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Whistleblower - Ensign Peak Advisors

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  • Whistleblower - Ensign Peak Advisors

    https://twitter.com/washingtonpost/s...681977344?s=19



    A former investment manager alleges in a whistleblower complaint to the Internal Revenue Service that the Church of Jesus Christ of Latter-day Saints has amassed about $100 billion in accounts intended for charitable purposes, according to a copy of the complaint obtained by The Washington Post.

    The confidential document, received by the IRS on Nov. 21, accuses church leaders of misleading members — and possibly breaching federal tax rules — by stockpiling their surplus donations instead of using them for charitable works. It also accuses church leaders of using the tax-exempt donations to prop up a pair of businesses.
    https://www.washingtonpost.com/inves....co/KQ7s4gUo8f
    "I think it was King Benjamin who said 'you sorry ass shitbags who have no skills that the market values also have an obligation to have the attitude that if one day you do in fact win the PowerBall Lottery that you will then impart of your substance to those without.'"
    - Goatnapper'96

  • #2
    Here's how the reaction will go:

    Those that have a beef with the church or those that call the church something clever like "LD$ INC" or those that want to see the church in a bad light will be all over this story with emotions of extreme sadness, anger and despair all over social media

    Those that are true blue members who will call this a nothing burger created by a bitter employee who has left the church.

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    • #3
      I don't get it. Charities can't bank too much money?

      Comment


      • #4
        Originally posted by LiveCoug View Post
        Here's how the reaction will go:

        Those that have a beef with the church or those that call the church something clever like "LD$ INC" or those that want to see the church in a bad light will be all over this story with emotions of extreme sadness, anger and despair all over social media

        Those that are true blue members who will call this a nothing burger created by a bitter employee who has left the church.
        Being on the true blue end of the spectrum I will add that the guy is submitting under the whistleblower statute likely hoping to get his share of any funds recovered by the government.

        I have only skimmed the article, but the only thing that jumped out to me as possibly problematic is the payment to Beneficial, if it was mischaracterized or made improperly, as claimed. Otherwise I don't see any threat to the church except for the potentially bad PR.
        PLesa excuse the tpyos.

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        • #5
          Originally posted by creekster View Post
          Being on the true blue end of the spectrum I will add that the guy is submitting under the whistleblower statute likely hoping to get his share of any funds recovered by the government.

          I have only skimmed the article, but the only thing that jumped out to me as possibly problematic is the payment to Beneficial, if it was mischaracterized or made improperly, as claimed. Otherwise I don't see any threat to the church except for the potentially bad PR.
          I know someone who runs a a charitable foundation with a few hundred million in assets. The foundation has to distribute 5% of its total assets annually to maintain its tax exempt status. I would assume the same principle applies to the church fund.


          This feels like someone looking for a winning lottery ticket.

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          • #6
            For these allegations of wrongdoing to bear out, the management of the funds must be either incredibly dumb or incredibly evil, and probably both.

            I don’t think they are either, tbh.
            τὸν ἥλιον ἀνατέλλοντα πλείονες ἢ δυόμενον προσκυνοῦσιν

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            • #7
              Originally posted by All-American View Post
              For these allegations of wrongdoing to bear out, the management of the funds must be either incredibly dumb or incredibly evil, and probably both.

              I don’t think they are either, tbh.
              The returns are pretty incredible if his numbers are right. Start with $12B in 1997. Add $1B annually. Took out $2.5B in 2009 or so. And now the fund is over $100B. Anyone want to run the math on the annualized return?

              Comment


              • #8
                Originally posted by wapiti View Post
                The returns are pretty incredible if his numbers are right. Start with $12B in 1997. Add $1B annually. Took out $2.5B in 2009 or so. And now the fund is over $100B. Anyone want to run the math on the annualized return?
                Actually if you run the numbers, it really isn’t. It is only about a 7% average annual return.
                "Friendship is the grand fundamental principle of Mormonism" - Joseph Smith Jr.

                Comment


                • #9
                  Now I don't feel guilty for paying on net.

                  Comment


                  • #10
                    The biggest fallout to true, blue members will be the numbers in this story.

                    If you are making $50,000 a year and giving $5,000 to your church, and you find out that church has $100 Billion in assets (in just one account?) that it's just sitting on, you might start to question why you should give $5,000 annually. I know, I know, there are lots of good answers to that question (tithing benefits you not the church, etc, etc), but those answers are a lot more convincing in the abstract than seeing them in cold, hard numbers.

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                    • #11
                      If the amount is accurate, and the church truly believes BYU sports is a missionary tool, there is no excuse for the “Y” to not have the best football program in the country.
                      "Friendship is the grand fundamental principle of Mormonism" - Joseph Smith Jr.

                      Comment


                      • #12
                        Originally posted by Sullyute View Post
                        Actually if you run the numbers, it really isn’t. It is only about a 7% average annual return.
                        I have 9.65% if they had 12B at the start of 1997 and 100B at the end of 2019
                        "Be a philosopher. A man can compromise to gain a point. It has become apparent that a man can, within limits, follow his inclinations within the arms of the Church if he does so discreetly." - The Walking Drum

                        "And here’s what life comes down to—not how many years you live, but how many of those years are filled with bullshit that doesn’t amount to anything to satisfy the requirements of some dickhead you’ll never get the pleasure of punching in the face." – Adam Carolla

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                        • #13
                          Originally posted by Mormon Red Death View Post
                          I have 9.65% if they had 12B at the start of 1997 and 100B at the end of 2019
                          Are you adding in the $1B annual payment? If I do that, I also get 7%.
                          "There is no creature more arrogant than a self-righteous libertarian on the web, am I right? Those folks are just intolerable."
                          "It's no secret that the great American pastime is no longer baseball. Now it's sanctimony." -- Guy Periwinkle, The Nix.
                          "Juilliardk N I ibuprofen Hyu I U unhurt u" - creekster

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                          • #14
                            More bad news: "According to Nielsen’s LinkedIn page, he is a finance graduate of Brigham Young University and attained his MBA from UCLA."

                            Comment


                            • #15
                              Mormon twitter is aghast that the church would be stockpiling money. This really surprises people?
                              "There is no creature more arrogant than a self-righteous libertarian on the web, am I right? Those folks are just intolerable."
                              "It's no secret that the great American pastime is no longer baseball. Now it's sanctimony." -- Guy Periwinkle, The Nix.
                              "Juilliardk N I ibuprofen Hyu I U unhurt u" - creekster

                              Comment

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