LDS Church’s Investment Firm Enhances Transparency After $100 Billion Fund Revelations

One year has passed since ReligionUnplugged.com first reported on a secretive investment firm linked to the Church of Jesus Christ and Latter-Day Saints. Ensign Peak Advisors (EPA), the firm in question, now operates with increased transparency regarding its financial holdings. This shift comes amid ongoing scrutiny from Washington, suggesting that the investigation may not yet be complete.

In December 2019, a whistleblower complaint filed with the Internal Revenue Service alleged that the LDS Church directed member tithes into EPA, a non-profit supporting organization under church control. Over 23 years, this arrangement reportedly accumulated more than $100 billion in assets under management. The complaint further alleged that, as a non-profit registered as a 501c3 and 509a3 supporting organization, EPA did not make charitable distributions but instead allocated $2 billion to assist two for-profit companies.

If EPA were categorized as a hedge fund, it would rank among the top five in terms of Assets Under Management. Its holdings surpass those of prestigious university endowments, such as those at Stanford, Harvard, or Yale. The financial acumen of the LDS Church and its members, who are often referred to as “Mormon,” underscores the resilience and ambition of this distinctly American religious minority, which celebrated its 200-year history in 2020.

The revelations by ReligionUnplugged.com and The Washington Post sent shockwaves through both the investment and religious communities, garnering hundreds of thousands of page views. The stories sparked widespread interest, leading to over 150 follow-up articles in various media outlets. The whistleblower complaint and related YouTube videos became hot topics among Mormon and ex-Mormon communities on social media.

For their original reporting in December 2019, ReligionUnplugged.com received accolades from the Religion News Association and was recognized by the Society for Advancing Business Editing and Writing. The coverage was also a finalist for an EPPY Award for best business reporting. Despite the stories breaking in 2019, the continued coverage and fallout were highlighted as one of the top 25 religion stories of 2020 by the Religion News Association.

In response to the initial reports, leaders of EPA and the LDS Church declined to comment. After the stories broke in 2019, the LDS Church issued a statement and posted videos on YouTube. The statement emphasized the church’s commitment to responsibly managing the tithes and donations received from its members, reflecting on the biblical principle of stewardship and accountability as highlighted in Micah 6:8.

Source: Read the original report