But there's really nothing here of note, so let's move on. But there is a time, she told The Tribune on Saturday, to use resources to help and lift people. All rights reserved. Back to the article: "The church cant predict when the next 2008 is going to take place, Christopher Waddell, second counselor in the faiths Presiding Bishopric, told The Journal. Whether you're a believing member or have left the church, the only thing I can say is that if you want to continue tithing, follow the Bible and use the money to help those around you whether it's a children's program, a local animal shelter (always a favorite of mine), or a food pantry. Clarke told the Journal, We dont have any idea whether financial assets will have any value at all during a second coming. I know some believing members will take offense at that characterization, but please tell me where I am wrong. Thank you for supporting local journalism. But if church leaders truly believed that, why not be transparent with the members who are taking their hard earned money and funding the church's investment portfolio? He wrote that it avoided having a compliance officer between 1997 and 2015. The Church of Jesus Christ of Latter-day Saints' has a $100 billion investment portfolio,according to a 13F form. The SEC's order said that. Keywords: factor investing, rules-based portfolios, quantitative portfolio management, Suggested Citation: Ensign Peak held $349,000 in shares in Beyond Meat, maker of plant-based meat substitutes, at the end of 2019, but that was down to $5,000 in June, making it the smallest holding in the portfolio. Paul Glader is executive editor of ReligionUnplugged.com and a professor of journalism at The Kings College NYC. 72, No. Nielsen notes that EPA was operated by people with similarly impressive backgrounds in finance, including advanced degrees from institutions such as Stanford University and experience at hedge fund and Wall Street firms such as Credit Suisse and UBS. Ensign Peak also has at least $1.3 billion in shares of oil and gas companies, even after dumping 44% of its stock in Exxon Mobil early in 2020. In the document, he estimates that his former employer has evaded payments of more than $20 billion in taxes and concealed foreign accounts that should total $2 billion in penalties. Lawrence Harris In criminal conduct, EPA has engaged in a Klein conspiracy to defraud the IRS by pretending to be tax-exempt while concealing and falsifying the facts of its massive securities investment business, the document states. The head of EPA, Roger Clarke, indicated to the Journal that EPA is a rainy-day account to be used in difficult economic times. Some church leaders suggested the fund could be used in the event of an economic or financial crisis. And as we're learning more and more each day, they are right to fear that, because if you're willing to approach their history and practices in the way you approach any other organization, product, or belief, you will realize that not only is the church demonstrably false, but it's actually not very good, either. (Illustration by Christopher Cherrington | The Salt Lake Tribune). Analytic Investors, Inc. Steven Thorley. Ensign Peak Advisors, Analytic Investors, Inc. and BYU Marriott School of Business. Of course the church (and church apologists) would reply that Joseph F Smith was speaking as a man in that instance, and that $124 billion in liquid assets is not "sufficient" for the church's needs. The vast majority of these funds areused immediately to meet the needs of the growing Churchincluding more meetinghouses, temples, education, humanitarian work and missionary efforts throughout the world. Ensign Peak, which manages $124 billion in investments cultivated from tithing funds, is admitting that the church doesn't tell its members about the fund because they know members aren't going to keep paying tithing if they knew the church is sitting on so much money that they could cover every administrative cost for the church with the yearly gains and still have billions left over in gains each year to grow the account. [4] In 1997, the investment division of the LDS Church was spun off into a separate legal entity named after Ensign Peak, a hill that overlooks Salt Lake City. The document said it also had no nonexecutive directors or a board to which EPA had to report. Nielsen was also someone who had experience on Wall Street, working at a major New York hedge fund for five years and obtaining an MBA at UCLA before EPA recruited him in 2010 as an investment portfolio manager. The fund holds immense stakes of $400 million or more in household stocks like Home Depot, Disney and Johnson & Johnson while at times making lucrative quick trades in meme stocks such as GameStop and Tesla. Other former employees said the firms war chest related to preparation for the second coming of Jesus Christ. Ensign Peak Advisors. When it does happen, we dont have any idea whether financial assets will have any value at all. Tax avoidance: Nielsens document claims EPA has not disputed his original allegations that 1) EPA engaged in no religious, charitable or educational activities in the entire relevant period, 1997-2019, and 2) EPAs only distributions over 22 years were for the for-profit operations of an insurance company and a luxury shopping mall. Read the Wall Street Journal story. It had a $1.5 million stake in sports apparel maker Lululemon in early spring of 2019, but managers had drawn that down to $2,000 by the start of 2021. Given the popularity of factor investing, also known as rules-based, smart beta, or simply quantitative