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.. 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. As of mid-2021, it reported more than $2 billion each in companies specializing in software; internet services; semiconductors; other computer hardware; and biotechnologies behind new drug treatments. 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. Use tab to navigate through the menu items. 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.' Ensign Peak, which manages $124 billion in investments cultivated from tithing funds, is admitting that the church doesn't tell its members about the fund because they know members aren't going to keep paying tithing if they knew the church is sitting on so much money that they could cover every administrative cost for the church with the yearly Latter-day Saints, like many Christians, believe there will be a period of war, hardship and natural disasters before Jesus comes back. In 2003, the lawyers assert, the church earmarked money for City Creek from Ensign Peaks investment gains. . This is absolutely ridiculous. Beyond question, Ensign Peak Advisors has the potential to earn big money on the churchs behalf. This guide to factor exposures and payoffs contains material from our journal publications over the last several years, compiled in a way that provides a quick start and somewhat self-contained guide to analysts that are new to factor investing. You also can support us with a donation at Patreon.com/mormonland, where you can access gifts and transcripts of our Mormon Land podcasts.]. "God promises great blessings to those who pay tithing. He also served as president and chief investment officer of TSA Capital Management in Los Angeles, CA for ten years and as chairman of the board of Analytic Investors for twenty years. . Manage Products and Account Information. Analytic Investors, Inc. Steven Thorley. The head of EPA, Roger Clarke, indicated to the Journal that EPA is a "rainy-day account to be used in difficult economic times." Some church leaders suggested the fund could be used in the . The complaint alleged thatEPA, a nonprofit registered as a 501(c)3 and a 509(a)3 supporting organization, did not make charitable distributions but that it did send $2 billion to help two for-profit companies. Harindra De Silva. Top editors give you the stories you want delivered right to your inbox each weekday. deductible, Report a missed paper by emailingsubscribe@sltrib.comor calling801-237-2900, For e-edition questions or comments, contact customer support801-237-2900or emailsubscribe@sltrib.com. 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. The stake bounced up again to $102,000 in June. The SEC requires any institutional investor with more than $100 million in assets to file a 13F. Nielsens document notes the media attention to the original IRS whistleblower document generated great interest from the public. 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. 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. If the IRS and DOJ do not hold EPA and its management accountable, this case will erode respect for the tax laws and criminal statutes by every American and every other entity required to pay taxes. Counselor says: March 19, 2022 at 9:10 pm. Check us out on Twitter or Facebook as well for future posts and updates, and thank you again for reading! 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. Nobody knows when, Clarke told the newspaper. 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. 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. 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? And, sadly, as we see with the way leaders shut down critical thinking, demonize those who research it, and hide information from its members, the church will never be good, either. Ensign Peak Advisors. 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? BYU Marriott School of Business. 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. Ensign Peak Advisors ( email) 60 East South Temple 4th Floor Salt Lake City, UT 84111 United States. The LDS welfare fact sheet from 2009 shows in the years 1985 through 2009 (24 years), the church donated just $327.6 in cash donations but they also count $884.6 million in donations of "material assistance." The church calling the fund a "rainy-day account" is also laughable, because we can see the devastation around the world every day. And he suggested Congress and regulators have a duty to act upon the 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. ReligionUnplugged.com reporters also made similar calls and sent emails to leaders of Ensign Peak Advisors and to the media relations office of The Church of Jesus Christ of Latter-day Saints in Salt Lake City. As we usually close out these posts, I want to mention how difficult it is to take in this new information and changes in policies, and we understand how painful it is to process. BYU Marriott School of Business. The new document alleges several new violations by EPA and its leaders. . In it, Clarke affirms the veracity of all business records submitted on Ensign Peaks role in the case, including its payments to City Creek Reserve. BYU Marriott School of Business. (Illustration by Christopher Cherrington | The Salt Lake Tribune). That might seem flippant to those who are active members, but the bottom line is that the survey referenced is making the point that the more entrenched in the church you are, the less transparent you want them to be. While some may look at that as a good thing, I actually think it's another instance where we can see that the church is not only untrue, but not good either. 