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he global Mormon church has overstated the amount it gives in charity by more than $US1 billion ($1.56 billion), apparently to make itself appear more generous than it actually is, and the US-based church is now under scrutiny over an alleged international tax minimisation scheme that involves Australia-based church entities.
The Utah-based Church of Jesus Christ of Latter-day Saints (commonly called the Mormons) has built an extraordinary pile of tax-free wealth by requiring its 16 million members to “tithe”, or pay 10 per cent of their income to the church. But its own accounts show it actually gives to charities less than 1 per cent of what it receives.
In addition, the church runs a $US100 billion, tax-free investment fund, Ensign Peak Advisors, which has quietly built up major stakes in blue-chip firms and now has multibillion-dollar investments in Apple, Microsoft, Amazon and Google owner Alphabet. It also invests in major weapons manufacturers including Lockheed Martin, Boeing and Northrop Grumman.
Ensign Peak is supposed to be used to fund charitable and other spending, but former insiders alleged it was almost entirely used to stockpile cash and investments.
www.smh.com.au
The Utah-based Church of Jesus Christ of Latter-day Saints (commonly called the Mormons) has built an extraordinary pile of tax-free wealth by requiring its 16 million members to “tithe”, or pay 10 per cent of their income to the church. But its own accounts show it actually gives to charities less than 1 per cent of what it receives.
In addition, the church runs a $US100 billion, tax-free investment fund, Ensign Peak Advisors, which has quietly built up major stakes in blue-chip firms and now has multibillion-dollar investments in Apple, Microsoft, Amazon and Google owner Alphabet. It also invests in major weapons manufacturers including Lockheed Martin, Boeing and Northrop Grumman.
Ensign Peak is supposed to be used to fund charitable and other spending, but former insiders alleged it was almost entirely used to stockpile cash and investments.
Mormon church invests billions of dollars while grossly overstating its charitable giving
The church has amassed more than $100 billion in a tax-free fund that invests in multinational companies, as a former member describes it as a “business dabbling in religion”.