portfolio management, a number of students and traditional equity analysts have asked for a primer to introduce basic terms, concepts, and calculation procedures. The deception began in 2007 with the false statement of EPAs having only $1,000,000 in assets, says Nielsens document. And while that might not be against the law (there are questions of whether it's lawful to be tax exempt when you are not actively using the fund for charitable purposes), it is absolutely against their own definition of honesty. Contact Us The head of EPA, Roger Clarke, indicated to the Journal that EPA is a "rainy-day account to be used in difficult economic times." Some church leaders suggested the fund could be used in the . . To learn more, visit [Get more content like this in the Mormon Land newsletter, a weekly highlight reel of developments in and about The Church of Jesus Christ of Latter-day Saints. The new document alleges several new violations by EPA and its leaders. Circuit Court of Appeals. Nielsen referred to a March 2013 meeting with the firms then-president, Roger Clarke, in which he heard Clarke outline $1.4 billion in spending on City Creek over five years and a one-time payment of $600 million to Beneficial Life, a struggling church-owned insurance company. The church contends this is not illegal and I am not a legal expert, but I can say it looks awful when a church uses a tithing investment fund to bail out its for profit ventures yet has never spent a dime to help those who truly need it. Ensign Peak Advisors ( email) 60 East South Temple 4th Floor Salt Lake City, UT 84111 United States. 323.244.1154. As he grew disillusioned with leadership, the document says he eventually resigned on Aug. 29, 2019, and filed a document to the IRS Whistleblower Office in November of 2019. A Salt Lake Tribune analysis shows the next highest concentrations of its investments beyond tech are in consumer goods, health care and financial sectors, each at stakes of between 12% to 15% of Ensign Peaks total value, for shares worth a total of $8.6 billion, $6.9 billion and $6.6 billion, respectively. The churchs governing First Presidency made up of church President Russell M. Nelson and his counselors, Dallin H. Oaks and Henry B. Eyring rejected any allegation of fraudulent behavior, insisting in a news release that the faith complies with all applicable law governing our donations, investments, taxes and reserves.. The SEC alleges that from 1997 through 2019 Ensign Peak failed to file 13F forms, which are documents that certain investment managers must disclose quarterly, listing the securities that they manage. View Roger G Clark's profile for company associations, background information, and partnerships. Get Contact Info for All Departments Ensign Peak Advisors Org Chart EPAs change in approach is an admission by conduct that its more than 260 fraudulent SEC filings were improper and were acts in furtherance of a Klein conspiracy to defraud the IRS, by concealing its massive securities investment business, the document reads. Julia Miner, a retired tax attorney in the San Francisco Bay Area, is proud of her conservative Mormon tradition of frugality. The Mormon Church and its investment adviser will pay millions to settle charges with the SEC. The investment activity has been the subject of. Address: 60 E South Temple Ste 400 Salt Lake City, UT, 84111-1040 United States Ensign Peak, which manages $124 billion in investments cultivated from tithing funds, is admitting that the church doesn't tell its members about the fund because they know members aren't going to keep paying tithing if they knew the church is sitting on so much money that they could cover every administrative cost for the church with the yearly Harindra De Silva. Whether it's hiding church history, changing what the meaning of translation or 'curse of dark skin' is, or hiding finances in over a dozen shell companies, the leaders of this church simply do not believe that members will stick around if they are honest about their history or practices. Back to the article: Debates about Mormon finances and the question of transparency have persisted for decades but were triggered again in December by a whistleblower complaint filed by David Nielsen, a former portfolio manager with Ensign Peak, and reported by The Washington Post. They also did not respond to a request to comment this week for this update story. His document argues that EPAs tax avoidance gave it a distinct competitive advantage over other investment firms. The document alleges the firms cash-rich position and secretive, stable status made it a preferred investor in private equity institutions. The investment activity has been the subject of some curiosity as to how an otherwise low-profile religious organization can amass such a massive portfolio. For example, in one instance where we do have some transparency: Harindra de Silva. Huntsman, who owns the film distribution company Blue Fox Entertainment, is the son of the late billionaire Jon Huntsman Sr. and brother of former Utah governor and U.S. Presidential candidate Jon Huntsman Jr. Mr. Professor Thorley is a Chartered Financial Analyst (CFA), a Co-Editor of theFinancial Analysts Journal, and on the investment committees for Intermountain Healthcare and Deseret Mutual Benefit Administrators. This page was processed by aws-apollo-l1 in. EMEA +44 20 7330 7500. Back to the article: "The Journals exploration of church financial holdings included interviews with Clarke and top Latter-day Saint officials, including Presiding Bishop Grald Causs, the ecclesiastical leader who oversees the