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. As we've pointed out in countless pages on this site and others, the church will never be true. Back to the article: Debates about Mormon finances and the question of transparency have persisted for decades but were triggered again in December by a whistleblower complaint filed by David Nielsen, a former portfolio manager with Ensign Peak, and reported by The Washington Post. Ensign Peak Advisors employs 11 employees. The firm had nearly $1 billion worth of shares in Amazon and Googles parent company, Alphabet, as well. 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. 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. Clarke told the Journal, We dont have any idea whether financial assets will have any value at all during a second coming. 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. 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." 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. Nielsen notes that EPA was operated by people with similarly impressive backgrounds in finance, including advanced degrees from institutions such as Stanford University and experience at hedge fund and Wall Street firms such as Credit Suisse and UBS. 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. Last revised: 12 Oct 2016. Paul Glader is executive editor of ReligionUnplugged.com and a professor of journalism at The Kings College NYC. That should not surprise anyone considering the way they do accounting of these donations. The Ensign Peak Advisors office is located above a food court in Salt Lake City and doesnt appear in the list of companies at that building lobby. That lines up with the information outlined from the 2009 release, and it also lines up with the church's announcement last year at General Conference that that have given $2 billion over 34 years through this fund. 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. As we tend to do, we'll go through it in chunks to cover what the church is saying along with what they're not saying. 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. This is a very interesting poll, because it implies that the more active in the church you are, the less transparent you want them to be. 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? Before that, the reserves were managed by the churchs Investment Securities Department, a top church financial official disclosed. 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? Staff members at EPA needed to be in good standing with the church to work at the investment firm in downtown Salt Lake City. 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 . See all articles by Roger G Clarke Roger G Clarke. So they never wanted to be in a position where . That touched off waves of new scrutiny for a global church used to keeping the slimmest of financial profiles. Ensign Peak Advisors. Of course the church (and church apologists) would reply that Joseph F Smith was speaking as a man in that instance, and that $124 billion in liquid assets is not "sufficient" for the church's needs. "This settlement relates to how the forms were filed previously. A post shared by Scottie Scheffler (@scottie.scheffler). 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. 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.. Keywords: factor investing, rules-based portfolios, quantitative portfolio management, Suggested Citation: 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. Back to the article: "Here are some other takeaways from The Journal story: 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 investment activity has been the subject of. 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. The head of EPA, Roger Clarke, indicated to the Journal that EPA is a rainy-day account to be used in difficult economic times. Some church leaders suggested the fund could be used in the event of an economic or financial crisis. Address: 60 E South Temple Ste 400 Salt Lake City, UT, 84111-1040 United States Analytic Investors, Inc. Steven Thorley. 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. 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. 1907, 7) Ensign Peak also has at least $1.3 billion in shares of oil and gas companies, even after dumping 44% of its stock in Exxon Mobil early in 2020. 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.. This page was processed by aws-apollo-l1 in. 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. It said Huntsman would donate the money to groups he viewed as marginalized by the churchs teaching. 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. 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. 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. The church contends this is not illegal and I am not a legal expert, but I can say it looks awful when a church uses a tithing investment fund to bail out its for profit ventures yet has never spent a dime to help those who truly need it. Obviously I no longer believe in the truth claims of the church after researching the historical and doctrinal topics, but I am still a member of record who has contributed to the church's wealth. And now that the church has now been caught doing so, their excuse is that it was to "protect them [active members of the church] from mismanaging their own funds with insufficient information?" 