Quote:
Originally Posted by Jo S
Ok so the individual congregations own and manage the actual real estate? There isn't some sort of trust within the LC?
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As far as I can tell it depends on the locality. But the 501c3 church in XYZ city (the organization, not the church, because the church has no name, because if they did have a name they'd be a denomination) owns most of the properties, they funnel cash to the LSM, but hold assets under their own tax id. There could be a trust of some sort, and it's my understanding that LSM has also sent their lawyers to sue for real estate assets (but I can't speak to that or confirm it to be true).
So if what Ohio says is accurate, a 501c3 "Church in Cincinnati" held assets and once was a part of the LSM - bought into their rules, sold their books, funneled cash to their "ministry", did the whole song and dance, but they held assets in their name. So when they decided to break away from the chains of the LSM, they keep their assets.