https://markets.businessinsider.com...stop-stock-gain-tesla-stake-2021-5-1030442617 The Mormon Church's $100 billion fund made a 900% gain on GameStop last quarter. Ensign Peak Advisors' stake surged in value from below $900,000 to $8.7 million. The church fund also boosted its Tesla stake by 39% after growing it 3,500% last year.
Mormon Church has misled members on $100 billion tax-exempt investment fund, whistleblower alleges The Mormon Temple in Salt Lake City. (Douglas C. Pizac/AP) https://www.washingtonpost.com/inve...619bd2-2004-11ea-86f3-3b5019d451db_story.html Dec. 18, 2019 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. The church did not respond to detailed questions from The Post about the complaint and said in a statement Monday that it does not discuss specific financial transactions. On Tuesday, after the first version of this story was published, the church said it takes seriously its responsiblity to care for members’ donations. “Claims being currently circulated are based on a narrow perspective and limited information,” said a statement attributed to the church’s First Presidency, its top governing body. “The Church complies with all applicable law governing our donations, investments, taxes, and reserves.” The complaint provides a window into the closely held finances of one of the nation’s most visible religious organizations, based in Salt Lake City. It details a church fortune far exceeding past estimates and encompassing stocks, bonds and cash. The complaint was filed by David A. Nielsen, a 41-year-old Mormon who worked until September as a senior portfolio manager at the church’s investment division, a company named Ensign Peak Advisors that is based near the church’s headquarters. Nonprofit organizations, including religious groups, are exempted in the United States from paying taxes on their income. Ensign is registered with authorities as a supporting organization and integrated auxiliary of the Mormon Church. This permits it to operate as a nonprofit and to make money largely free from U.S. taxes.
Gawd DAYAM. I'd become one if they'd share just 1% of their knowledge. Bet those smart fukers were long GME.
March 2020 LDS church disclosed $37.8 BILLION dollar stock market portfolio. https://www.sltrib.com/religion/2020/03/07/lds-church-discloses/