Utah-based faiths vast financial, real estate, investment and charitable operations. We believe at some point the Savior will return. I feel terrible for the members who have been contributing their entire lives only to find out that not only did the church not need the money, but that they aren't even using it to help those in need. He was a kid when the Swift raids split his family. If the IRS and DOJ do not hold EPA and its management accountable, this case will erode respect for the tax laws and criminal statutes by every American and every other entity required to pay taxes. From 1995-2020 he served as president of Ensign Peak Advisors, Inc., an investment management affiliate of The Church of Jesus Christ of Latter-day Saints. The church responded that Nielsens assertions amounted to hearsay and supplied its own sworn statement from Clarke, who was president and managing director over Ensign Peak from its 1997 founding until he retired in May 2020. Ensign Peak Advisors. ReligionUnplugged.com reporters sent emails and made phone calls to Nielsen and his lawyers as well as to members and staff of the U.S. Senate Committee on Finance to ask about the status of the memorandum and a schedule for any possible hearings in Washington. The fund held $885 million in REIT shares as of June, along with another $750 million in index funds, whose gains and losses are wired to overall market trends. If you're reading this post, you have almost certainly heard of the Church of Jesus Christ of Latter-day Saints holding an investment fund worth around $124 billion dollars called Ensign Peak in recent weeks. Now the church in this case is saying that eventually they will use the money to fund church operations in the parts of the world where they are actually growing at a decent page (where there is a lack of access to Google to research their truth claims), but why would that be needed if paying tithing will bring them out of poverty as Prophet Russell M. Nelson declared to the members just last year? But its lawyers go to great lengths in challenging Huntsmans lawsuit including filing rare financial documents under seal and blocking information from public view on others to show that no actual tithing went into those transactions. Though not named as parties, Ensign Peak Advisors and the words and actions of its senior managers were at the center of a high-profile lawsuit filed last March in U.S. District Court in California. There are many reasons that the church is losing more members today than they have since Kirtland according to church historian Elder Marlin K. Jensen, but one of the biggest is that even in the year 2020 and in the age of Google, they still refuse to be honest and open with their members. This is a very interesting poll, because it implies that the more active in the church you are, the less transparent you want them to be. 1. Harindra de Silva. The document says Nielsen left a financially lucrative career to work for EPA because he believed it was a worthy cause and organization. The church calling the fund a "rainy-day account" is also laughable, because we can see the devastation around the world every day. State audit alleges former Cache County prosecutors misused public resources, had side contracts without countys knowledge, Utah flooding resource guide: What to do before, during and after a flood, former top manager-turned-whistleblower claimed it had amassed up to $100 billion, how it helped fund the City Creek Center mall, the reserves are intended to help pay for operations in poorer parts. . It said Huntsman would donate the money to groups he viewed as marginalized by the churchs teaching. And those companies might consider it an honor when a morally and financially scrutinizing investor such as EPA buys shares. the statement reads. Along with the quarterly SEC filings, EPA appears to be more recognizable as an institutional investor in public companies now. Roger Clarke, the head of Ensign Peak, told the Wall Street Journal that the fund was an emergency account to be used in difficult times. BYU Marriott School of Business. Ensign Peak and the Church have cooperated with the government over a period of time as we sought resolution." Ensign Peak Advisors, the investment firm connected to the Church of Jesus Christ and Latter-Day Saints, started filing a quarterly 13F form on Feb. 14, 2010, with the Securities and Exchange Commission, which regulates publicly traded companies and other financial firms. After The Post piece, Patrick Mason, head of Mormon studies at Utah State University, told The Salt Lake Tribune that stories like this will undoubtedly trouble many church members and lead them to wonder whether their charitable giving is best directed toward an institution that reportedly has a stockpile twice as large as Harvards endowment.. This is a true 'liar liar pants on fire' moment for the church, and the leaders of the First Presidency are all in on it. For at least 22 years, EPA and certain senior executives have perpetrated an unlawful scheme that relies on willfully and materially false statements to the IRS and the SEC, so this for-profit, securities investment business that unfairly competes with large hedge funds can masquerade as a tax-exempt, charitable organization, the memorandum says. Cookie Settings. The ups and downs of lesser-known stocks in its portfolio show just how closely managed Ensign Peaks holdings are. Ensign Peak Advisors ( email) 60 East South Temple 4th Floor Salt Lake City, UT 84111 United States. And he suggested Congress and regulators have a duty to act upon the disclosures. Deceptive