Washington Post: Mormon Church has misled members on finance

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_Morley
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Washington Post: Mormon Church has misled members on finance

Post by _Morley »

From the front page of the Washington Post on Monday,16 December 2019.

Mormon Church has misled members on $100 billion tax-exempt investment fund, whistleblower alleges

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/investigations/mormon-church-has-misled-members-on-100-billion-tax-exempt-investment-fund-whistleblower-alleges/2019/12/16/e3619bd2-2004-11ea-86f3-3b5019d451db_story.html

Also from the article:

Philip Hackney, a former IRS official who teaches tax law at the University of Pittsburgh, said the complaint raised a “legitimate concern” about whether the church’s investment arm deserved its tax-exempt status.

“If you have a charity that simply amasses a war chest year after year and does not spend any money for charity purposes, that does not meet the requirements of tax law,” Hackney said in an interview. Hackney, who served in the IRS chief counsel’s office, has been retained by The Post to analyze the whistleblower documents.
_Kishkumen
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Re: Washington Post: Mormon Church has misled members on fin

Post by _Kishkumen »

Phil Hackney is a good guy. Straight shooter. If he thinks the complaint has merit, then Ensign Peak is probably in trouble. There will be a fine. A slap on the wrist. It will be embarrassing, but I doubt EP will lose its tax exempt status over this.
"Petition wasn’t meant to start a witch hunt as I’ve said 6000 times." ~ Hanna Seariac, LDS apologist
_Sanctorian
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Re: Washington Post: Mormon Church has misled members on fin

Post by _Sanctorian »

According to the complaint, Ensign’s president, Roger Clarke, has told others that the amassed funds would be used in the event of the second coming of Christ. Clarke did not respond to an email seeking comment.

So as long as you claim “Jesus might come again”, you can get out of paying taxes? Sign me up.
I'm a Ziontologist. I self identify as such.
_Kishkumen
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Re: Washington Post: Mormon Church has misled members on fin

Post by _Kishkumen »

Reading the whole thing I found myself practically falling on the floor from laughter. So many things about this are delightfully absurd. The Church funneling over a billion from Ensign Peak to keep its stupid-ass mall afloat. The soon-to-be ex-Mo collecting documents to light the Church up with an embarrassing whistleblower complaint right before tithing settlement. The Church justifying its excesses in business by talking about Jesus’ Second Coming. This is the kind of ridiculous crap that would make an awesome movie. I hope someone buys the rights to this story. Maybe Ashton Kutcher can play Nielsen.
"Petition wasn’t meant to start a witch hunt as I’ve said 6000 times." ~ Hanna Seariac, LDS apologist
_Dr Moore
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Re: Washington Post: Mormon Church has misled members on fin

Post by _Dr Moore »

It’s a damning revelation of deception and power grabbing. Wait until the financial analyses come out. This has been a long time coming.

Can confirm the $100 billion figure.

So much for “just trust us.”
Last edited by Guest on Tue Dec 17, 2019 3:15 am, edited 1 time in total.
_Kishkumen
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Re: Washington Post: Mormon Church has misled members on fin

Post by _Kishkumen »

Dr Moore wrote:It’s a damning revelation of deception and power grabbing. Wait until the financial analyses come out. This has been a long time coming.

Can confirm the $100 billion figure.


Thank you, Dr. Moore. If you don’t have a chair at Cassius already, it may be that this will earn you one. Surely Dean Robbers is making the arrangements.
"Petition wasn’t meant to start a witch hunt as I’ve said 6000 times." ~ Hanna Seariac, LDS apologist
_Kishkumen
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Re: Washington Post: Mormon Church has misled members on fin

Post by _Kishkumen »

Nielsen’s complaint is sharply critical of church leaders for continuing to ask for tithes, even from members who are struggling financially, while the church sits on a fortune. “Would you pay tithing instead of water, electricity, or feeding your family if you knew that it would sit around by the billions until the Second Coming of Christ?” he wrote in a 74-page narrative that accompanied his complaint.


Classic ex-Mo reaction. Write 74 pages. He should be here with us!
"Petition wasn’t meant to start a witch hunt as I’ve said 6000 times." ~ Hanna Seariac, LDS apologist
_Stem
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Re: Washington Post: Mormon Church has misled members on fin

Post by _Stem »

Yes a large corporation intent on making money. Tax exemption under the cover of needing billions for jesus is ridiculous.
_Kishkumen
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Re: Washington Post: Mormon Church has misled members on fin

Post by _Kishkumen »

Stem wrote:Yes a large corporation intent on making money. Tax exemption under the cover of needing billions for jesus is ridiculous.


I dunno, Stem. Jesus Invictus likes the bling. That chariot of fire ain’t gonna be cheap!
"Petition wasn’t meant to start a witch hunt as I’ve said 6000 times." ~ Hanna Seariac, LDS apologist
_Mormonicious
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Re: Washington Post: Mormon Church has misled members on fin

Post by _Mormonicious »

Let's see Mormon Jebus need MONEY when he returns? WTF? What Mormon Jebus need the cash to buy the Dome of the Rock before the New Temple can be build in Jerusalem?

"Hey Allah, I'm a little short of cash right now, could I give you say $100 Billion dollars and an I.O.U. for the rest?"
Revelation 2:17 . . give him a white stone, and in the stone a new name written, which no man knoweth saving he that receiveth it. Thank Google GOD for her son eBay, you can now have life eternal with laser engraving. . oh, and a seer stone and save 10% of your life's earning as a bonus. See you in Mormon man god Heaven Bitches!!. Bring on the Virgins
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