This was approximately $2 billion to fund classic private interests., Senate Finance Committee - by Paul Glader. His document argues that EPAs tax avoidance gave it a distinct competitive advantage over other investment firms. The document alleges the firms cash-rich position and secretive, stable status made it a preferred investor in private equity institutions. Overview. Nielsen notes that EPA was operated by people with similarly impressive backgrounds in finance, including advanced degrees from institutions such as Stanford University and experience at hedge fund and Wall Street firms such as Credit Suisse and UBS. "These funds are then used to build up the Church and to further God's work throughout the world," LDS' website reads. Other former employees said the firms war chest related to preparation for the second coming of Jesus Christ. (Illustration by Christopher Cherrington | The Salt Lake Tribune). Ensign Peak Advisers, the non-profit that oversees the Church's portfolio, failed to comply with the regulator's disclosure rules by filing forms for shell companies that "obscured" the Church's investments, according to the SEC on Tuesday. Huntsman countered that tithing funds and earnings from those member donations were commingled at Ensign Peak. Back to the article: "Clarke and former Ensign employees said the firm created a system of more than a dozen shell companies to make its stock investments harder to track. That case, brought by prominent former Utahn James Huntsman, sought at least $5 million in donations, interest and penalties, alleging the faiths top authorities fraudulently misled members about spending donations meant for spiritual endeavors on commercial projects instead. That the church implies that they created over a dozen shell corporations because they were afraid members would either stop paying tithing or try to replicate their investment scheme is abhorrent just as the church hiding their true history from members even in the year 2020. A judge could issue a ruling any day in that appellate case. 72, No. Analytic Investors, Inc. Steven Thorley. Whether it's hiding church history, changing what the meaning of translation or 'curse of dark skin' is, or hiding finances in over a dozen shell companies, the leaders of this church simply do not believe that members will stick around if they are honest about their history or practices. Roger Clarke, the head of Ensign Peak, told the Wall Street Journal that the fund was an emergency account to be used in difficult times. The Ensign Peak Advisors office is located above a food court in Salt Lake City and doesn't appear in the list of companies at that building lobby. Roger G Clarke, Harindra de Silva and Steven Thorley. The Church of Jesus Christ of Latter-day Saints' has a $100 billion portfolio, according to a 13F filing. The head of EPA, Roger Clarke, indicated to the Journal that EPA is a rainy-day account to be used in difficult economic times. Some church leaders suggested the fund could be used in the event of an economic or financial crisis. Back to the article: "The Journals exploration of church financial holdings included interviews with Clarke and top Latter-day Saint officials, including Presiding Bishop Grald Causs, the ecclesiastical leader who oversees the Utah-based faiths vast financial, real estate, investment and charitable operations. Harindra de Silva. The Ensign Peak Advisors management team includes Anthony Kirkham (Vice President and Senior Portfolio Manager), Jason Butterfield (Chief Compliance Officer), and Roger Clarke (President). No organization that truly exists to help every child of God would create over a dozen shell companies to make sure the world can never find out what they have, and no organization that tells you that you will be eternally separated from your family unless you keep giving 10% to them is worth your devotion. Ensign Peaks holdings include $40 billion of U.S. stock, timberland in the Florida Panhandle and investments in prominent hedge funds. "In June 2019, the SEC first expressed concern about Ensign Peak's reporting approach," LDS said in a statement on Tuesday. The 74-page document filed with the IRS and obtained by Religion Unplugged shows that Ensign Peak Advisors, Inc. (EPA) owned assets under management grew to more than $100 billion from $10 billion . It totaled nearly $50 billion as of June after gaining $3 billion in three months and adding nearly $12 billion since its first filing in early 2020 just before the U.S. onset of the coronavirus pandemic. "This settlement relates to how the forms were filed previously. Just last year, Prophet Russell M. Nelson did a worldwide speaking tour where he told members in Africa that only paying tithing can get them out of the cycle of poverty. Ensign Peak Advisors. Ensign Peak, which manages $124 billion in investments cultivated from tithing funds, is admitting that the church doesn't tell its members about the fund because they know members aren't going to keep paying tithing if they knew the church is sitting on