Mormon Church has misled members on $100 billion investment fund – Whistleblower

complaint to IRS

Mormon Church has misled members on $100 billion tax-exempt investment fund, whistleblower alleges


A former investment manager alleges in a whistleblower complaint to the Internal Revenue Service that the Church of Jesus Christ of Latter-day Saints has amassed about $100 billion in accounts intended for charitable purposes, according to a copy of the complaint obtained by The Washington Post.

The confidential document, received by the IRS on Nov. 21, accuses church leaders of misleading members — and possibly breaching federal tax rules — by stockpiling their surplus donations instead of using them for charitable works. It also accuses church leaders of using the tax-exempt donations to prop up a pair of businesses.

The church did not respond to detailed questions from The Post about the complaint and said in a statement Monday that it does not discuss specific financial transactions. On Tuesday, after the first version of this story was published, the church said it takes seriously its responsiblity to care for members’ donations.

“Claims being currently circulated are based on a narrow perspective and limited information,” said a statement attributed to the church’s First Presidency, its top governing body. “The Church complies with all applicable law governing our donations, investments, taxes, and reserves.”

The complaint provides a window into the closely held finances of one of the nation’s most visible religious organizations, based in Salt Lake City. It details a church fortune far exceeding past estimates and encompassing stocks, bonds and cash.

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1 Comment on Mormon Church has misled members on $100 billion investment fund – Whistleblower

  1. I don’t know who these guys think is benefiting from the money. I’ve seen up close and personal the good the church is doing when I visited my parents on the dental mission in Guatemala. Beyond offering free medical services to orphans and children, they have missionaries that go around and ask medical clinics, blind schools, etc. what they need and buy them the supplies they need. They provide clean water sources, etc. They do so much good. Meanwhile, the leaders of the church have nice but modest homes. They live their lives serving when they could be relaxing in their retirement years. This type of scrutiny is ignorant in my mind. The church puts its money where its mouth is. They do so much good.

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