| Author | Message | ||
| Susan_2 Registered user Username: Susan_2 Post Number: 2014 Registered: 11-2002 |
I just finished reading an article on Dirk's site that says the Central California SDA Conference just settled for $3.5 million with five men for their being sexually molested by staff at Monterey Bay Academy. I don'y necessarilly want to get into any of the legal stuff about this because I once was a student there and I truly believe the allegations by these men. Having said that, I just wonder what funds the conference takes that $3.5 million from? Tithe? Does the independent SDA ministries such as Faith For Today, The Voice of Prophecy, The Quiet Hour, Annoying Fiction and so on, do they divert their funds to help pay these huge settlements? Does the conference disclose all these finincial manervings to their faithful contributers? BTW, Dirk has some very interesting new stuff on his site. | ||
| Lynne Registered user Username: Lynne Post Number: 17 Registered: 10-2005 |
I'm just curious. What is the website url so I can look at it. Thanks. | ||
| Susan_2 Registered user Username: Susan_2 Post Number: 2016 Registered: 11-2002 |
www.ellenwhite.org The new stuff is towards the bottom. | ||
| Lars Registered user Username: Lars Post Number: 2 Registered: 7-2005 |
Susan_2 and Lynne, The proceeds to make the payment probably came from: Gencon Insurance Company of Vermont The history of Gencon Insurance Company of Vermont began when the Seventh-day Adventist Church decided to control their level of risk. Incorporated in 1936 as the International Insurance Company of Takoma Park, Md (IIC). IIC operated successfully until 1982, when changes in Vermontís legislation permitted the formation of captive insurance companies. A captive is regulated by one jurisdiction and is not required to file rates and forms in other states, and is less expensive to operate. In 1986, Gencon Insurance Company of Vermont was formed as the successor to the International Insurance Company of Takoma Park, Md. It is estimated that $1 million is saved annually by operating GICV rather than IIC. GICV currently insures the property, general liability, hospital professional liability, auto liability, and employment practices liability risk for denominational organizations. With assets in excess of $112.6 million and annual gross written premiums of $41,000,000 in 2003, GICV is a vital risk-financing tool for the Seventh-day Adventist Church. Through reinsurance agreements with quality commercial insurance companies, GICV cedes portions of its casualty and property risk to limit its exposures on individual losses and occurrences. As of December 31, 2003, GICV has shareholderís equity in excess of $19.5 million. Our Companies Gencon Agency, Inc. Gencon Insurance Company International, Ltd. Gencon Insurance of Vermont Gencon Insurance Services Inc. UNIBRAS The URL is: http://www.adventistrisk.org/aboutus/gicv.html You probably didnít know that SDA has its own insurance companies. Interesting? Lars | ||
| Lars Registered user Username: Lars Post Number: 3 Registered: 7-2005 |
Sorry, I didn't make it clear that most of the previous post is primarily quoted from the GenCon website. Local churches, conferences, and untions pay premiums to GenCon for liability, property, and casualty insurance. The website has more info. Lars | ||
| Colleentinker Registered user Username: Colleentinker Post Number: 2731 Registered: 12-2003  |
Yes, the Adventist Church self-insures. It was, in fact, GC inusrance funds that paid Robert Folkenberg's out-of-court settlement when he was sued for several million dollars in a private (not denominational) lawsuit from a business partner in 1998-99. The GC legal dept. was outraged because they were not consulted before the funds were paid. No, it is not "permitted" to settle personal lawsuits with denominational insurance money. Colleen | ||
| Susan_2 Registered user Username: Susan_2 Post Number: 2017 Registered: 11-2002 |
So, Lars, does this insurance company make its money from stocks? I am courious because EGW says the faithful commandment-keepers are to not get involved with the stock market. Assuming they adhear to EGW's counsil and don't get involved with stocks then how are they making their profits? It's for sure insurance companies don't make much money from the premiems they get just like newspapers don't make money from subscriptions. I have heard the SDA denomination even owns stock in pig farms but I never did believe that one. But, I have heard it owns much stock in different companies. Why don't they disclose these finincial doings to their members? Is there a body of apointed finincial advisors within the ranks of Adventism who makes these sorts of decisions? If so, do they hire non-SDA's as their finincial advisors? What if they are advised to purchase stock in a company owned by the beast or one of her whores? Wouldn't that be like jumping from the frying pan into the fire? You know, being involved with the ones who are ultimately to persucate you? I'm very courious about this stuff. Do the sitting in the pews on Sabbath morning folks even know where their money goes or what it is used for? | ||
| Lars Registered user Username: Lars Post Number: 4 Registered: 7-2005 |
I don't know how GenCon funds are invested. The annual financial statement might give some insight. Our internet access is dialup and the 2005 financial statement for GenCon is several megs, so I didn't download it. The URL is: www.adventistreview.org/pdf/2005/1526-2005.pdf There is no doubt that the average SDA faithful is not aware of the financial dealings in the local church, conference, union, and the General Conference or any of its holdings or subsidiaries. Lars |