so much money that they could cover every administrative cost for the church with the yearly gains and still have billions left over in gains each year to grow the account. If Jesus does come back, I can't wait to see his reaction when the leaders of the church that claims to speak exclusively for him explain that they hoarded all of the cash they could instead of helping the very people they are commanded to help in the very Bible they (incorrectly) use as justification for collecting tithing from their members in the first place. They also did not respond to a request to comment this week for this update story. Clarke, Roger G and de Silva, Harindra and Thorley, Steven, Fundamentals of Efficient Factor Investing (October 11, 2016). Roger served as a professor for more than ten years on the faculty of the Marriott School of Management at Brigham Young University. Again, the church refuses to be transparent with their members as they enjoy the benefits of being a tax exempt corporation. Court documents and Security and Exchange Commission filings shed additional light on how the church invests its money. Clarke told the Journal, We dont have any idea whether financial assets will have any value at all during a second coming. He also served as president and chief investment officer of TSA Capital Management in Los Angeles, CA for ten years and as chairman of the board of Analytic Investors for twenty years. The church literally created over a dozen shell companies to hide their finances, so please forgive me if I don't believe the church's prophets when they declare the church complies with all applicable law governing our donations, investments, taxes and reserves. Roger Clarke, who leads Ensign Peak, has said that part of the reason the Church sought to conceal its wealth was to ensure continued tithing by believers. Editors note This story is available to Salt Lake Tribune subscribers only. Back to the article: "The funds handlers are instructed not to invest in industries that Latter-day Saints consider objectionable including alcohol, caffeinated beverages, tobacco and gambling, he said, alluding in part to the churchs health code known as the Word of Wisdom, which bars those substances (although caffeinated sodas are not part of that prohibition). Ensign Peak Advisors employs 11 employees. Harindra De Silva. Based on Clarkes statements, Nielsen said, it appeared the churchs public statements were intended to conceal the truth about EPAs use of tithing for both commercial ventures. But there's really nothing here of note, so let's move on. Financial Analysts Journal, Vol. That suggests a remarkable level of trust in church leadership, Sam Brunson, a professor of tax law at Loyola University in Chicago, told The Tribune, not just on spiritual/religious matters but also on more mundane secular matters.. For example, a combination of four fully invested factor sub-portfolios low beta, small size, value, and momentum captures less than half (e.g., 40%) of the potential improvement over the market portfolios Sharpe ratio. Leaders of EPA declined to comment in the original stories at ReligionUnplugged.com. Roger served as a professor for more than ten years on the faculty of the Marriott School of Management at Brigham Young University. Ensign Peak is a huge investor in iconic technology stocks. If we truly believe that the world is going to fall into chaos before the second coming of Christ, does the church really believe that stocks and bonds are going to hold value then? We are always willing to work with government regulators to resolve concerns and are committed to full compliance., Nielsens document claims the EPA firm was involved in a Klein conspiracy to subvert the lawful functioning of the IRS, through EPAs false and fraudulent statements in SEC and IRS filings, and other corrupt actions intended to conceal EPAs billions of dollars of income obtained through EPAs $100 billion for-profit investment business income on which EPA should have paid tax.. This new memorandum to the U.S. Senate clarifies and follows up on his complaint about EPA. EPAs senior managers for years have regularly permitted large assets to simply disappear from EPAs books and have failed to apply basic internal controls to themselves.. And while we can point to a laundry list of items that show this church is not true, this is a big reason you know that the church is not good. . The SEC's order said that. Harindra De Silva. Given the popularity of factor investing, also known as rules-based, smart beta, or simply quantitative portfolio management, a number of students and traditional equity analysts have asked for a primer to introduce basic terms, concepts, and calculation procedures. Instead we have talk after talk demonizing those with doubts, telling the poor that only tithing can get them out of the poverty cycle, and that they are as transparent as they know how to be. Locations . And yet somehow they don't need to set up shell companies to hide it from the government or their family. Ensign Peak Advisors