The stake bounced up again to $102,000 in June. Address: 60 E South Temple Ste 400 Salt Lake City, UT, 84111-1040 United States (Christopher Cherrington | The Salt Lake Tribune). A closer analysis of Ensign Peaks latest disclosures show that beyond big name stocks, technology in a variety of forms accounts for up to 27% of all its shares worth nearly $13.3 billion. There are many reasons that the church is losing more members today than they have since Kirtland according to church historian Elder Marlin K. Jensen, but one of the biggest is that even in the year 2020 and in the age of Google, they still refuse to be honest and open with their members. It said Huntsman would donate the money to groups he viewed as marginalized by the churchs teaching. The church responded that Nielsens assertions amounted to hearsay and supplied its own sworn statement from Clarke, who was president and managing director over Ensign Peak from its 1997 founding until he retired in May 2020. Hes on Twitter @PaulGlader. The new document alleges several new violations by EPA and its leaders. Harindra De Silva. Harindra De Silva. Those organizations will not only help people in need with the money, but they will be transparent about how they spend your money. And do not forget that Prophet Joseph F Smith said this about tithing at the 1907 General Conference: "Furthermore, I want to say to you, we may not be able to reach it right away, but we expect to see the day when we will not have to ask you for one dollar of donation for any purpose, except that which you volunteer to give of your own accord, because we will have tithes sufficient in the storehouse of the Lord to pay everything that is needful for the advancement of the kingdom of God." 323.244.1154. BYU Marriott School of Business. 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. When you look at the details of the story along with the church's rationale for deceiving members, it quickly goes from dishonest to reprehensible. Harindra De Silva. Or imagine that you had a health emergency and couldn't pay the bills, because instead of creating a rainy day account of your own, you gave that money to the church and now have to rely on family and friends to bail you out because your money is now sitting in the church's investment portfolio? "Ensign Peak adjusted its approach and began filing a single aggregated report. It has significantly upped those holdings since. EPAs senior managers for years have regularly permitted large assets to simply disappear from EPAs books and have failed to apply basic internal controls to themselves.. The Salt Lake Tribune gets straight to the point here, because this is a massive statement and acknowledgement by the Mormon church. Grald Causs is the church's Presiding Bishop who oversees church finances, including EP. Or how about the many active members who not only give 10% to the church, but contribute fast offerings each month (or more) only to find out that the church earns a million dollars on the gain alone every single hour, and yet instead of using it to help those in need, they ask you to contribute more instead of being selfish and using it for worldly things such as a family day out or a weekend trip with the kids. In the document, he estimates that his former employer has evaded payments of more than $20 billion in taxes and concealed foreign accounts that should total $2 billion in penalties. Former employees said the fund mushroomed from about $40 billion in 2012 to around $100 billion by 2019. View Roger G Clark's profile for company associations, background information, and partnerships. Unlike the Corporation, Mr. Huntsman is confident that these charities will actually use his donations for their intended purposes.. . . Roger G. Clarke Roger has 1 job listed on their profile. Americas +1 212 318 2000. So, yes, it is a remarkable trust in church leadership. Ensign Peak is a huge investor in iconic technology stocks. 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. He wrote that it avoided having a compliance officer between 1997 and 2015. We include specific empirical results that can be replicated as an exercise in data collection, programming, reporting, and analysis. Harindra De Silva. Isnt amassing wealth and then saving it the equivalent of burying talents, that Christ condemned in the biblical parable? Miner asked. Asia Pacific +65 6212 1000. The church literally created over a dozen shell companies to hide their finances, so please forgive me if I don't believe the church's prophets when they declare the church complies with all applicable law governing our donations, investments, taxes and reserves. Deceptive statements: Nielsens document states that EPA was deceptive in describing its assets to regulators even after the stories broke in 2019 and the firm came under national scrutiny. 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. . To learn more, visit 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. Julia Miner, a retired tax attorney in the San Francisco Bay Area, is proud of her conservative Mormon tradition of frugality. 