The new document alleges several new violations by EPA and its leaders. Ensign Peak and the Church have cooperated with the government over a period of time as we sought resolution." Paul Glader is executive editor of ReligionUnplugged.com and a professor of journalism at The Kings College NYC. A federal judge recently tossed out the lawsuit, but Huntsmans lawyers plan to appeal. We can prove that over and over again whether it's looking at DNA and the Book of Mormon, the Book of Abraham, or how Joseph Smith retrofitted the priesthood restoration or First Vision to establish authority. Ensign Peak Advisers, the non-profit that oversees the Church's portfolio, failed to comply with the regulator's disclosure rules by filing forms for shell companies that "obscured" the Church's investments, according to the SEC on Tuesday. Read the Wall Street Journal story. The Ensign Peak Advisors management team includes Paul Davis (Chief Operating Officer), Anthony Kirkham (Vice President and Senior Portfolio Manager), and Jason Butterfield (Chief Compliance Officer) . The 2019 stories inReligionUnplugged.comandother outletsrocked both the investment world and the religion world, gaining hundreds of thousands of page views as readers were intrigued by the revelation of previously hidden church finances. Professor Thorley is a Chartered Financial Analyst (CFA), a Co-Editor of theFinancial Analysts Journal, and on the investment committees for Intermountain Healthcare and Deseret Mutual Benefit Administrators. Ensign Peaks holdings include $40 billion of U.S. stock, timberland in the Florida Panhandle and investments in prominent hedge funds. Latter-day Saints, like many Christians, believe there will be a period of war, hardship and natural disasters before Jesus comes back. Roger Clarke, the head of Ensign Peak, said: 'Paying tithing is more of a sense of commitment than it is the church needing the money' Clarke and other officials say the money is saved. And the funny part about the quote is that many church leaders thought they knew when Jesus was coming back, but they just happened to be wrong. When we shut down critical thinking, it allows those who claim authority from God to abuse that trust over and over again, which we have seen from the days of Joseph Smith promising exaltation to marry the young daughters of early members through today with finances, interviews with children, or shutting down questions about church history. Whether you're a believing member or have left the church, the only thing I can say is that if you want to continue tithing, follow the Bible and use the money to help those around you whether it's a children's program, a local animal shelter (always a favorite of mine), or a food pantry. Clarke told the Journal, We dont have any idea whether financial assets will have any value at all during a second coming. Ensign Peak Advisors ( email) 60 East South Temple 4th Floor Salt Lake City, UT 84111 United States. Do you really think when Jesus comes back to Earth that he's going to congratulate Russell Nelson on leaving those in need out to dry while accumulating a stock portfolio for his return? BYU Marriott School of Business. Neither Clarke nor other officials would provide The Journal with details on the size of the churchs annual budget or how much money goes to Ensign Peak. Aseries of storiesby ReligionUnplugged.com in December of 2019 revealed a whistleblower complaint filed with the Internal Revenue Service that alleged The Church of Jesus Christ of Latter-day Saints funneled member tithes into EPA, a nonprofit supporting organization controlled by the church, and amassed more than $100 billion in owned assets under management over 23 years. Church officials said the global faith, as a whole, gives about $1 billion a year to humanitarian causes and charities.". This big concession here is that the church admits they used this tax exempt fund to underwrite a for profit venture in the City Creek Mall and to rescue Beneficial Life, both of which were originally reported by the whistleblower. In 2003, the lawyers assert, the church earmarked money for City Creek from Ensign Peaks investment gains. From 1995-2020 he served as president of Ensign Peak Advisors, Inc., an investment management affiliate of The Church of Jesus Christ of Latter-day Saints. He has served as a member of the editorial boards of the Journal of Portfolio Management and the Financial Analysts Journal. Clarke, Roger G and de Silva, Harindra and Thorley, Steven, Primer on Factor Exposures and Payoffs (September 29, 2017). That case, brought by prominent former Utahn James Huntsman, sought at least $5 million in donations, interest and penalties, alleging the faiths top authorities fraudulently misled members about spending donations meant for spiritual endeavors on commercial projects instead. BYU Marriott School of Business. Harindra De Silva. Despite being among the worlds largest investment funds, the Salt Lake City firm functioned largely unseen until late 2019, when a former top manager-turned-whistleblower claimed it had amassed up to $100 billion, allegedly without its senior leaders telling much of anyone. This is absolutely ridiculous. Huntsmans lawsuit was thrown out in September of 2021. Ensign Peak Advisors Inc., which oversees a $32 billion equities portfolio for