Complaint reveals $100 billion in Mormon assets
by Rachel Lynn Aldrich
Posted 12/18/19, 12:45 pm
Mormon leaders on Tuesday rebuffed charges that they misused donations from members of the religion. A former Latter-day Saints employee filed a complaint with the IRS in November claiming the group misled members and may have broken federal tax rules.
What are the charges? David A. Nielsen’s complaint, reported on Monday by Religion Unplugged and The Washington Post, claims that Mormon leaders used money intended for charity to build a $100 billion investment portfolio. Nielsen worked at Ensign Peak Advisors, which operates as a nonprofit group under the auspices of the LDS organization. He raised concerns that the fund violated IRS rules that tax-exempt organizations must operate only for religious, educational, or charitable purposes. Nielsen also requested the IRS reward him a cut of the billions of dollars potentially due in taxes. Mormon leaders said they followed all applicable tax laws.
Dig deeper: Read Kiley Crossland’s report in Relations on recent changes in LDS policy toward homosexuality.
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