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| Olde Tyme Religion |
| Mormon Church misled members on tax-exempt investment fund, whistleblower claims |
| 2019-12-19 |
| [FoxNews] The Church of Jesus Christ of Latter-day Saints built a $100 billion investment portfolio using tax-exempt funds "intended for charitable purposes," potentially in violation of federal laws, according to a whistleblower complaint filed to the Internal Revenue Service. The 74-page complaint was lodged by David A. Nielsen, a 41-year-old former portfolio manager for the church's nonprofit investment arm, Ensign Peak Advisors, in Salt Lake City, where the church is based. He was aided by his twin brother, Lars Nielsen, who provided documents and spoke to The Washington Post Monday. The former member worked there until September when he filed a complaint to the Internal Revenue Service Nov. 21, accusing 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," the Washington Post reported. |
| Posted by:Skidmark |
| #2 The rules for university endowments was just adjusted to include new taxes. In addition to 100 billion in investments there is an additional 24 billion in real estate. Lastly the whistleblower in tax situations get a portion of the recovery. It will take many years but this guy could get 100’s of millions |
| Posted by: Airandee 2019-12-19 12:10 |
| #1 and possibly breaching federal tax rules — by stockpiling their surplus donations instead of using them for charitable works. Sounds like the Tax Exempt Endowment Funds for big universities... |
| Posted by: magpie 2019-12-19 11:50 |