212.744.6825, Research Coordinator Ensign Peak Advisors employs 11 employees. View Roger Clarke's profile on LinkedIn, the world's largest professional community. See all articles by Roger G Clarke Roger G Clarke. . Access your favorite topics in a personalized feed while you're on the go. Jenna Ayala Upon learning of Mr. Nielsens IRS submission in December 2019, EPA abruptly began filing in its own name as required. Financial Analysts Journal, Vol. 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. Just as every generation is told they are the chosen generation by the church's prophets, the carrot is always being dangled that time is running out in order to cultivate obedience. The regulator says the Church's investment manager "went to great lengths" to avoid disclosures. Ensign Peak, Tithing, and Why the Church Claims They Hid it from Members (Feb. 10, 2020), Whenever we lead people in any way to believe something that is not true, That same poverty continues from one generation to another, until people pay their tithing, created a system of more than a dozen shell companies, earns a million dollars on the gain alone every single hour, Joseph Smith's implementation and use of polygamy and polyandry, Gospel Topics essay on Joseph Smith's polygamy, "Now You Know" video on the Word of Wisdom, Joseph Smith promising exaltation to marry the young daughters, shutting down questions about church history, God called the Native Americans Lamanites from Israel, God changed his mind in just 3.5 years on treating LGBT members as apostates, according to church historian Elder Marlin K. Jensen. There are few clues as to how directly involved church leaders are in Ensign Peaks moves, although officials over the fund have said they eschew debt in keeping with the faiths tenets and steer clear of investments Latter-day Saints consider objectionable, such as tobacco or gambling stocks. "God promises great blessings to those who pay tithing. 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. Leaders of EPA declined to comment in the original stories at ReligionUnplugged.com. Originally I didn't plan on doing a write-up because it was all happening during the holidays and I just did not have time to write about it, but this past weekend's Wall Street Journal article really articulated what is so frustrating about the church's lack of transparency on finances, and what we've noted when looking at a lot of other troubling topics of Mormonism - they simply do not trust their members with honest, complete information on their history or finances. By clicking Sign up, you agree to receive marketing emails from Insider Again, the church refuses to be transparent with their members as they enjoy the benefits of being a tax exempt corporation. The document says Nielsen left a financially lucrative career to work for EPA because he believed it was a worthy cause and organization. This is the same exact reason the church refuses to be transparent with members about problems with church history whether it's Book of Mormon translation, Joseph Smith's implementation and use of polygamy and polyandry, or the vast issues with the First Vision as they celebrate the 200th anniversary. The church along with our investment manager, Ensign Peak Advisors, have only recently been made aware of allegations brought forward by a former Ensign Peak employee, said Doug Andersen, a church spokesman. [5] History [ edit] And he suggested Congress and regulators have a duty to act upon the disclosures. If we truly believe that the world is going to fall into chaos before the second coming of Christ, does the church really believe that stocks and bonds are going to hold value then? Ensign Peak Advisors' articles of incorporation confirm Ensign Peak is an arm of the Church of Jesus . Steven received his Ph.D. in Financial Economics from the University of Washington and holds numerous awards for academic excellence including the Marriott School Outstanding Faculty Award. David Nielsen, the former Ensign Peak fund manager, said the tithing-fueled fund held at least $100 billion during his nine-year tenure there ending in 2019. To receive the free newsletter in your inbox, subscribe here. 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. There is no faith promoting answer here which is apparent from their terrible answer here. Nielsens document notes the media attention to the original IRS whistleblower document generated great interest from the public. We can also intentionally deceive others by a gesture or a look, by silence, or by telling only part of the truth. Use tab to navigate through the menu items. 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. Huntsman countered that tithing funds and earnings from those member donations were commingled at Ensign Peak. The Journal reported that employees of the firm sign lifetime confidentiality agreements and most current employees were no longer told the assets under management figures for the firm. Back to the article: Others may not be as concerned. 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. According to lead counsel for Mr. Nielsen, Michael A. Sullivan of Finch McCranie, LLP, the team representing Mr. Nielsen includes a former senior official of the SEC, more than one former federal criminal prosecutor, a former IRS Criminal Investigative Division agent, another former IRS official, and an international tax lawyer, all with decades of experience. 