statements: Nielsens document states that EPA was deceptive in describing its assets to regulators even after the stories broke in 2019 and the firm came under national scrutiny. Foreign accounts: EPA now admits having foreign accounts, after denying it under oath for 10+ years: Mr. Nielsens prior submissions demonstrated that EPA has falsely denied under oath each year since at least 2007 that EPA has long had foreign bank and investment accounts, estimated to exceed $9 billion and thus EPA is liable for FBAR (Report of Foreign Bank and Financial Accounts) penalties of more than $2 billion. So, yes, it is a remarkable trust in church leadership. The head of EPA, Roger Clarke, indicated to the Journal that EPA is a . Roger received a PhD in finance and an MS degree in economics from Stanford University, as well as an MBA and BA degree in physics from Brigham Young University. Ensign Peak Advisors ( email) 60 East South Temple 4th Floor Salt Lake City, UT 84111 United States. A closer analysis of Ensign Peaks latest disclosures show that beyond big name stocks, technology in a variety of forms accounts for up to 27% of all its shares worth nearly $13.3 billion. No organization that truly exists to help every child of God would create over a dozen shell companies to make sure the world can never find out what they have, and no organization that tells you that you will be eternally separated from your family unless you keep giving 10% to them is worth your devotion. Roger has 1 job listed on their profile. Roger G Clarke, Harindra de Silva and Steven Thorley. 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. . Ensign Peak Advisers, the non-profit that oversees the Church's portfolio, failed to comply with the regulator's disclosure rules by filing forms for shell companies that "obscured" the Church's investments, according to the SEC on Tuesday. Roger has published a variety of articles and articles about tactical asset allocation and currency management. Ensign Peak, Tithing, and Why the Church Claims They Hid it from Members (Feb. 10, 2020), Whenever we lead people in any way to believe something that is not true, That same poverty continues from one generation to another, until people pay their tithing, created a system of more than a dozen shell companies, earns a million dollars on the gain alone every single hour, Joseph Smith's implementation and use of polygamy and polyandry, Gospel Topics essay on Joseph Smith's polygamy, "Now You Know" video on the Word of Wisdom, Joseph Smith promising exaltation to marry the young daughters, shutting down questions about church history, God called the Native Americans Lamanites from Israel, God changed his mind in just 3.5 years on treating LGBT members as apostates, according to church historian Elder Marlin K. Jensen. BYU Marriott School of Business. We take seriously the responsibility to care for the tithes and donations received from members, the church statement said. . That suggests a remarkable level of trust in church leadership, Sam Brunson, a professor of tax law at Loyola University in Chicago, told The Tribune, not just on spiritual/religious matters but also on more mundane secular matters.. Clarke did not respond to an email . For the original stories in December of 2019,ReligionUnplugged.comreceived awards from Religion News Association and TheSociety for Advancing Business Editing and Writing and was a finalist foran EPPY Award for best business reporting from Editor & Publisher. ReligionUnplugged.com reporters also made similar calls and sent emails to leaders of Ensign Peak Advisors and to the media relations office of The Church of Jesus Christ of Latter-day Saints in Salt Lake City. such as LGBTQ, African American and womens rights groups. Even apologist Patrick Mason isn't trying to sugarcoat the juggernaut that is the church's excess liquid asset holdings, and the fact is that Harvard's endowment is actually being used to help people while the church's Ensign Peak fund has only been used to help the church's own businesses. Harindra de Silva. The church doesnt dispute that payments made to City Creek came from Ensign Peak. We adapt traditional portfolio theory to more recently popularized factor-based investing and simulate optimal combinations of factor and security portfolios, using the largest 1,000 common stocks in the US equity market from 1968 to 2015. Or imagine that you had a health emergency and couldn't pay the bills, because instead of creating a rainy day account of your own, you gave that money to the church and now have to rely on family and friends to bail you out because your money is now sitting in the church's investment portfolio? The members who take their tithing money and donate it to local animal shelters, food pantries, or children's programs are doing the work that the church claimed to be doing when demanding 10% of every member's income. If something like that [an economic recession] were to happen again, we wont have to stop missionary work. Analytic Investors, Inc. Steven Thorley. The Mormon Church's investments weren't publicly disclosed until a former Ensign portfolio manager filed a whistleblower complaint in 2019, alleging that the massive fund doesn't engage in any charitable activities and shouldn't have tax-exempt status. According to its first 2020 report to the U.S. Securities and Exchange Commission, filed months after allegations by whistleblower David Nielsen and his twin brother, Lars, made headlines, Ensign Peaks value was reported at $37.8 billion in stocks and mutual funds. Neilsen's complaint claims Ensign president Roger