Jan 1995 - May 2020 25 years 5 months . The 90-page memorandum obtained by ReligionUnplugged.com and embedded in this story summarizes evidence of false statements, systematic accounting fraud, private inurement violations of the Internal Revenue Code and other federal statutes and a Klein conspiracy by Ensign Peak Advisors, Inc. (EPA) and others.. Companies Connections. ReligionUnplugged.com reporters sent emails and made phone calls to Nielsen and his lawyers as well as to members and staff of the U.S. Senate Committee on Finance to ask about the status of the memorandum and a schedule for any possible hearings in Washington. Address: 60 E South Temple Ste 400 Salt Lake City, UT, 84111-1040 United States The document states in several places that Nielsen became more disillusioned over time as he worked at the firm and believed EPA was not using its resources for charitable, educational or religious purposes. By clicking Sign up, you agree to receive marketing emails from Insider Roger received a PhD in finance and an MS degree in economics from Stanford University, as well as an MBA and BA degree in physics from Brigham Young University. The financial acumen of the church and its members, often referred to as Mormons, is a significant attribute of a distinctly American religious minority that recently celebrated its bicentennial a 200-year history that includes persecution, resilience and ambition. Back to the article: Church leaders may be right to worry that the financial revelations could have a negative impact on tithe paying. (Christopher Cherrington | The Salt Lake Tribune). Roger G. Clarke currently serves as a research collaborator with Wells Fargo Asset Management (WFAM) Analytic Investors. Analytic Investors, Inc. Steven Thorley. The whistleblower complaint and related YouTube videos were also hot topics by Mormon and ex-Mormon communities on social media. That strategy, Clarke said, was designed to prevent members from parroting what Ensign was doing and to, as the paper stated, protect them from mismanaging their own funds with insufficient information., Church officials described the fund as a rainy-day account and to help fund operations in poorer parts of the world such as Africa, where the faith is booming where member donations cant keep up.". That touched off waves of new scrutiny for a global church used to keeping the slimmest of financial profiles. Ensign Peak Advisors ( email) 60 East South Temple 4th Floor Salt Lake City, UT 84111 United States. David Nielsen, the former Ensign Peak fund manager, said the tithing-fueled fund held at least $100 billion during his nine-year tenure there ending in 2019. You also can support us with a donation at Patreon.com/mormonland, where you can access gifts and transcripts of our Mormon Land podcasts.]. "God promises great blessings to those who pay tithing. EPA has always had billions in assets since its formation in 1997. Deceptive statements: Nielsens document states that EPA was deceptive in describing its assets to regulators even after the stories broke in 2019 and the firm came under national scrutiny. See all articles by Roger G Clarke Roger G Clarke. This page was processed by aws-apollo-l1 in. such as LGBTQ, African American and womens rights groups. . . Whenever we lead people in any way to believe something that is not true, we are not being honest.". Not only is that statement simply untrue, it is beyond self serving for a man who knows the enormous amount of cash they are sitting on to tell those who do not have the means that they have to pay tithing in order to not just get out of poverty, but to enter the temple which they are told is essential to their salvation. Its holdings dwarf those ofendowments at any university,such as Stanford, Harvard or Yale. The vast majority of these funds areused immediately to meet the needs of the growing Churchincluding more meetinghouses, temples, education, humanitarian work and missionary efforts throughout the world. David A. Nielsen, a former employee at EPA, says in the filing that the new memorandum contains more information than the document he submitted to the IRS Whistleblower Office in November of 2019 that was a placeholder submission and was given to ReligionUnplugged.com and other outlets by Nielsens twin brother, Lars Nielsen, in the fall of 2019. When the Great Recession hit, however, officials said the church trimmed the budget rather than tap its reserves.". Use tab to navigate through the menu items. Ensign Peak Advisors ( email) 60 East South Temple 4th Floor Salt Lake City, UT 84111 United States. 1907, 7) Harindra De Silva. 