Tag: Donations

  • Voluntary Offerings

    Voluntary Offerings

    Excerpt from ‘Tithing and Charitable Donations’, Church Newsroom: 1

    All funds given to the Church by its members are considered sacred. They are voluntary offerings that represent the faith and dedication of members and are used with careful oversight and discretion. They are audited regularly by independent, certified auditors.

    Excerpt from the June 1980 Ensign, First Presidency Message, Marion G. Romney: 2

    My sincere counsel to all who receive this message is: pay your tithing and be blessed.

    Tithing is not a free-will offering; it is a debt, payment of which brings great blessings.

    References

    References
    1 ‘Tithing and Charitable Donations’, Church Newsroom – https://newsroom.churchofjesuschrist.org/article/tithing
    2 June 1980 Ensign, First Presidency Message, Marion G. Romney – https://www.churchofjesuschrist.org/study/ensign/1980/06/concerning-tithing?lang=eng
  • Contribution

    Contribution

    Excerpt from the February 8, 2020 Wall Street Journal article, ’The Mormon Church Amassed $100 Billion. It Was the Best-Kept Secret in the Investment World.’: 1

    For more than half a century, the Mormon Church quietly built one of the world’s largest investment funds. Almost no one outside the church knew about it.

    Some of that mystery evaporated late last year when a former employee revealed in a whistleblower complaint with the Internal Revenue Service that the fund, called Ensign Peak Advisors, had stockpiled $100 billion. The whistleblower also alleged that the church had improperly used some Ensign Peak funds. Officials of the Church of Jesus Christ of Latter-day Saints, colloquially known as the Mormon Church, denied those claims.

    They also declined to comment on how much money their investment fund controls. “We’ve tried to be somewhat anonymous,” Roger Clarke, the head of Ensign Peak, said from the firm’s fourth-floor office, above a Salt Lake City food court. Ensign Peak doesn’t appear in that building’s directory.

    Interviews with more than a dozen former employees and business partners provide a deeper look inside an organization that ballooned from a shoestring operation in the 1990s into a behemoth rivaling Wall Street’s largest firms.

    Its assets did total roughly $80 billion to $100 billion as of last year, some of the former employees said. That is at least double the size of Harvard University’s endowment and as large as the size of SoftBank’s Vision Fund, the world’s largest tech-investment fund. Its holdings include $40 billion of U.S. stock, timberland in the Florida panhandle and investments in prominent hedge funds such as Bridgewater Associates LP, according to some current and former fund employees.

    Church officials acknowledged the size of the fund is a tightly held secret, which they said was because Ensign Peak depends on donations—known as tithing—from the church’s 16 million world-wide members. The church is under no legal obligation to publicly report its finances.

    But the whistleblower report—filed by David Nielsen, a former Ensign Peak portfolio manager—has heaped pressure on the church to be more transparent about its finances, something the church has avoided for decades.

    The firm doesn’t tell business partners how much money it manages, an unusual practice on Wall Street. Ensign Peak employees sign lifetime confidentiality agreements. Most current employees are no longer told the firm’s total assets under management, according to some of the former employees; few employees understand what the money is intended for.

    In their first-ever interview about Ensign Peak’s operations, Mr. Clarke and church officials who oversee the firm said it was a rainy-day account to be used in difficult economic times. As the church continues to grow in poorer areas of the world like Africa, where members cannot donate as much, it will need Ensign Peak’s holdings to help fund basic operations, they said.

    “We don’t know when the next 2008 is going to take place,” said Christopher Waddell, a member of the ecclesiastical arm that oversees Ensign Peak known as the presiding bishopric. Referring to the economic crash 12 years ago, he added, “If something like that were to happen again, we won’t have to stop missionary work.”

    During the last financial crisis, they didn’t touch the reserves Ensign Peak had amassed, church officials said. Instead, the church cut the budget.

    A former employee and the whistleblower in his report said they heard Mr. Clarke refer to the second coming of Jesus Christ as part of the reason for Ensign Peak’s existence. Mormons believe before Jesus returns, there will be a period of war and hardship.

    Mr. Clarke said the employees must have misunderstood his meaning. “We believe at some point the savior will return. Nobody knows when,” he said.

    When the second coming happens, “we don’t have any idea whether financial assets will have any value at all,” he added. “The issue is what happens before that, not at the second coming.”

    Whereas university endowments generally subsidize operating costs with investment income, Ensign Peak does the opposite. Annual donations from the church’s members more than covers the church’s budget. The surplus goes to Ensign Peak. Members of the religion must give 10% of their income each year to remain in good standing.

