It accused church leaders of fraud over their handling of billions of dollars in members tithing. A Salt Lake Tribune analysis shows the next highest concentrations of its investments beyond tech are in consumer goods, health care and financial sectors, each at stakes of between 12% to 15% of Ensign Peaks total value, for shares worth a total of $8.6 billion, $6.9 billion and $6.6 billion, respectively. Based on Clarkes statements, Nielsen said, it appeared the churchs public statements were intended to conceal the truth about EPAs use of tithing for both commercial ventures. Use tab to navigate through the menu items. His document alleges that during its 22-year period, the EPA firm was never audited by independent auditors and had no audit committee. . Contact Us Ensign Peak Advisors. 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. 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. Manage Products and Account Information. I mean it's just so nonsensical that I can't believe they even try that line of thinking, but when you're caught with your hand in the cookie jar you say whatever you can to get out of the situation. The church contended no actual tithing was ever used and instead came from Ensign Peaks earnings. All rights reserved. Latter-day Saint officials acknowledged that it used Ensign funds to underwrite construction of City Creek Center mall in downtown Salt Lake City and rescue Beneficial Life, a church-owned insurance company, but said there was nothing illegal in that. Top editors give you the stories you want delivered right to your inbox each weekday. Nielsens document notes the media attention to the original IRS whistleblower document generated great interest from the public. Reports reveal the big stakes in tech are part of a vast hands-on market strategy by Ensign Peak, with upward of 1,850 different stocks at times, spread across virtually every part of the U.S. economy and abroad. To learn more, visit Asia Pacific +65 6212 1000. We have not seen the actual document in question; however, it appears they are dated allegations. The Ensign Peak Advisors management team includes Paul Davis (Chief Operating Officer), Anthony Kirkham (Vice President and Senior Portfolio Manager), and Jason Butterfield (Chief Compliance Officer) . Again, the church refuses to be transparent with their members as they enjoy the benefits of being a tax exempt corporation. 212.744.6825, Research Coordinator 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? Steven Thorley If the church truly believed what they were doing was true and good, they would be open and honest and tell every member to research their claims and hold them accountable. 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. Beyond tech, Ensign Peaks top holdings read like a typical blue chip roster: J.P. Morgan, Merck, Berkshire Hathaway and Intel. By clicking Sign up, you agree to receive marketing emails from Insider Although Mr. Nielsen could have earned significantly more working for a traditional hedge fund, Mr. Nielsen accepted EPAs offer because he believed at that time that EPA actually supported the Churchs religious and charitable activities, the document states. Some companies like to show when large and established institutional investors are taking positions in their company, considering that a vote of confidence in the company. 323.244.1154. The Church of Jesus Christ of Latter-day Saints' has a $100 billion portfolio, according to a 13F filing. (Deseret News) 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 . That suggests a remarkable level of trust in church leadership, Sam Brunson, a professor of tax law at Loyola University in Chicago, told The Tribune, not just on spiritual/religious matters but also on more mundane secular matters.. 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. Nielsen was also someone who had experience on Wall Street, working at a major New York hedge fund for five years and obtaining an MBA at UCLA before EPA recruited him in 2010 as an investment portfolio manager. Neilsen's complaint claims Ensign president Roger Clarke has said the fund would be used should the second coming of Christ occur, while the Post reported that high-ranking cleric Bishop. Software Updates. Julia Miner, a retired tax attorney in the San Francisco Bay Area, is proud of her conservative Mormon tradition of frugality. We can also intentionally deceive others by a gesture or a look, by silence, or by telling only part of the truth. If something like that [an economic recession] were to happen again, we wont have to stop missionary work. He urged the agency to strip the denomination of its tax-exempt status, saying Ensign may owe billions in taxes. 