The organization's IRS 990-t forms also show an opaque but growing organization. The document indicates that the firm receives billions each year from tithe revenue - the donations church members make to the church - and estimates EPA assets from tithes and investment growth is more than $100 billion at present. The document tallies assets in EPA using downloaded spreadsheets of assets from across its portfolio from March 22, 2018. "I raised several flags and concerns over the years." "I started to suspect that EPA was not compliant with its 501c3 or acting in accordance with its Articles of Incorporation around 2013," the whistleblower writes on a notarized cover letter to the IRS obtained by Religion Unplugged. Nielsen has chosen to go public with the allegations by releasing the report online and explaining the allegations in videos. The complaint (Form 211) was filed with the IRS whistleblower office on Nov. The whistleblower worked with Nielsen on a two-month research project to research and explain the inner workings of EPA. Nielsen learned of the allegations from an LDS church member, who prefers to be unnamed. One presentation slide in the document from March of 2013 is labeled "New Staff Orientation Deck" and shows a Church investment governance structure including a "Council on Disposition of Tithes" that allocates funds from tithes to holding organizations in the church such as EPA. The filing also included several internal EPA documents including an EPA Policy book, an EPA master plan, an EPA New Staff Orientation Guide, statements of financial condition and data downloads and analysis of the firm's investment portfolio. Because Ensign Peak Advisers is a support organization to a church it is not subject to disclosure requirements that other non-profit organizations are required to make.Ī former Church member in Minnesota named Lars Nielsen published a 74-page document filed with the IRS that makes several allegations. Upon dissolution, all Ensign Peak assets go the Church or affiliated organizations according to article 5 and that article cannot be changed without "the written consent of The First Presidency" of the Church.
ROGER CLARK BILLIONS REGISTRATION
(EPA) is a "supporting organization" of the Church under article 3 in its registration document. As registered under section 509(a)3 of the Internal Revenue Code, Ensign Peak Advisors, Inc. So thanks," he said, before hanging up the phone.Įnsign Peak Advisors' articles of incorporation confirm Ensign Peak is an arm of the Church of Jesus Christ of Latter-day Saints. "We don't really answer questions with the public press. Religion Unplugged reached EPA's managing director Roger Clarke by phone on Monday, offering to explain key parts of this story and to ask questions for EPA to give a response.
(EPA) owned assets under management grew to more than $100 billion from $10 billion in the past 22 years, fueled by a mix of investment strategy and tithe money from church members.
The 74-page document filed with the IRS and obtained by Religion Unplugged shows that Ensign Peak Advisors, Inc. Did the Mormon Church stockpile billions of dollars meant for charity, misleading church members about how their donations were used? George Frey/Getty
Spires of the LDS temple in Salt Lake City, Utah.
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