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. 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. By 2003, Ensign Peaks assets had grown, according to court documents, though the church isnt publicly saying by how much. This is no surprise, although I'd just note that if you've never looked at the Word of Wisdom, we covered their recent "Now You Know" video on the Word of Wisdom and you can see how silly the Word of Wisdom is not just in the actual revelation, but the implementation of it as well. Analytic Investors, Inc. Steven Thorley. A judge could issue a ruling any day in that appellate case. And while we can point to a laundry list of items that show this church is not true, this is a big reason you know that the church is not good. To support that, he offered a freshly sworn statement by David Nielsen in which the whistleblower says that for officials at Ensign Peak every penny was referred to as the widows mite a biblical allusion to its sacred nature. According to its first 2020 report to the U.S. Securities and Exchange Commission, filed months after allegations by whistleblower. Ensign Peak is a huge investor in iconic technology stocks. And yet somehow they don't need to set up shell companies to hide it from the government or their family. 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. To give a better overview of this topic, we're going to refer to the Salt Lake Tribune's coverage of the recent Wall Street Journal article by Peggy Fletcher Stack, because it covers some of the quotes from Mormon leaders along with Ensign Peak about the fund without getting as deep into the weeds as the WSJ article does. 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. Ensign Peak's investing strategy turns the $100 into $150 (Ensign Peak pays no tax on the gain because its passive . Ensign Peak and the Church have cooperated with the government over a period of time as we sought resolution." Harindra de Silva. The Mormon Church's investments weren't publicly disclosed until a former Ensign portfolio manager filed a whistleblower complaint in 2019, alleging that the massive fund doesn't engage in any charitable activities and shouldn't have tax-exempt status. The Ensign Peak Advisors office is located above a food court in Salt Lake City and doesn't appear in the list of companies at that building lobby. So how does the church go from claiming $2 billion in donations over 34 years (which is overwhelmingly based on service hours that are converted to donation amounts) to $1 billion per year as church officials are claiming just months later? This is yet another rationale that is contradicted by their past actions, and they are only saying it to try and pacify members who are waking up to realize that this church is not only untrue, but not good, either. 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. See all articles by Roger G Clarke Roger G Clarke. Top editors give you the stories you want delivered right to your inbox each weekday. Even if the stock market dropped 30%, they would *still* have enough to fund the entire church and not need a dollar more from that one investment fund alone - not even counting their for-profit ventures, vast real estate portfolio, or massive land purchases such as the gigantic ranch in Florida. ReligionUnplugged.com reporters sent emails and made phone calls to Nielsen and his lawyers as well as to members and staff of the U.S. Senate Committee on Finance to ask about the status of the memorandum and a schedule for any possible hearings in Washington. Roger Clarke, the head of Ensign Peak, told the Wall Street Journal that the fund was an emergency account to be used in difficult times. Back to the article: "Clarke and former Ensign employees said the firm created a system of more than a dozen shell companies to make its stock investments harder to track. 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. Wells Fargo Asset Management (WFAM) Analytic Investors. such as LGBTQ, African American and womens rights groups. I don't really know what more to say here, because Carolyn is actually doing something more in line with what the Bible teaches about helping those in need than the church that claims to speak for God. 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. State audit alleges former Cache County prosecutors misused public resources, had side contracts without countys knowledge, Utah flooding resource guide: What to do before, during and after a flood, former top manager-turned-whistleblower claimed it had amassed up to $100 billion, how it helped fund the City Creek Center mall, the reserves are intended to help pay for operations in poorer parts. He has reported from dozens of countries for outlets ranging from The Wall Street Journal, The Washington Post, Der Spiegel Online and others. Not only is the church being dishonest by leading the church members to believe that they areWe are not a wealthy people but we are good people, and we share what we have" as Elder Andersen said in 2018, they are taking active steps to obfuscate their financial dealings in order to keep members thinking the church needs their money. 