James Jacob Prasch At 10:57 7/10/98 +0100, James Jacob Prasch wrote:

Moriel is being reorganized under the U.K. Charities Commission as a non-profit limited liability company with a new board and advisors (“new” for legal purposes, we are bringing on one or two new people, but most of the other personalities will remain the same).

Under our accountants advice and legal advice we are looking to close MORIEL down on paper (as a purely paper move which will make little or no actual difference to the day to day operations), but it will be a new ball game with certain administrative changes and changes in editorial policy for the periodical.

The accountant alo is urging us as a matter odf stewardship to acquire a building with a combined office suite and manse facility for Jacob’s family which at current rates will save Jacob £3,300 per year and MORIEL £1,200 for combined savings of approx. £4,500 ($7,000 U.S.) per annum lower than current annual rental costs where we gain no equity and provide both costs and some equity. From a strictly financial view point the accountant is correct, and his proposal is under prayerful consideration, but before embarking on a building we need the mind of The Lord.

In any event, the essential reason for this change has been growth. Although I was abroad half the time, U.K. sales alone for MORIEL were £91k in the last 16 months and the current growth in South Africa and beginings of growth in America warrant certain changes.

I - Jacob accept no salary from MORIEL, and refuse any royalty payments from tapes and videos, making what would be my own 1/3 commission a donation amounting to about £25 k annually. This arrangement will stay and I will still not be accepting a salary or royalties (although we are looking at MORIEL arranging a pension provision and covering some insurance for myself).

But because of the new EU VAT regulations we are being advised due to graduated sales figures to reorganize to protect ourselves from buracratic scrutiny from Brussells.