Trojita
Rapid Response Threadmaker
https://www.sltrib.com/news/2019/12/17/whistleblower-claims-that/
A whistleblower complaint to the IRS accuses The Church of Jesus Christ of Latter-day Saints of building a $100 billion investment portfolio using donations intended for charitable purposes, potentially in violation of federal tax laws, according to a Monday report published by The Washington Post.
The complaint was filed by David Nielsen, a former portfolio manager for the church’s nonprofit investment arm Ensign Peak Advisors, with the help of his brother Lars Nielsen, who spoke with and provided supporting documents to The Post.
“In a declaration signed under penalty of perjury, Nielsen urges the IRS to strip the nonprofit of its tax-exempt status and alleges that Ensign could owe billions in taxes,” The Post reports. “He is seeking a reward from the IRS, which offers whistleblowers a cut of unpaid taxes that it recovers.”
Church spokesman Eric Hawkins declined to respond to The Post’s reporting, and instead directed The Salt Lake Tribune to a Q&A on church finances and an ecclesiastical article titled “The Spiritual Foundations of Church Financial Self-Reliance” that makes reference to a practice of reserving a portion of the church’s annual income for future needs.
“The church does not provide information about specific transactions or financial decisions,” Hawkins said.