1. Last, the church concedes the whistleblower was accurate when stating their yearly gains were about 7%, which is the benchmark rule of thumb for most investment plans. The document said it also had no nonexecutive directors or a board to which EPA had to report. That was in keeping, they said, with then-church President Gordon B. Hinckleys declaration that the faith had a compelling responsibility to protect the environment of the Salt Lake Temple and that it was imperative to do something to revitalize this area.. Ensign Peak Advisors employs 11 employees. And please email us if you disagree with our post - we welcome all comments! According to its first 2020 report to the U.S. Securities and Exchange Commission, filed months after allegations by whistleblower David Nielsen and his twin brother, Lars, made headlines, Ensign Peaks value was reported at $37.8 billion in stocks and mutual funds. Neither Clarke nor other officials would provide The Journal with details on the size of the churchs annual budget or how much money goes to Ensign Peak. In 2016, "Dallin H. Oaks of the Quorum of the Twelve Apostles said that each year The Church of Jesus Christ of Latter-day Saints spends about $40 million on welfare, humanitarian and other LDS Church-sponsored projects around the world and has done so for more than 30 years." If something like that [an economic recession] were to happen again, we wont have to stop missionary work. Downloads 496 (82,744) 323.244.1154. Court documents in the Huntsman lawsuit have called it a hedge fund which holds in excess of $128 billion.. The complaint alleged thatEPA, a nonprofit registered as a 501(c)3 and a 509(a)3 supporting organization, did not make charitable distributions but that it did send $2 billion to help two for-profit companies. In several rounds of clashing court motions, the closely watched dispute led church attorneys to reveal innermost business details to a federal judge on some of Ensign Peaks biggest transactions including how it helped fund the City Creek Center mall in downtown Salt Lake City. That might seem flippant to those who are active members, but the bottom line is that the survey referenced is making the point that the more entrenched in the church you are, the less transparent you want them to be. According to several rounds of clashing court motions, the legal dispute between Huntsman and the church hinges on whether up to $2 billion transferred from Ensign Peak and ultimately used for the City Creek Center mall and an ailing insurance firm were drawn from sacred donations or, as church leaders maintain, investment earnings generated from that initial giving. According to the complaint, Ensign's president, Roger Clarke, has told others that the amassed funds would be used in the event of the second coming of Christ. So they never wanted to be in a position where . Roger G Clarke Ensign Peak Advisors Harindra de Silva Analytic Investors, Inc. Steven Thorley BYU Marriott School of Business Date Written: June 1, 2010 Abstract Empirical studies document that equity portfolios constructed to have the lowest possible risk have surprisingly high average returns. Back to the article: "The church cant predict when the next 2008 is going to take place, Christopher Waddell, second counselor in the faiths Presiding Bishopric, told The Journal. If the IRS and DOJ do not hold EPA and its management accountable, this case will erode respect for the tax laws and criminal statutes by every American and every other entity required to pay taxes. We have not seen the actual document in question; however, it appears they are dated allegations. The filings do not include all the churchs financial holdings, such as bonds, and the church isnt required to disclose its holdings in property or private companies. EMEA +44 20 7330 7500. Cookie Settings. Lawrence Harris This is another area where the church is trying to obfuscate the problem of hoarding $124 billion in liquid assets while bailing out their own business ventures and not using any of it to help those in need. And do not forget that Prophet Joseph F Smith said this about tithing at the 1907 General Conference: "Furthermore, I want to say to you, we may not be able to reach it right away, but we expect to see the day when we will not have to ask you for one dollar of donation for any purpose, except that which you volunteer to give of your own accord, because we will have tithes sufficient in the storehouse of the Lord to pay everything that is needful for the advancement of the kingdom of God." BYU Marriott School of Business. sltrib.com 1996-2023 The Salt Lake Tribune. Ensign Peak Advisors ( email) 60 East South Temple 4th Floor Salt Lake City, UT 84111 United States. A Salt Lake Tribune analysis shows the next highest concentrations of its investments beyond tech are in consumer goods, health care and financial sectors, each at stakes of between 12% to 15% of Ensign Peaks total value, for shares worth a total of $8.6 billion, $6.9 billion and $6.6 billion, respectively. From 1995-2020 he served as president of Ensign Peak Advisors, Inc., an investment management affiliate of The Church of Jesus Christ of Latter-day Saints. Ensign Peak Advisors ( email) 60 East South Temple 4th Floor Salt Lake City, UT 84111 United States. State audit alleges former Cache County prosecutors misused public resources, had side contracts without countys knowledge, Utah flooding resource guide: What to do before, during and after a