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| By Paul Glader |
A whistleblower complaint filed at the Internal Revenue Service in November by a knowledgeable church member alleges that a non-profit supporting organization controlled by the Church of Jesus Christ of Latter-day Saints used member tithes to amass more than $100 billion in a set of investment funds and the Church misled members about uses of the money.
The complaint may be the most important look at LDS finances in decades, a window into one of the wealthiest religious organizations in the United States and the world. Details of the IRS filing reveal financial assets largely hidden from the church's membership (often known as "Mormons") and the public view.
The 74-page document filed with the IRS and obtained by Religion Unplugged shows that Ensign Peak Advisors, Inc. (EPA) owned assets under management grew to more than $100 billion from $10 billion in the past 22 years, fueled by a mix of investment strategy and tithe money from church members.
Religion Unplugged reached EPA's managing director Roger Clarke by phone on Monday, offering to explain key parts of this story and to ask questions for EPA to give a response. "We don't really answer questions with the public press. So thanks," he said, before hanging up the phone.
Continue reading @ Newsweek.
Mormon Church Stockpiled $100 Billion Intended for Charities and Misled LDS Members, Whistleblower Says
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| By Paul Glader |
A whistleblower complaint filed at the Internal Revenue Service in November by a knowledgeable church member alleges that a non-profit supporting organization controlled by the Church of Jesus Christ of Latter-day Saints used member tithes to amass more than $100 billion in a set of investment funds and the Church misled members about uses of the money.
The complaint may be the most important look at LDS finances in decades, a window into one of the wealthiest religious organizations in the United States and the world. Details of the IRS filing reveal financial assets largely hidden from the church's membership (often known as "Mormons") and the public view.
The 74-page document filed with the IRS and obtained by Religion Unplugged shows that Ensign Peak Advisors, Inc. (EPA) owned assets under management grew to more than $100 billion from $10 billion in the past 22 years, fueled by a mix of investment strategy and tithe money from church members.
Religion Unplugged reached EPA's managing director Roger Clarke by phone on Monday, offering to explain key parts of this story and to ask questions for EPA to give a response. "We don't really answer questions with the public press. So thanks," he said, before hanging up the phone.
Continue reading @ Newsweek.
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