the Church of Jesus Christ of Latter-day Saints, will pay $4 million to settle regulatory claims that the money. Foreign accounts: EPA now admits having foreign accounts, after denying it under oath for 10+ years: Mr. Nielsens prior submissions demonstrated that EPA has falsely denied under oath each year since at least 2007 that EPA has long had foreign bank and investment accounts, estimated to exceed $9 billion and thus EPA is liable for FBAR (Report of Foreign Bank and Financial Accounts) penalties of more than $2 billion. Penske Automotive Group, for example, released its quarterly earnings on Nov. 21, 2020, andnoted in its press release that, among institutional and hedge fund investors, Ensign Peak Advisors increased its stake in Penske by 2,651% and now owns 181,578 shares of Penskes stock, valued at $7 million. I remember when I first got married how tight money was, and thinking that the 10% we gave to the church was not even needed makes me feel betrayed considering we added stress to our lives so that the church could pad their bank account. Contact Us SEC filings and online finance sites show that EPA still has large stock ownership positions totaling billions of dollars in major companies such as Apple Inc., Microsoft Corp., Amazon.com Inc. and Alphabet Inc. A prominent former Latter-day Saint, James Huntsman, filed a federal lawsuit against the church, seeking to regain more than $5 million in tithing he gave the church over 25 years. If Jesus does come back, I can't wait to see his reaction when the leaders of the church that claims to speak exclusively for him explain that they hoarded all of the cash they could instead of helping the very people they are commanded to help in the very Bible they (incorrectly) use as justification for collecting tithing from their members in the first place. "We allege that the LDS Church's investment manager, with the Church's knowledge, went to great lengths to avoid disclosing the Church's investments, depriving the Commission and the investing public of accurate market information," Gurbir Grewal, Director of the SEC's Division of Enforcement, said in a statement. The SEC's order said that. We are always willing to work with government regulators to resolve concerns and are committed to full compliance., Nielsens document claims the EPA firm was involved in a Klein conspiracy to subvert the lawful functioning of the IRS, through EPAs false and fraudulent statements in SEC and IRS filings, and other corrupt actions intended to conceal EPAs billions of dollars of income obtained through EPAs $100 billion for-profit investment business income on which EPA should have paid tax.. The church calling the fund a "rainy-day account" is also laughable, because we can see the devastation around the world every day. Before that, the reserves were managed by the churchs Investment Securities Department, a top church financial official disclosed. You also can support us with a donation at Patreon.com/mormonland, where you can access gifts and transcripts of our Mormon Land podcasts.]. Roger Clarke, who leads Ensign Peak, has said that part of the reason the Church sought to conceal its wealth was to ensure continued tithing by believers. For the original stories in December of 2019,ReligionUnplugged.comreceived awards from Religion News Association and TheSociety for Advancing Business Editing and Writing and was a finalist foran EPPY Award for best business reporting from Editor & Publisher. It said Huntsman would donate the money to groups he viewed as marginalized by the churchs teaching. Nielsens document says that If EPA is not held accountable, this case will undermine confidence among ordinary citizens that our tax laws are enforced even-handedly when wealthy, influential organizations are involved. To learn more, visit As we've pointed out in countless pages on this site and others, the church will never be true. The document states in several places that Nielsen became more disillusioned over time as he worked at the firm and believed EPA was not using its resources for charitable, educational or religious purposes. As he grew disillusioned with leadership, the document says he eventually resigned on Aug. 29, 2019, and filed a document to the IRS Whistleblower Office in November of 2019. "God promises great blessings to those who pay tithing. Tax avoidance: Nielsens document claims EPA has not disputed his original allegations that 1) EPA engaged in no religious, charitable or educational activities in the entire relevant period, 1997-2019, and 2) EPAs only distributions over 22 years were for the for-profit operations of an insurance company and a luxury shopping mall. In contrast, a long-only portfolio of individual securities, using the same risk model and return forecasts, captures most (e.g., 80%) of the potential improvement. Ensign Peak Advisors' articles of incorporation confirm Ensign Peak is an arm of the Church of Jesus . . Although Mr. Nielsen could have earned significantly more working for a traditional hedge fund, Mr. Nielsen accepted EPAs offer because he believed at that time that EPA actually supported the Churchs religious and charitable activities, the document states. Huntsman countered that tithing funds and earnings from those member donations were commingled at Ensign Peak. Neilsen's complaint