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Church of Latter-Day Saints responds to accusations of hoarding funds intended for charity

6 months 3 weeks 4 days ago Wednesday, December 18 2019 Dec 18, 2019 December 18, 2019 12:11 PM December 18, 2019 in News
Source: CNN
Mormon Temple in Salt Lake City Photo: The Washington Post

The Church of Jesus Christ Latter-Day Saints, also known as the Mormon Church responded to accusations that church officials had been stockpiling $100 billion in accounts intended for charitable works.

According to CNN, a Mormon/former investment manager who worked for the church until September filed a complaint against the church with the IRS.

His document states that billions of dollars collected in tithes were placed in an investment arm of the church called Ensign Peak Advisors. The complaint goes on the say that though the money was intended for charitable use, none of it was used for this purpose.  

Tuesday, the church released a statement regarding the issue, saying, “Claims being currently circulated are based on a narrow perspective and limited information. The Church complies with all applicable law governing our donations, investments, taxes, and reserves. We continue to welcome the opportunity to work with officials to address questions they may have.”

Though the church’s statement did not specifically mention the accusation of accumulating $100 billion, it did say, “All Church funds exist for no other reason than to support the Church’s divinely appointed mission.”

The Washington Post reports that the whistleblower has asked the IRS to strip the religious organization of its tax exempt status and to provide him with a reward.

The later request is a valid one as, according to IRS rules, whistleblowers can be awarded up to 30 percent of any taxes and penalties collected.

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