes
and regular offerings, and special building-fund offerings -- for
they amount to between 28% and 30% a year -- as much as the law
allows for deduction: or, 2) it would mean not paying in the tithes
and offering out of income, these years, but merely crediting this
loaned money in lieu of tithes and offerings. Result: I have just
GIVEN the entire amount AS A DONATION, and I shall not try to
deduct it on my income tax, but keep on contributing up to 30% out
of income. I have PAID income tax on all that money -- and now
I will sacrifice any tax advantage in donating it, because that way
I can put more money into the Work.
As it is today, I do not own any property -- not even an
automobile. What, then, if some unexpected emergency should come
along, that would need this sum of several thousand dollars I am
donating? I have thought of that, of course. The answer is, I
HAVE A GOD TO TRUST, AND I SHALL RELY ON HIM!
I wonder how many of YOU Co-Workers did as I did -- loaned
to the Work money you didn't really expect to have to ask to be
paid back -- but making it a loan, supposing it would help the Work
AS MUCH, and then, IF an unexpected emergency happened, you could
ask for it? I wonder how many who did that, as I did, would now
join me in releasing the loan, and turning it into a donation -- or
if you feel unable to do that, turn part or most of it into a
donation? THAT WOULD HELP THE WORK GREATLY!
Now PLEASE UNDERSTAND! I do NOT say that loans do not help
-- THEY DO! -- but THEY DO NOT HELP THE WORK AS MUCH as tithes and
offerings given outright.
Another thing. Over the years, only about 20% of these
loans from Co-Workers have been asked to be paid back. WE KNOW, by
experience, that in all probability, 80% of the loans on our books
as liabilities will not have to be paid back. But bankers or
anyone examining our financial statement do not know that, and we
have to show the loans as short-term demand loans.
THEREFORE, I CANNOT now set a policy of refusing to take
further loans -- for WE DO STILL NEED these loans of larger amounts
-- especially of from one to several thousand dollars. BUT, I will
now ask, if you can, that you please stipulate that it is not to be
repaid at more than 20% in any one year. That would put it on the
books as a time loan, and would help us show a better financial
statement. If you will do this, and if some unexpected emergency
should arise so that you seriously need more than 20% of it
returned, if you will in that event simply write to our business