flood, former top manager-turned-whistleblower claimed it had amassed up to $100 billion, how it helped fund the City Creek Center mall, the reserves are intended to help pay for operations in poorer parts. He urged the agency to strip the denomination of its tax-exempt status, saying Ensign may owe billions in taxes. The new document updates, reframes and renews allegations about Ensign Peak Advisors and the Latter-day Saints church. . Since that time, 13 quarterly reports have been filed in full accordance with SEC requirements.". Upon learning of Mr. Nielsens IRS submission in December 2019, EPA abruptly began filing in its own name as required. "That same poverty continues from one generation to another, until people pay their tithing." This is yet another rationale that is contradicted by their past actions, and they are only saying it to try and pacify members who are waking up to realize that this church is not only untrue, but not good, either. That would mean the church isn't doing any better or worse than the average, which is what you'd expect from an organization that is run by men. If $124 billion in an investment portfolio is not enough, why not share with members what they've accomplished and let them know what the goal is if the church is truly as 'transparent as they know how to be.' BYU Marriott School of Business. As Deuteronomy 14:28-29 makes clear, the church is supposed to use the tithes collected to actually help those in need: 28 At the end of every three years, bring all the tithes of that years produce and store it in your towns, 29 so that the Levites (who have no allotment or inheritance of their own) and the foreigners, the fatherless and the widows who live in your towns may come and eat and be satisfied, and so that the Lord your God may bless you in all the work of your hands.". Back to the article: Debates about Mormon finances and the question of transparency have persisted for decades but were triggered again in December by a whistleblower complaint filed by David Nielsen, a former portfolio manager with Ensign Peak, and reported by The Washington Post. In a complaint filed with the IRS, Nielsen accused Ensign of taking in billions from members tithes and other donations and not spending any of it over a 22-year period for charitable purposes. I know some believing members will take offense at that characterization, but please tell me where I am wrong. Isnt amassing wealth and then saving it the equivalent of burying talents, that Christ condemned in the biblical parable? Miner asked. A federal judge recently tossed out the lawsuit, but Huntsmans lawyers plan to appeal. EPA did not need cash from its investments to pay tax, private equity funds could rely upon EPA to leave their investments intact for the long term, the document said. The church calling the fund a "rainy-day account" is also laughable, because we can see the devastation around the world every day. ReligionUnplugged.com reporters also made similar calls and sent emails to leaders of Ensign Peak Advisors and to the media relations office of The Church of Jesus Christ of Latter-day Saints in Salt Lake City. The regulator says the Church's investment manager "went to great lengths" to avoid disclosures. But its lawyers go to great lengths in challenging Huntsmans lawsuit including filing rare financial documents under seal and blocking information from public view on others to show that no actual tithing went into those transactions. Foreign accounts: EPA now admits having foreign accounts, after denying it under oath for 10+ years: Mr. Nielsens prior submissions demonstrated that EPA has falsely denied under oath each year since at least 2007 that EPA has long had foreign bank and investment accounts, estimated to exceed $9 billion and thus EPA is liable for FBAR (Report of Foreign Bank and Financial Accounts) penalties of more than $2 billion. [4] As of February 2020, Roger Clarke is EP's Chief Executive Officer. Roger has published a variety of articles and articles about tactical asset allocation and currency management. In the document, he argues that holding EPA accountable will promote better compliance by religious and other nonprofits with tax laws and will discourage fraudulent attempts by other organizations tempted to abuse exempt status.. "Ensign Peak adjusted its approach and began filing a single aggregated report. But if church leaders truly believed that, why not be transparent with the members who are taking their hard earned money and funding the church's investment portfolio? Floor Salt Lake Tribune subscribers only we have not seen the actual document in question ; however, appears... In excess of $ 128 billion gave it a preferred investor in iconic technology stocks lengths '' to avoid.. His complaint about EPA its money than tap its reserves. `` again, the invests... Lawyers plan to appeal government or their family of note, so let 's move on University., but please tell me where i am wrong serves as a professor for than! 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