Members of the LDS Church pay something called tithing to the Church. Tithing is ten percent of their income. However, the Mormon Church has still gone through periods of financial stability and instability. Starting in the 1960s, leaders of the Mormon Church adopted a policy of not spending more than the Church receives in tithing as well as saving money for a rainy day. The Mormon Church created an investment firm called Ensign Peak to practice investing money in the future. Ensign Peak takes a small portion of the unused tithing and invests it. The returns on these investments have been used to fund other projects like the creation of City Creek Mall. City Creek was created in the hopes of beautifying and bringing prosperity to the area around Temple Square. Another project Ensign Peak’s investment returns helped was Beneficial Life, a life insurance company run by Mormon Church. A former employee of Ensign Peak filed a complaint with the IRS, stating that the Mormon Church should not get to file its taxes as a church or charity institution because of their investments in other businesses. The leadership of the LDS Church has responded to this by stating that investing for future economic instability is a wise practice and the church complies with all taxes and laws.

    2023

    May 14

      2023

      February 21

        2019

        December 17

        The First Presidency Statement that is released on the same day

          1997

          September 29

            1997

            August

              1969

                1964

                  1963

                  October

                    1962

                      1950s

                        1940s

                          1938

                            1907

                              1901

                                1899

                                  1893

                                  September

                                    1893

                                      1892

                                      December

                                        1887

                                          1842

                                            1838

                                              1837

                                                1837

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                                                  Introduction

                                                  Historical Context

                                                  What Critics Are Saying

                                                  Response to Critics View

                                                  Members of the LDS Church pay something called tithing to the Church. Tithing is ten percent of their income. However, the Mormon Church has still gone through periods of financial stability and instability. Starting in the 1960s, leaders of the Mormon Church adopted a policy of not spending more than the Church receives in tithing as well as saving money for a rainy day. The Mormon Church created an investment firm called Ensign Peak to practice investing money in the future. Ensign Peak takes a small portion of the unused tithing and invests it. The returns on these investments have been used to fund other projects like the creation of City Creek Mall. City Creek was created in the hopes of beautifying and bringing prosperity to the area around Temple Square. Another project Ensign Peak’s investment returns helped was Beneficial Life, a life insurance company run by Mormon Church. A former employee of Ensign Peak filed a complaint with the IRS, stating that the Mormon Church should not get to file its taxes as a church or charity institution because of their investments in other businesses. The leadership of the LDS Church has responded to this by stating that investing for future economic instability is a wise practice and the church complies with all taxes and laws.

                                                    2023

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                                                    60 Minutes Interviews Various People Inside and Outside of the Mormon Church About Its Finances

                                                    Historical Context

                                                    What Critics Are Saying

                                                    Response to Critics View

                                                      SEC Fines the Church of Jesus Christ of Latter-day Saints

                                                      Historical Context

                                                      What Critics Are Saying

                                                      Response to Critics View

                                                        2019

                                                        Lars Nielsen Releases David Nielsen’s IRS Complaint to the Washington Post

                                                        Historical Context

                                                        What Critics Are Saying

                                                        Response to Critics View

                                                        The First Presidency Statement that is released on the same day

                                                          1997

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                                                          Ensign Peak Advisors is Formed

                                                          Historical Context

                                                          What Critics Are Saying

                                                          Response to Critics View

                                                            “Mormon Inc” Is Published In Time Magazine

                                                            Historical Context

                                                            What Critics Are Saying

                                                            Response to Critics View

                                                              1969

                                                              Church Deficits Become a $29.5 Million Surplus

                                                              Historical Context

                                                              What Critics Are Saying

                                                              Response to Critics View

                                                                1964

                                                                President N. Eldon Tanner Halts Construction on the Church Office Building

                                                                Historical Context

                                                                What Critics Are Saying

                                                                Response to Critics View

                                                                  1963

                                                                  N. Eldon Tanner is made the First Counselor in the First Presidency and is Given Charge Over Church Funds

                                                                  Historical Context

                                                                  What Critics Are Saying

                                                                  Response to Critics View

                                                                    1962

                                                                    The Church Spent $32 Million More Than It Received

                                                                    Historical Context

                                                                    What Critics Are Saying

                                                                    Response to Critics View

                                                                      1950s

                                                                      Henry D. Moyle, Counselor in the First Presidency, Encourages 1,000 New Buildings and Two New Temples

                                                                      Historical Context

                                                                      What Critics Are Saying

                                                                      Response to Critics View

                                                                        1940s

                                                                        J. Reuben Clark, Counselor in the First Presidency, Only Allows Church to Spend 28% of Church Tithing, to Resolve Debt

                                                                        Historical Context

                                                                        What Critics Are Saying

                                                                        Response to Critics View

                                                                          1938

                                                                          Church’s Deficit Spending is near $900,000 (Great Depression)

                                                                          Historical Context

                                                                          What Critics Are Saying

                                                                          Response to Critics View

                                                                            1907

                                                                            Church Is Solvent

                                                                            Historical Context

                                                                            What Critics Are Saying

                                                                            Response to Critics View

                                                                              1901

                                                                              Half Of Church Debt is Paid by Tithing

                                                                              Historical Context

                                                                              What Critics Are Saying

                                                                              Response to Critics View

                                                                                1899

                                                                                President Lorenzo Snow Asks Members to Recommit to Paying Tithing

                                                                                Historical Context

                                                                                What Critics Are Saying

                                                                                Response to Critics View

                                                                                  1893

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                                                                                  Elder Heber J. Grant Secures a Loan From an Individual, John Claflin and Can Make the Minimum Payment on Their Loan On Time

                                                                                  Historical Context

                                                                                  What Critics Are Saying

                                                                                  Response to Critics View

                                                                                    Panic of 1893 Begins and Banks, Including Church Banks, are Drained of much of their Capital

                                                                                    Historical Context

                                                                                    What Critics Are Saying

                                                                                    Response to Critics View

                                                                                      1892

                                                                                      Church Owes a Payment on a $500,000 Loan

                                                                                      Historical Context

                                                                                      What Critics Are Saying

                                                                                      Response to Critics View

                                                                                        1887

                                                                                        The Edmunds-Tucker Act Allows the U.S. Government to Seize Many Assets from the Church of Jesus Christ of Latter-day Saints

                                                                                        Historical Context

                                                                                        What Critics Are Saying

                                                                                        Response to Critics View

                                                                                          1842

                                                                                          Joseph Smith Files For Bankruptcy

                                                                                          Historical Context

                                                                                          What Critics Are Saying

                                                                                          Response to Critics View

                                                                                            1838

                                                                                            Doctrine and Covenants 119-120

                                                                                            Historical Context

                                                                                            What Critics Are Saying

                                                                                            Response to Critics View

                                                                                              1837

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                                                                                              Economic Downturn, Called the Panic of 1837, Causes the Kirtland Safety Society to Fail

                                                                                              Historical Context

                                                                                              What Critics Are Saying

                                                                                              Response to Critics View

                                                                                                The Kirtland Safety Society, A Joint Stock Company, Was Formed

                                                                                                Historical Context

                                                                                                What Critics Are Saying

                                                                                                Response to Critics View

                                                                                                  Timeline

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