claims Ensign president Roger Clarke has said the fund would be used should the second coming of Christ occur, while the Post reported that high-ranking cleric Bishop. And the concept of tithing in the Mormon church wasn't always like that and it was never supposed to be like that according to Prophet Joseph F Smith. Even apologist Patrick Mason isn't trying to sugarcoat the juggernaut that is the church's excess liquid asset holdings, and the fact is that Harvard's endowment is actually being used to help people while the church's Ensign Peak fund has only been used to help the church's own businesses. The investment activity has been the subject of. Put another way, the man who claims to be the lone prophet of God on this Earth is telling people in the poorest areas of the Earth that without giving the church (worth $124 billion in this one investment fund alone) 10% of their income they not only will never get out of poverty, but they will be denied exaltation for eternity. . (The Salt Lake Tribune) President Gordon B. Hinckley assured Latter-day Saints during General Conference in 2003 that no tithing money went toward the City Creek Center mall. Religion Unplugged56 BroadwayNew York, NY 10004, Religion Unplugged is a production of The Media Project and a member of the Institute for Nonprofit NewsEIN: 83-0461425site design by Peter Freeby, Its initial filing revealed EPA had $38 billion in stocks and mutual funds, Jillian Cheney, The Banshees of Inisherin, Ireland, Catholic, forgiveness, Irish Civil War, Irish Catholics, Irish conflict, Oscars 2023, Oscars, Academy Awards, movies, movie review, Inisherin, Colm Doherty, Martin McDonagh, Pdraic, Siobhn, Analysis, Atheism, Catholicism, Christianity, North America, Opinion, Politics, Religion, Society, Clemente Lisi, opinion, church vandalism, Catholic church, journalism, objectivity, bias, media bias, abortion, LGBTQ rights, politics, recharge, Recharge, would rank among the top five hedge funds, received awards from Religion News Association, Society for Advancing Business Editing and Writing, an EPPY Award for best business reporting from Editor & Publisher, included among the top 25 religion stories of 2020, filed a federal lawsuit against the church, published a statement to its members and constituents worldwide and posted three short videos to YouTube, used immediately to meet the needs of the growing Church, Church of Jesus Christ of Latter-Day Saints. Again, the church refuses to be transparent with their members as they enjoy the benefits of being a tax exempt corporation. Isnt amassing wealth and then saving it the equivalent of burying talents, that Christ condemned in the biblical parable? Miner asked. In criminal conduct, EPA has engaged in a Klein conspiracy to defraud the IRS by pretending to be tax-exempt while concealing and falsifying the facts of its massive securities investment business, the document states. Leaders of EPA declined to comment in the original stories at ReligionUnplugged.com. Ensign Peak is a huge investor in iconic technology stocks. Keywords: factor investing, rules-based portfolios, quantitative portfolio management, Suggested Citation: The SEC alleges that from 1997 through 2019 Ensign Peak failed to file 13F forms, which are documents that certain investment managers must disclose quarterly, listing the securities that they manage. If the church truly believed what they were doing was true and good, they would be open and honest and tell every member to research their claims and hold them accountable. Some of the stocks in which Ensign has invested millions include Apple Inc., Chevron Corp., Visa Inc., JPMorgan Chase, Home Depot, Amazon and Google, according to the article.". Circuit Court of Appeals. The church here is saying they need the $124 billion for when the "next 2008" takes place so they "won't have to stop missionary work," yet when the 'Great Recession' actually did hit, the church never tapped into the fund nor did it halt missionary work. Harindra De Silva. Just last year, Prophet Russell M. Nelson did a worldwide speaking tour where he told members in Africa that only paying tithing can get them out of the cycle of poverty. The church doesnt dispute that payments made to City Creek came from Ensign Peak. In recent years, the churchs reserve fund has grown by about 7% annually, Clarke told The Journal, mainly from returns on existing investments, not member donations.". Last, the church concedes the whistleblower was accurate when stating their yearly gains were about 7%, which is the benchmark rule of thumb for most investment plans. Back to the article: "The funds handlers are instructed not to invest in industries that Latter-day Saints consider objectionable including alcohol, caffeinated beverages, tobacco and gambling, he said, alluding in part to the churchs health code known as the Word of Wisdom, which bars those substances (although caffeinated sodas are not part of that prohibition). But if church leaders truly believed that, why not be transparent with the members who are taking their hard earned money and funding the church's investment portfolio? A judge could issue a ruling any day in that appellate case. Julia Miner, a retired tax attorney in the San Francisco Bay Area, is proud of her conservative Mormon tradition of frugality. The fund