Reilly of Forbes and author Sam Brunson doubt the IRS will take any action.
David released a statement stating "Any public disclosure of information that has been in my possession was unauthorized by me." Peter J. Later reports indicated that Lars approached The Washington Post with the information, and that David was against releasing the information publicly. Nielsen was a senior portfolio manager and filed the complaint with his twin brother, Lars. Nielsen, that brought national attention to the reported size of the investments. In 2019, The Washington Post reported a whistleblower complaint had been filed with the Internal Revenue Service (IRS) by a former EP employee, David A. On November 16, 2020, EP filed a Form 990-T with the Internal Revenue Service for 2019 stating that it is a 501(c)(3) organization, that it had recognized $84,415,984 of unrelated business income in 2019, and that it had $17,242,385 of unrelated business income tax on that income. Clarke reports that in recent years the fund has gained about 7% annually. Part of the investments were with Fisher Investments, but some money was pulled after controversial comments from founder Kenneth Fisher. Individual shares of stock identified as part of the investment fund reportedly include Apple, Chevron, Visa, JPMorgan Chase, Home Depot, Amazon, and Google. stock, timberland in the Florida panhandle, and investments in prominent hedge funds such as Bridgewater Associates. Over many years, a portion is methodically safeguarded through wise financial management and the building of a prudent reserve for the future." Investments and revenue Īs of 2019, EP's holdings purportedly totaled $100 billion, including $40 billion-worth of U.S. In a 2019 press release, the LDS Church explained the use of donations by members, "The vast majority of these funds are used immediately to meet the needs of the growing Church including more meetinghouses, temples, education, humanitarian work and missionary efforts throughout the world.
As of February 2020, EP employs about 70 people, and all employees must maintain good standing in the LDS Church. United States Senator Mitt Romney was quoted as saying, "Happy that they've not only saved for a rainy day, but for a rainy decade." The investment division started with three employees and by the late 1970s reportedly managed $1 billion. EP's holdings purportedly represents, in part, this rainy-day fund. EP was incorporated as a non-profit corporation on 29 September 1997. Eldon Tanner established a practice in the 1960s of setting aside money from contributions each year for a rainy-day fund. History Īfter years of financial challenges, LDS Church leader N. Gérald Caussé is the church's Presiding Bishop who oversees church finances, including EP. As of February 2020, Roger Clarke is EP's Chief Executive Officer. 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 Church of Jesus Christ of Latter-day SaintsĮnsign Peak Advisors ( EP) ( / ˈ ɛ n s aɪ n/ EN-syne) is the investment manager for assets of the Church of Jesus Christ of Latter-day Saints (LDS Church).
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