YOUR BUSINESS AUTHORITY

Springfield, MO

Log in Subscribe

Mormon Church accused of misleading members on $100B fund

Posted online

A former investment manager is blowing the whistle on the Church of Jesus Christ of Latter-day Saints, aka the Mormon Church.

The whistleblower alleges the church has amassed $100 billion in accounts intended for charitable spending. The complaint alleges church leaders misled members and possibly breached federal tax rules.

At issue is an allegation that the church stockpiled the donations instead of using them for charitable causes. The church also is accused of allegedly using the tax-exempt donations to prop up a pair of businesses.

“Claims being currently circulated are based on a narrow perspective and limited information,” said a statement attributed to the church’s First Presidency, its top governing body. “The church complies with all applicable law governing our donations, investments, taxes and reserves.”

Read more from The Washington Post.

Comments

No comments on this story |
Please log in to add your comment
Editors' Pick
Open for Business: Yallternative Eats

A food truck that launched last year rebranded and moved to Metro Eats; automotive repair business Mitchem Tire Co. expanded its Christian County presence; and O’Reilly Build LLC was acquired.

Most Read
Update cookies preferences