Lux Bond & Green says Rolex is a Non-Profit Org

[axecollector65]

I walked into the Lux Bond and Green a AD located in Mohegan Sun Casino and the sales lady tells me that Rolex is a non-profit organization. I just scratched my head and said that's hard to believe. Then she goes on to tell me that they donate all their profits to charitable organizations. I thinks she's full of sh#t. Tell me if I'm wrong.

[Tijssan]

I'd tell her you represent a charity and they need to donate a Rolex to you for X-mas!

[Mockingbird]

As far as I know the AD is correct. I've heard numerous times from trustworthy sources that Rolex IS in fact a non-profit.

[JUSTROLEXES]

You are wrong my friend,
Rolex is in fact a Non Profit Organization...
Sure top guys are paying themselves top $$$ but heck they're doing a great job and I think they should...
They do tons of Charity work no doubt about it...

[oo7]

All after tax profit revenue goes to the Wilsdorf Foundation which is the rights holder of Rolex Corp. Since all after tax revenues go toward running the foundation, Rolex is exempt from certain tax conditions that for-profit corporations must adhere to. Including disclosing revenues. The foundation was set up right after Wilsdorf's death. It was a brilliant move for several reasons (inheritance taxes, his desire to give something back, etc...) but it is a genuine charity. There's plenty of info online about the Wilsdorf Foundation but only just enough about Rolex's corporate disclosures. But give it time, discretion is becoming a lost art... even for Swiss based entities. LOL!

[Alcan]

Upon the death of Hans Wilsdorf, in 1960, ownership of Montres Rolex S.A. was passed on to a charitable trust. Today that trust continues to own Rolex and direct its finances. This does not mean that the company is a non-profit.

The profits are shared among employees as well as given to charities around the world. One way this money is given away is through the Rolex Awards for Enterprise which “support exceptional men and women who are breaking new ground in areas which advance human knowledge and well-being.”

Since Rolex is not a publicly held company and not a non-profit, they do not have to make financial information available. We have no way of knowing how much profit they make or how much they give away. One thing is for certain, the Wilsdorf trust fund is substantial.

In the grand scheme of things, Rolex is a good company. They contribute liberally to charities around the world while still turning a profit and growing their business. Their unique situation allows them to weather storms and keeps them from being bought or sold. Rolex will be around for many more years doing good and making excellent watches

[axecollector65]

Originally Posted by Alcan

Upon the death of Hans Wilsdorf, in 1960, ownership of Montres Rolex S.A. was passed on to a charitable trust. Today that trust continues to own Rolex and direct its finances. This does not mean that the company is a non-profit.

The profits are shared among employees as well as given to charities around the world. One way this money is given away is through the Rolex Awards for Enterprise which “support exceptional men and women who are breaking new ground in areas which advance human knowledge and well-being.”

Since Rolex is not a publicly held company and not a non-profit, they do not have to make financial information available. We have no way of knowing how much profit they make or how much they give away. One thing is for certain, the Wilsdorf trust fund is substantial.

In the grand scheme of things, Rolex is a good company. They contribute liberally to charities around the world while still turning a profit and growing their business. Their unique situation allows them to weather storms and keeps them from being bought or sold. Rolex will be around for many more years doing good and making excellent watches

thanks for the history of company I never knew before.

[Randy9999]

A Rolex not only attests to its owner's appreciation of life's finer things, but it also speaks to the wearer's desire to make life itself a finer thing. Wear your Rolex proudly. A few quotes:

Owned by a private trust: "Upon the death of his wife in 1944, Wilsdorf established the Hans Wilsdorf Foundation in which he left all of his Rolex shares, making sure that some of the company's income would go to charity. The company is still owned by a private trust and shares are not traded on any stock exchange." (source)

Proceeds to children's charities: "Upon Mr. Wilsdorf's death in 1960, he owned all of Rolex and the Company today is still privately held and overseen by the Hans Wilsdorf Foundation which is a Charitable Organization. It is said that the proceeds discreetly go to Children's Charities around the world. Mr. Wilsdorf was an orphan." (source)

Careful charitable governance: "The 1940s were a significant decade for the future of Rolex. In 1944, Wilsdorf's wife died after a four-day illness. The couple had no children, and Wilsdorf was determined to protect the business he had created, even after his death. He set up the Hans Wilsdorf Foundation and transferred his interest in Rolex to the foundation, creating a governing council and detailing precisely how he wanted the funds handled. His specifications included large donations to charity, horological institutions, universities, and professional schools." (source)

[steven.veres]

donate all their profits to charitable organizations.

It's pretty obvious the profits pay the employees, advertising, materials, facility etc.. first before any donations are made.

[mitchy]

So does that mean I can claim back my rolex on tax cause it was a donation??
Top work to rolex for donating their profits though :D

[utc66]

An interesting thought I had today. If I was an independent commercial diver, I could write-off my Rolex Tool watch as it is a piece of equipment I use for my business. If that's the case, as a working musician who pays taxes on all my gigs, can I not write-off my Rolex SD as a business expense as I use it to time things in the job as well - sets, breaks, time songs in the studio, etc. Or am I just inviting trouble with the tax person?