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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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Rachel Lynn Aldrich

Rachel is an assistant editor for WORLD Digital. She is a Patrick Henry College and World Journalism Institute graduate. Rachel resides with her husband in Wheaton, Ill.

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  • OldMike
    Posted: Wed, 12/18/2019 02:42 pm

    Mormon leaders have said this money was being kept for when The Lord returns. Because when He gets here, He’s gonna need our help, right?

    Psalm 20:7 “Some trust in chariots and some in horses, but we trust in the name of the Lord our God.”