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. Penske Automotive Group, for example, released its quarterly earnings on Nov. 21, 2020, andnoted in its press release that, among institutional and hedge fund investors, Ensign Peak Advisors increased its stake in Penske by 2,651% and now owns 181,578 shares of Penskes stock, valued at $7 million. Downloads 496 (82,744) 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. Thank you for supporting local journalism. The Journal reported that some of the money comes from donations from church members, a practice also known as tithing in which parishioners must give 10% of their annual income to remain in good standing. But its lawyers go to great lengths in challenging Huntsmans lawsuit including filing rare financial documents under seal and blocking information from public view on others to show that no actual tithing went into those transactions. In the document, he argues that holding EPA accountable will promote better compliance by religious and other nonprofits with tax laws and will discourage fraudulent attempts by other organizations tempted to abuse exempt status.. If you read the early patriarchal blessings, many early members were told they would see Jesus before they died, because they truly believed they were in the final years before his return. The Salt Lake Tribune, Inc. is a 501(c)(3) public charity and contributions are tax , UT Previous President for Ensign Peak Advisors Inc (801)240-3053. "That same poverty continues from one generation to another, until people pay their tithing." The members who take their tithing money and donate it to local animal shelters, food pantries, or children's programs are doing the work that the church claimed to be doing when demanding 10% of every member's income. Just as in the Gospel Topics essay on Joseph Smith's polygamy, they are using carefully worded denials when they know full well that they are purposefully misleading their members (and the public) at best. Ensign Peak Advisors' articles of incorporation confirm Ensign Peak is an arm of the Church of Jesus . Ensign Peak Advisors. (In Conference Report, Apr. Companies Connections. As Deuteronomy 14:28-29 makes clear, the church is supposed to use the tithes collected to actually help those in need: 28 At the end of every three years, bring all the tithes of that years produce and store it in your towns, 29 so that the Levites (who have no allotment or inheritance of their own) and the foreigners, the fatherless and the widows who live in your towns may come and eat and be satisfied, and so that the Lord your God may bless you in all the work of your hands.". As of June, the funds shares in five Big Tech companies Apple, Microsoft, Google, Amazon and Facebook were worth nearly $9 billion, or 18% of its total value. As for the idea that the $124 billion is for the years leading up to Jesus' return, I also think that is a ridiculous notion. 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 . Now he has a podcast about it. David Nielsen explains in his new document to the Senate Finance Committee that he was a lifelong member of The Church of Jesus Christ of Latter-day Saints, a person whose family was part of the church since the mid-1800s, who graduated from Brigham Young University and who served as a missionary for the church for two years in Brazil. Analytic Investors, Inc. Steven Thorley. Roger received a PhD in finance and an MS degree in economics from Stanford University, as well as an MBA and BA degree in physics from Brigham Young University. Its initial filing revealed EPA had $38 billion in stocks and mutual fundsat the end of 2019, including $1.5 billion in Apple and Microsoft. 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. Editors note James Huntsman is a brother of Paul Huntsman, chairman of the nonprofit Salt Lake Tribunes board of directors. It's very similar to polls regarding impeachment - the more loyal you were to Donald Trump, the less likely you were to want witnesses or documents to be produced. 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. . The financial records destroy Huntsmans fraud claim, its lawyers argued in Aug. 31 court filings. 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. 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.. 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. Harindra De Silva. Analytic Investors, Inc. Steven Thorley. Ensign Peak Advisors, Analytic Investors, Inc. and BYU Marriott School of Business. Harindra de Silva. But, the paper reported, they gave estimates for its main areas of expenditure that, collectively, total about $5 billion. Church officials said the global faith, as a whole, gives about $1 billion a year to humanitarian causes and charities.". Harindra De Silva. This page was processed by aws-apollo-l2 in. Back to the article: Church leaders may be right to worry that the financial revelations could have a negative impact on tithe paying. Tithing. Advisors & # x27 ; articles of incorporation confirm Ensign Peak Advisors & x27! Pay their tithing. Analytic Investors, Inc. and BYU Marriott School of Business James. Gesture or a look, by silence, or by telling only part of the truth to. 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