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.". 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. It reported owning $27.8 million in shares in an index fund focused on companies in South Korea in late 2019, a stake that rose to $30.4 million by the end of last year. Huntsmans lawsuit was thrown out in September of 2021. Companies Connections. If something like that [an economic recession] were to happen again, we wont have to stop missionary work. Ensign Peak Advisors, Analytic Investors, Inc. and BYU Marriott School of Business. Ensign Peak Advisors employs 11 employees. There are families that are struggling and continue to pay tithing because they were taught that the church needs it more than they do (and that the prosperity gospel will reward them with blessings to make up for it), and yet church leaders have been lying to every one of these families about the church's own means. Harindra de Silva. 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. The complaint added that Roger Clarke, the president of Ensign, claimed that the investment branch collected the funds in preparation for "the second coming of Christ." Visit Insider's homepage for more stories. 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.. Editors note This story is available to Salt Lake Tribune subscribers only. Analytic Investors, Inc. Steven Thorley. Back to the article: "The Journals exploration of church financial holdings included interviews with Clarke and top Latter-day Saint officials, including Presiding Bishop Grald Causs, the ecclesiastical leader who oversees the Utah-based faiths vast financial, real estate, investment and charitable operations. Note: ReligionUnplugged.com will update this story with responses from relevant parties. Now, EPA has finally admitted in a recently published Form 990-T filing in November 2020 (for 2019) that EPA does have foreign bank and investment accounts. Nielsens document argues that EPA should be liable for more than $2 billion in penalties. 6 (November/December 2016), Available at SSRN: If you need immediate assistance, call 877-SSRNHelp (877 777 6435) in the United States, or +1 212 448 2500 outside of the United States, 8:30AM to 6:00PM U.S. Eastern, Monday - Friday. 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. Combining long-only-constrained factor sub-portfolios is generally not a mean-variance-efficient way to capture expected factor returns. Whenever we lead people in any way to believe something that is not true, we are not being honest.". 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? David A. Nielsen, a former employee at EPA, says in the filing that the new memorandum contains more information than the document he submitted to the IRS Whistleblower Office in November of 2019 that was a placeholder submission and was given to ReligionUnplugged.com and other outlets by Nielsens twin brother, Lars Nielsen, in the fall of 2019. The Mormon Church and its investment adviser will pay millions to settle charges with the SEC. 6 (November/December 2016), Posted: 10 Jun 2015 The SEC's order said that. Imagine giving up a vacation because you needed to send those tithing checks in only to find out that the church earns about $24 million dollars per day in gains alone. [Get more content like this in the Mormon Land newsletter, a weekly highlight reel of developments in and about The Church of Jesus Christ of Latter-day Saints. It shows up increasingly in reports and press releases from those publicly traded companies. The church calling the fund a "rainy-day account" is also laughable, because we can see the devastation around the world every day. 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. A former employee of a $100 billion investment fund owned by The Church of Jesus Christ of Latter-day Saints has submitted a memorandum to the U.S. Senate Finance Committee and its subcommittee on taxation and IRS oversight about the operations of the Salt Lake City-based Ensign Peak Advisors Inc. Over many years, a portion is methodically safeguarded through wise financial management and the building of a prudent reserve for the future., The Wall Street Journal, which didnt cover the story until February 2020,made a unique contributionby visiting Salt Lake City and interviewing leaders of EPA and the church who confirmed the previous reporting ofReligionUnpluggedandthe Post. But there's really nothing here of note, so let's move on. From the Deseret News: "We preach tithing to the poor people of the world because the poor people of the world have had cycles of poverty, generation after generation," he said. The very idea that you you need to give 10% of your income in order to enter an LDS temple for the chance at exaltation is also a big red flag to the church's truth and goodness claims. Roger Clarke, the head of Ensign Peak Advisors, and members of the church's Presiding Bishopric sat for interviews with the Journal for the story. 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