Clarke has said the fund would be used should the second coming of Christ occur, while the Post reported that high-ranking cleric Bishop. Get Contact Info for All Departments Ensign Peak Advisors Org Chart Paul Davis Chief Operating Officer 6 Ensign Peak Advisors. From the Deseret News: "We preach tithing to the poor people of the world because the poor people of the world have had cycles of poverty, generation after generation," he said. Reports reveal the big stakes in tech are part of a vast hands-on market strategy by Ensign Peak, with upward of 1,850 different stocks at times, spread across virtually every part of the U.S. economy and abroad. He said "Paying tithing is more of a sense of commitment than it is the church needing the money. As we usually close out these posts, I want to mention how difficult it is to take in this new information and changes in policies, and we understand how painful it is to process. The Mormon church created a system of more than a dozen shell companies to make their investments harder to track? In a complaint filed with the IRS, Nielsen accused Ensign of taking in billions from members tithes and other donations and not spending any of it over a 22-year period for charitable purposes. From the church's manual on honesty: "When we speak untruths, we are guilty of lying. Back to the article: Church leaders may be right to worry that the financial revelations could have a negative impact on tithe paying. Roger served as a professor for more than ten years on the faculty of the Marriott School of Management at Brigham Young University. deductible, Report a missed paper by emailingsubscribe@sltrib.comor calling801-237-2900, For e-edition questions or comments, contact customer support801-237-2900or emailsubscribe@sltrib.com. BYU Marriott School of Business. But, the paper reported, they gave estimates for its main areas of expenditure that, collectively, total about $5 billion. Ensign Peak Advisors ( email) 60 East South Temple 4th Floor Salt Lake City, UT 84111 United States. Roger G. Clarke In the document, he argues that holding EPA accountable will promote better compliance by religious and other nonprofits with tax laws and will discourage fraudulent attempts by other organizations tempted to abuse exempt status.. Note: ReligionUnplugged.com will update this story with responses from relevant parties. Sign up for our newsletter to get the inside scoop on what traders are talking about delivered daily to your inbox. sltrib.com 1996-2023 The Salt Lake Tribune. Huntsmans lawsuit was thrown out in September of 2021. While on academic leaves from BYU, Professor Thorley served as the interim Research Director for Analytic Investors, a quant fund based in Los Angeles, and for Ensign Peak Advisors in Salt Lake City. There is simply no statistical evidence that paying tithing brings people out of poverty (anecdotally I have been much better off in my career since I left as have thousands of others who leave the church), and tithing was not enforced to enter the temple until 1899, which is why Prophet Joseph F Smith assured members there would be the day that the church would have "sufficient" money to not require tithing money from members. The Ensign Peak Advisors management team includes Paul Davis (Chief Operating Officer), Anthony Kirkham (Vice President and Senior Portfolio Manager), and Jason Butterfield (Chief Compliance Officer) . Beyond question, Ensign Peak Advisors has the potential to earn big money on the churchs behalf. In recent years, the churchs reserve fund has grown by about 7% annually, Clarke told The Journal, mainly from returns on existing investments, not member donations.". Ensign Peak's investing strategy turns the $100 into $150 (Ensign Peak pays no tax on the gain because its passive . Those organizations will not only help people in need with the money, but they will be transparent about how they spend your money. This is absolutely ridiculous. In the same late 2020 window, Ensign Peak bought shares in index funds targeting Saudi Arabia and India, to the tune of $3.3 million and $12.6 million, respectively. According to several rounds of clashing court motions, the legal dispute between Huntsman and the church hinges on whether up to $2 billion transferred from Ensign Peak and ultimately used for the City Creek Center mall and an ailing insurance firm were drawn from sacred donations or, as church leaders maintain, investment earnings generated from that initial giving. Back to the article: Others may not be as concerned. We covered this above so we won't rehash this much here. Ensign Peak Advisors ( email) 60 East South Temple 4th Floor Salt Lake City, UT 84111 United States. Court documents submitted in California by the churchs attorneys say the fund has been around since 1997, seeded initially by excess tithing funds to create a rainy day account. 72, No. Alongside that stream of new financial information, a few other cracks in the walls of secrecy around Ensign Peak are being widened in federal court. The Journal reported that some of the money comes from donations from church members, a practice also known as tithing in which parishioners must give 10% of their annual income to remain in good standing. After the stories broke in 2019, the churchpublished a statement to its members and constituents worldwide and posted three short videos to YouTube. That it avoided having a compliance officer between 1997 and 2015 that [ an economic ]. A statement to its members and constituents worldwide and posted three short videos YouTube... 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