relies on a healthy share of so-called real estate investment trusts (REIT), which package landholdings into shares for sale. The filings do not include all the churchs financial holdings, such as bonds, and the church isnt required to disclose its holdings in property or private companies. Upon learning of Mr. Nielsens IRS submission in December 2019, EPA abruptly began filing in its own name as required. So in other words, over those 24 years the church donated an average of just $13.65 million a year in actual cash, while *valuing* the volunteer time of its members at $36.85 million a year. 1. Ensign Peak Advisors. . Though not named as parties, Ensign Peak Advisors and the words and actions of its senior managers were at the center of a high-profile lawsuit filed last March in U.S. District Court in California. The final section of the article: Clarke also told The Journal he was misunderstood by Nielsen, who asserted that Clarke had said the church had mustered the money for Christs Second Coming. I feel terrible for the members who have been contributing their entire lives only to find out that not only did the church not need the money, but that they aren't even using it to help those in need. His document argues that EPAs tax avoidance gave it a distinct competitive advantage over other investment firms. The document alleges the firms cash-rich position and secretive, stable status made it a preferred investor in private equity institutions. Reports reveal the big stakes in tech are part of a vast hands-on market strategy by Ensign Peak, with upward of 1,850 different stocks at times, spread across virtually every part of the U.S. economy and abroad. No organization that truly exists to help every child of God would create over a dozen shell companies to make sure the world can never find out what they have, and no organization that tells you that you will be eternally separated from your family unless you keep giving 10% to them is worth your devotion. . (Christopher Cherrington | The Salt Lake Tribune). This page was processed by aws-apollo-l1 in 0.078 seconds, Using these links will ensure access to this page indefinitely. The Salt Lake Tribune gets straight to the point here, because this is a massive statement and acknowledgement by the Mormon church. This is another area where the church is trying to obfuscate the problem of hoarding $124 billion in liquid assets while bailing out their own business ventures and not using any of it to help those in need. Back to the article: Others may not be as concerned. Jenna Ayala And yet somehow they don't need to set up shell companies to hide it from the government or their family. The financial acumen of the church and its members, often referred to as Mormons, is a significant attribute of a distinctly American religious minority that recently celebrated its bicentennial a 200-year history that includes persecution, resilience and ambition. Why wouldn't more members want to be like Carolyn and donate their money to local causes that will actually use the money to help others? sltrib.com 1996-2023 The Salt Lake Tribune. Ensign Peak Advisors, the investment firm connected to the Church of Jesus Christ and Latter-Day Saints, started filing a quarterly 13F form on Feb. 14, 2010, with the Securities and Exchange Commission, which regulates publicly traded companies and other financial firms. Roger served as a professor for more than ten years on the faculty of the Marriott School of Management at Brigham Young University. It noted that the whistleblower report and media reporting on it heaped pressure on the church to be more transparent about its finances, something the church has avoided for decades.. The churchs governing First Presidency made up of church President Russell M. Nelson and his counselors, Dallin H. Oaks and Henry B. Eyring rejected any allegation of fraudulent behavior, insisting in a news release that the faith complies with all applicable law governing our donations, investments, taxes and reserves.. That should not surprise anyone considering the way they do accounting of these donations. Analytic Investors, Inc. Steven Thorley. Its initial filing revealed EPA had $38 billion in stocks and mutual fundsat the end of 2019, including $1.5 billion in Apple and Microsoft. . "These funds are then used to build up the Church and to further God's work throughout the world," LDS' website reads. as well as other partner offers and accept our, Church of Jesus Christ of Latter-Day Saints, Registration on or use of this site constitutes acceptance of our. See all articles by Roger G Clarke Roger G Clarke. If something like that [an economic recession] were to happen again, we wont have to stop missionary work. A recent Tribune/Suffolk University poll revealed that while a majority of Utahns, from across the religious spectrum, support the idea of requiring tax-exempt religious organizations to publicly report their finances, barely a third of very active Latter-day Saints do. It totaled nearly $50 billion as of June after gaining $3 billion in three months and adding nearly $12 billion since its first filing in early 2020 just before the U.S. onset of the coronavirus pandemic. Analytic Investors, Inc. Steven Thorley. You can Google patriarchal blessings about seeing Jesus before you die and read them, which