![]() But I wish to give the entire Church the assurance that tithing funds have not and will not be used to acquire this property. Hinckley, continue to tell members and the public that all of the church’s assets are “money-consuming and not money-producing assets.” April 2003Īfter the church earmarks the money for the City Creek shopping center, President Hinckley tells members at the LDS General Conference, “We have felt it imperative to do something to revitalize this area. The SEC order states this is because “The Church was concerned that disclosure of the assets in the name of Ensign Peak, a known Church affiliate, would lead to negative consequences in light of the size of the Church’s portfolio.”Ĭhurch leaders, including then-president Elder Gordon B. ![]() With approval from The First Presidency of the LDS Church, Ensign Peak establishes the first of its shell companies (LLCs) that each file Forms 13F instead of a single aggregated filing. Unanimous approval from the senior leadership of the Church was required before Ensign could deviate from the LLC Structure and file Forms 13F in Ensign Peak’s own name.” 2000s The SEC order states: “Throughout its history, at least once each year, Ensign Peak’s Managing Director met with the senior leadership of the Church to discuss Ensign Peak’s activities, including the LLC Structure. Senior management at Ensign Peak are made aware of Ensign Peak’s requirement to file Forms 13F and communicate this requirement to senior leadership of the church, according to the SEC. These forms disclose the names of the securities and their values. Investment managers who oversee a portfolio of public equities above a certain threshold are required to file Forms 13F with the SEC quarterly. The portion of 13F Securities in the portfolio grew to approximately $37.8 billion by 2020. At its inception, Ensign Peak initially managed approximately $7 billion of church assets, according to the SEC order, a significant percentage of which consisted of Section 13F Securities. The Church Of Jesus Christ Of Latter-Day Saints creates Ensign Peak to manage the church’s investment assets. So, how did we get here? Here’s a timeline outlining the events leading up to the SEC’s investigation and eventual penalty for the LDS Church’s illegal financial reporting practices. This newfound compliance with the law came shortly after an IRS whistleblower complaint revealed the church’s holdings are valued around $100 billion. The LDS Church responded with a statement claiming these “mistakes” have been addressed and that they have been in compliance with federal disclosure laws since June 2019. Based on the order, the motivation appears to be saving face, over fear that public knowledge of the church’s wealth would lead to negative consequences in light of the size of the church’s portfolio. ![]() The SEC order shows that the LDS Church’s investment firm, with the knowledge of its First Presidency, used shell companies to obscure the church’s investment wealth. Securities and Exchange Commission (SEC) announces it is fining the Church Of Jesus Christ Of Latter-Day Saints and its investment arm, Ensign Peak Advisors, $1 million and $4 million, respectively, for a scheme to conceal the value of the church’s assets.
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