See them here. Nielsen’s estimate of Ensign’s assets places the Mormon investment organization among some of the country’s wealthiest companies and charities. Unlike other nonprofits, religious organizations are not required to publicly report their income or assets. According to The Washington Post, which obtained a copy of the complaint lodged with the IRS, the funds were held in accounts dedicated to charitable causes, and the church's investment division, Ensign Peak Advisors, was listed as a nonprofit organization. Why not the Mormons? The church said in a report last year that its charitable arm had spent $2.2 billion in assistance since 1985, but did not provide a breakdown on spending. Nielsen’s complaint is sharply critical of church leaders for continuing to ask for tithes, even from members who are struggling financially, while the church sits on a fortune. For the investment company, see Ensign Peak Advisors. Sign up for the A 2012 Reuters article reported that the church owned “about $35 billion worth of temples and meeting houses around the world, and controls farms, ranches, shopping malls and other commercial ventures worth many billions more.”. "Ensign Peak's president is Roger G. Clarke, an investment and options scholar who concurrently serves as chairman of Analytic Investors Inc., a Los Angeles firm with $3.1 billion in assets under management, as of Dec. 31, 2002." Nielsen’s complaint comes as many Mormons across the United States are engaged in discussions with their bishops, traditionally held in December, to “settle” their dues to the church. Ensign Peak Advisors (Ensign) is the investment manager for assets of The Church of Jesus Christ of Latter-day Saints (LDS Church).. He did not mention Ensign. The mall, partly owned by the church, had also been hit by the financial crisis. The problem may be that our pews have grown too soft. Tell us your experiences with this confidential form. Have you worked for the Church of Jesus Christ of Latter Day-Saints? Start your day with the top stories you missed while you were sleeping. “Once that money comes in, it’s gotta go back out,” he said. 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. Nielsen said the funds were taken specifically from the Ensign account that receives surplus tithing. The agency has granted tax … The Mormon Church’s wealth and investment acumen has been widely reported. At the time, a church-owned newspaper reported that a different commercial church company, Deseret Management, had injected $594 million into Beneficial Life to make up its deficit. Hackney, the University of Pittsburgh tax law expert, said the payments would raise red flags if they were indeed made to for-profit entities that were separate from Ensign and not recorded as investments. “Would you pay tithing instead of water, electricity, or feeding your family if you knew that it would sit around by the billions until the Second Coming of Christ?” he wrote in a 74-page narrative that accompanied his complaint. A graphic accompanying this story overstated the size of Harvard’s endowment, which is $40.9 billion, not $49.3 billion. The Bill and Melinda Gates Foundation is the largest private philanthropic foundation in the world at $47.8 billion. The exemption requires that Ensign operate exclusively for religious, educational or other charitable purposes, a condition that Nielsen says the firm has not met. Nielsen alleges in the complaint that Ensign Peak Advisors, the church’s investment arm, has holdings worth between $99 billion and $101 billion. 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