323.244.1154. Ensign Peak is a huge investor in iconic technology stocks. 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. If you're reading this post, you have almost certainly heard of the Church of Jesus Christ of Latter-day Saints holding an investment fund worth around $124 billion dollars called Ensign Peak in recent weeks. 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. And those companies might consider it an honor when a morally and financially scrutinizing investor such as EPA buys shares. EMEA +44 20 7330 7500. This page was processed by aws-apollo-l2 in 0.084 seconds, Using these links will ensure access to this page indefinitely. Analytic Investors, Inc. Steven Thorley. The Church of Jesus Christ of Latter-day Saints' has a $100 billion portfolio, according to a 13F filing. Ensign Peak Advisors. That was in keeping, they said, with then-church President Gordon B. Hinckleys declaration that the faith had a compelling responsibility to protect the environment of the Salt Lake Temple and that it was imperative to do something to revitalize this area.. The Not-So-Well-Known Three-and-One-Half Factor Model. Please email us anytime at ldsdiscussion@gmail.com if you would like more resources to learn about these issues or if you are looking for people that you can safely talk to as you continue your faith journey. He wrote that it avoided having a compliance officer between 1997 and 2015. Editors note This story is available to Salt Lake Tribune subscribers only. 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. 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. Roger has published a variety of articles and articles about tactical asset allocation and currency management. This is so contradictory to what the leaders say today, yet they say it with a straight face because they need members to believe that they need to follow the prophet, no matter how dishonest and wrong the prophets have been throughout the church's history. 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. By clicking Sign up, you agree to receive marketing emails from Insider . Ensign Peak Advisors ( email) 60 East South Temple 4th Floor Salt Lake City, UT 84111 United States. The SEC's order said that. BYU Marriott School of Business. Former employees said the fund mushroomed from about $40 billion in 2012 to around $100 billion by 2019. That result would also encourage fraudulent claims of exempt status within the tax-exempt sector generally, and by non-exempt religious organizations in particular.. His document alleges that during its 22-year period, the EPA firm was never audited by independent auditors and had no audit committee. According to its first 2020 report to the U.S. Securities and Exchange Commission, filed months after allegations by whistleblower. Sign up for our newsletter to get the inside scoop on what traders are talking about delivered daily to your inbox. 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. Roger G. Clarke currently serves as a research collaborator with Wells Fargo Asset Management (WFAM) Analytic Investors. The church doesnt dispute that payments made to City Creek came from Ensign Peak. Carolyn Homer, a Latter-day Saint who lives in Virginia, told The Journal that after she heard about the money held by Ensign Peak, she resolved to tithe less and give more to other charities. 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 Mormon church created a system of more than a dozen shell companies to make their investments harder to track? The document says Nielsen left a financially lucrative career to work for EPA because he believed it was a worthy cause and organization. The fund relies on a healthy share of so-called real estate investment trusts (REIT), which package landholdings into shares for sale. The vast majority of these funds areused immediately to meet the needs of the growing Churchincluding more meetinghouses, temples, education, humanitarian work and missionary efforts throughout the world. 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. 212.744.6825, Research Coordinator In concert with coauthors Steven Thorley and Harin de Silva they have published material over the years about the use of derivatives in investment management, low volatility portfolios, constraints and the fundamental law of active management, long/short portfolio construction, pure factor portfolios and efficient factor investing. This week, Roger Clarke, the head of Ensign, told WSJ, 'Paying tithing is more of a sense of commitment than it is the church needing the money.' 'So they never wanted to be in a position. Here is some of what all these documents have brought into focus: (Trent Nelson | The Salt Lake Tribune) The Church of Jesus Christ of Latter-day Saints' Administration Building in Salt Lake City on Thursday, Aug. 26, 2021. 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? It had a $1.5 million stake in sports apparel maker Lululemon in early spring of 2019, but managers had drawn that down to $2,000 by the start of 2021. 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? 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. : 60 E South Temple 4th Floor Salt Lake City, UT 84111 United Analytic... By the churchs behalf @ sltrib.com 102,000 in June Clarke currently serves as a research collaborator with Wells Fargo management! Mormon church created a system of more than a dozen shell companies make... 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