Mormon Church Allegedly Stockpiled $100 Billion in Donations
The Church of Jesus Christ of Latter-day Saints allegedly amassed $100 billion in tax-free funds “intended for charitable purposes,” a whistleblower claimed in a report to the Internal Revenue Service obtained by the Washington Post Monday.
The allegations: Per WashPost, the Nov. 21 complaint to the IRS alleges church leaders misled congregants “by stockpiling their surplus donations instead of using them for charitable works” and “possibly breaching federal tax rules.” . . .
The big picture: The complaint by David A. Nielsen, a 41-year-old Mormon who until September worked at Ensign Peak Advisors, the investment division of the church, offers a glimpse into the finances of the church, which has not publicly disclosed its financial statements in the U.S. since 1959, per the Salt Lake Tribune.
By the numbers: Nielsen’s complaint estimates the church collects $7 billion in annual contributions, $6 billion of which covers yearly operations costs, while the remaining $1 billion goes to Ensign Peak Advisors for he church’s investment portfolio.
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