6/23/2023 0 Comments Hedge fund meaning![]() ![]() Records show that money from the church’s reserve fund was used to support for-profit initiatives, including a Salt Lake City mall built on church land and a church-owned insurance company. “I thought we were going to change the world,” Nielsen remarked. ![]() Nielsen said that during his time with Ensign Peak, he observed the church’s investment firm “ as a charity”, dodging what would be billions of dollars in taxes by falsifying records, and generally misleading other believers of the Mormon faith.Įvery year, the Church of Jesus Christ of Latter-day Saints collected an estimated $7bn from its 17 million members through a practice known as tithing, in which members give about 10% of their income to the religious organization.Ībout $1bn of the collected money was placed into a reserve fund at Ensign Peak – which is registered as a non-profit – and invested, with profits growing tax-free.Ĭreated in 1997, the reserve fund has ballooned to more than $100bn, which is nearly twice the size of Harvard’s endowment, Nielsen said. Nielsen, a devout Mormon himself, was first recruited to work for Ensign Peak while working on Wall Street. Nielsen, who submitted a complaint to the Internal Revenue Service in 2019, previously managed the church’s investment arm, Ensign Peak Advisors, for nine years.Ī report on the complaint to the top US tax authority was published by the Washington Post in 2019 after Nielsen’s brother provided a copy. ![]()
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