is yet another example of why this church has no more connection to the divine (or revelation/discernment) than anyone else. And while that might not be against the law (there are questions of whether it's lawful to be tax exempt when you are not actively using the fund for charitable purposes), it is absolutely against their own definition of honesty. If $124 billion in an investment portfolio is not enough, why not share with members what they've accomplished and let them know what the goal is if the church is truly as 'transparent as they know how to be.' When Mr. Nielsen became aware that EPA served no charitable or religious purpose, and that EPAs management led to assets going missing within EPA, he attempted to correct these problems, the document says. According to several rounds of clashing court motions, the legal dispute between Huntsman and the church hinges on whether up to $2 billion transferred from Ensign Peak and ultimately used for the City Creek Center mall and an ailing insurance firm were drawn from sacred donations or, as church leaders maintain, investment earnings generated from that initial giving. . Suggested Citation, 60 East South Temple4th FloorSalt Lake City, UT 84111United States, 555 West 5th Street50th FloorLos Angeles, CA 90013United States213-688-3015 (Phone)213-688-8856 (Fax), 616 TNRBBrigham Young UniversityProvo, UT 84602United States801-378-6065 (Phone)801-378-5984 (Fax), Subscribe to this fee journal for more curated articles on this topic, Finance Educator: Courses, Cases & Teaching eJournal, S&P Global Market Intelligence Research Paper Series, Subscribe to this free journal for more curated articles on this topic, We use cookies to help provide and enhance our service and tailor content. He said "Paying tithing is more of a sense of commitment than it is the church needing the money. A Salt Lake Tribune analysis shows the next highest concentrations of its investments beyond tech are in consumer goods, health care and financial sectors, each at stakes of between 12% to 15% of Ensign Peaks total value, for shares worth a total of $8.6 billion, $6.9 billion and $6.6 billion, respectively. Roger G Clarke Ensign Peak Advisors Harindra de Silva Analytic Investors, Inc. Steven Thorley BYU Marriott School of Business Date Written: June 1, 2010 Abstract Empirical studies document that equity portfolios constructed to have the lowest possible risk have surprisingly high average returns. . Roger Clarke, head of Ensign Peak (Wall Street Journal): "So they never wanted to be in a position where people felt like, you know, they shouldn't make a contribution". Whether it's hiding church history, changing what the meaning of translation or 'curse of dark skin' is, or hiding finances in over a dozen shell companies, the leaders of this church simply do not believe that members will stick around if they are honest about their history or practices. See all articles by Roger G Clarke Roger G Clarke. "This settlement relates to how the forms were filed previously. Ensign Peak Advisors ( email) 60 East South Temple 4th Floor Salt Lake City, UT 84111 United States. Fraudulent SEC filings: Nielsens document says EPA disguised its massive investment business by making filings with the SEC of Form 13F in the names of various LLCs more than 260 times over 10+ years, rather than in EPAs own name. Combining long-only-constrained factor sub-portfolios is generally not a mean-variance-efficient way to capture expected factor returns. So they never wanted to be in a position where people felt like, you know, they shouldnt make a contribution, Clarke said.". Shortly afterward, Ensign Peak sold it all, judging from its absence in recent reports. The fund held $885 million in REIT shares as of June, along with another $750 million in index funds, whose gains and losses are wired to overall market trends. Asia Pacific +65 6212 1000. The stake bounced up again to $102,000 in June. 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 . "Ensign Peak adjusted its approach and began filing a single aggregated report. Ensign Peak Advisors ( email) 60 East South Temple 4th Floor Salt Lake City, UT 84111 United States. It's the same reason that many believing members refuse to read anything that questions the church, which for many includes church sources and even the Gospel Topics essays. As for the idea that the $124 billion is for the years leading up to Jesus' return, I also think that is a ridiculous notion. After The Post piece, Patrick Mason, head of Mormon studies at Utah State University, told The Salt Lake Tribune that stories like this will undoubtedly trouble many church members and lead them to wonder whether their charitable giving is best directed toward an institution that reportedly has a stockpile twice as large as Harvards endowment.. About $3 billion of that came from combined shares of Apple and Microsoft, accounting for 7% of the funds total value. Overview. The statement here by the church is a flat out lie, and as a member of record I beg any church leader to explain to me how this is not as damning towards their honesty as it appears to be. Afterward, ensign Peak Advisors ( email ) 60 East South Temple 4th Floor Lake! Salt Lake Tribune gets straight to the article: Others may not as! 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