Mormon church has been accused of hoarding $100 billion in donated money by a whistleblower who reported the religious institution to the Internal Revenue Service.
According to 41-year-old David A. Nielsen who used to work at Ensign Peak Advisor, the church’s investment agent, the church is evading taxes and keeping the massive fortune “in the event of Christ’s second coming.”
As Nielsen, who wants a cut of what the church allegedly owes to the IRS, claimed in his complaint to the IRS, the church hasn’t been using the donated money for charitable purposes as intended.point 502 |
Instead, he accused them of hoarding the funds and claimed the fortune should be subjected to taxation because it failed to serve charitable purposes.point 127 | 1
Responding to the allegations was The Church of Jesus Christ of Latter-day Saints’ First Presidency who stated that the institution is setting aside only a small portion of the donations they receive.
“We take seriously the responsibility to care for the tithes and donations received from members. The vast majority of these funds are used immediately to meet the needs of the growing Church including more meetinghouses, temples, education, humanitarian work and missionary efforts throughout the world,” they wrote.
“Over many years, a portion is methodically safeguarded through wise financial management and the building of a prudent reserve for the future.point 235 |
This is a sound doctrinal and financial principle taught by the Savior in the Parable of the Talents and lived by the Church and its members.point 116 | All Church funds exist for no other reason than to support the Church’s divinely appointed mission.point 202 | 1
“Claims being currently circulated are based on a narrow perspective and limited information. The Church complies with all applicable law governing our donations, investments, taxes, and reserves. We continue to welcome the opportunity to work with officials to address questions they may have.”
As former Ensign Peak senior portfolio manager Nielsen argued, however, the church had been hoarding the donated money rather than distributing it.
According to Nielsen, the church only performed two money distributions in the decade he spent working for the company. As he claimed, both distributions were made towards for-profit projects.
“Of course, all corporations need to guard their information, but the lengths that [Ensign] goes to borders on paranoia,” the former adviser added in his complaint, claiming that only a few people were allowed to access the church’s complete financial statements.
“Would you pay tithing instead of water, electricity, or feeding your family if you knew that it would sit around by the billions until the Second Coming of Christ?”
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Replaced!