    Dean Davies, another member of the ecclesiastical arm that oversees Ensign Peak, said the church doesn’t publicly share its assets because “these funds are sacred” and “we don’t flaunt them for public review and critique.”

    Mr. Clarke said he believed church leaders were concerned that public knowledge of the fund’s wealth might discourage tithing.

    “Paying tithing is more of a sense of commitment than it is the church needing the money,” Mr. Clarke said. “So they never wanted to be in a position where people felt like, you know, they shouldn’t make a contribution.”

    References

    References
    1 The Mormon Church Amassed $100 Billion. It Was the Best-Kept Secret in the Investment World – https://www.wsj.com/articles/the-mormon-church-amassed-100-billion-it-was-the-best-kept-secret-in-the-investment-world-11581138011?mod=hp_lead_pos3
  • Proposition 8

    Proposition 8

    Image: Elder Lance Wickman – LDS General Authority


    Elder Lance Wickman in a 2012 interview speaking about the LDS churches involvement in the California Proposition 8 amendment against marriage equality: [footnote]Elder Wickman – Thoughts on Proposition 8[/footnote]

    “The first thought that comes to my mind is the shear heroism of our members in California, and others who stood up with them to defend marriage. They truly were heroic, metal of honor service as far as I am concerned. Almost in the same vein, contrary to what some may think it was the members not the church, yes the First Presidency of the church sent a letter that was read in sacrament meeting urging members to get involved, and thats all that was needed and they were galvanized by it.”

    From The Daily Dot, March 23, 2017[footnote]The long crusade: How the Mormon Church continues to war against gay marriage – The Daily Dot[/footnote]:

    New documents released by the transparency website MormonLeaks allege that LDS leaders did more than give their members pizza to encourage them to volunteer: The church’s leadership was directly involved in ongoing efforts to block marriage equality. And it continues to advocate for discrimination against the LGBTQ community, here and abroad, even despite recent attempts to build bridges with queer people.

    Training materials, presentation documents, and emails shared exclusively with the Daily Dot suggest even stronger ties between the Mormon Church and anti-marriage efforts than what has previously been alleged. After conservatives successfully passed Prop 8, a report from the Wall Street Journal claimed that the LDS Church provided volunteers and financial donations to the campaign. But the new materials suggest that the effort was directly supervised by members of the Church’s Quorum of the Twelve Apostles, its highest leadership board.

    Titled “Proposition 8 Grassroots Program,” a PowerPoint presentation leaked to the site was what leaders used to train supervisors assigned to man phone-banking and door-to-door efforts. An organizational chart in the document suggests that Elder John C. Dalton, a member of his area’s Quorum of the Seventy, directly facilitated political organizing for Prop 8, serving as state chairman. In his role, Dalton oversaw campaign leadership, as well as communicating with bishops and the presidents of local stakes, the LDS term for a group of churches that share the same district.

    Directly supervising Dalton were two members of the Quorum of the Twelve Apostles: Elders M. Russell Ballard and Quentin L. Cook. L. Whitney Clayton, senior president of the Presidency of the Seventy, also served as his superior.

    On Oct. 28, 2008, Dalton reached out directly to the team just days before the campaign to wish them luck and tell volunteers to press onward. It is this email that speaks directly to these leaders’ direct involvement in Prop 8 organizing.

    “We have been able to make hundreds of thousands of phone calls, rallies, bus tours, outreach programs on campuses and a host of other community activities,” Dalton wrote. “And all this has been done by your volunteer efforts and the members of your wards, branches, and institutes. I congratulate you on your dedication and faithfulness. Each evening as Elder Clayton and the statewide leadership conference call on Prop 8, you are uppermost in our minds and hearts. How proud we are to be associated with all of you.”

    The “Operations Manual” for the Prop 8 campaign further points to constant contact between elders and local churches to compel voters to show up at the ballot box that November. The manual, which was specifically for the Santa Monica area, opens with a quote from Edmund Burke—which was previously invoked by President Gordon B. Hinckley in a speech condemning pornography and “sex perversion.” It offers a statement of purpose for the campaign: “All that is required for evil to triumph is that good men do nothing.”

    Image: Page from the LDS “Proposition 8 Grassroots Program” training presentation – Organization Chart[footnote]‘Proposition 8 Grassroots Program’ Training Presentation – Mormon Leaks[/footnote]


     

    Crash Course:

  • 2012 Tithing Slip Change

    2012 Tithing Slip Change

    In 2012 there was an disclaimer added to the LDS tithing slip which reads “Though reasonable efforts will be made globally to use donations as designated, all donations become the Church’s property and will be used at the Church’s sole discretion to further the Church’s overall mission.”

    Since 1959 the LDS church has not publicly disclosed its financial statements… even to its tithe payers.