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.
A spokesman for the church did not respond to detailed questions from The Post about the complaint. “The Church does not provide information about specific transactions or financial decisions,” spokesman Eric Hawkins said in a statement.
Based on internal accounting documents from February 2018, the complaint estimates the portfolio has grown in value from $12 billion in 1997, when Ensign was formed, to about $100 billion today.
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