The Mormon church created a system of more than a dozen shell companies to make their investments harder to track? 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. We include specific empirical results that can be replicated as an exercise in data collection, programming, reporting, and analysis. Back to the article: "Here are some other takeaways from The Journal story: Analytic Investors, Inc. Steven Thorley. The Church of Jesus Christ of Latter-day Saints' has a $100 billion portfolio, according to a 13F filing. Bouncing back since early 2020, Ensign Peak has posted quarterly gains of between $2.4 billion and $6.9 billion. Roger G Clarke, Harindra de Silva and Steven Thorley. Over many years, a portion is methodically safeguarded through wise financial management and the building of a prudent reserve for the future., The Wall Street Journal, which didnt cover the story until February 2020,made a unique contributionby visiting Salt Lake City and interviewing leaders of EPA and the church who confirmed the previous reporting ofReligionUnpluggedandthe Post. 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. There are many reasons that the church is losing more members today than they have since Kirtland according to church historian Elder Marlin K. Jensen, but one of the biggest is that even in the year 2020 and in the age of Google, they still refuse to be honest and open with their members. (The Salt Lake Tribune) President Gordon B. Hinckley assured Latter-day Saints during General Conference in 2003 that no tithing money went toward the City Creek Center mall. Cookie Settings. When Mr. Nielsen became aware that EPA served no charitable or religious purpose, and that EPAs management led to assets going missing within EPA, he attempted to correct these problems, the document says. The church doesnt dispute that payments made to City Creek came from Ensign Peak. As we tend to do, we'll go through it in chunks to cover what the church is saying along with what they're not saying. . Back to the article: Others may not be as concerned. 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. This page was processed by aws-apollo-l2 in 0.084 seconds, Using these links will ensure access to this page indefinitely. BYU Marriott School of Business. 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. So in other words, over those 24 years the church donated an average of just $13.65 million a year in actual cash, while *valuing* the volunteer time of its members at $36.85 million a year. 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. It accused church leaders of fraud over their handling of billions of dollars in members tithing. Use tab to navigate through the menu items. Check us out on Twitter or Facebook as well for future posts and updates, and thank you again for reading! I feel terrible for the members who have been contributing their entire lives only to find out that not only did the church not need the money, but that they aren't even using it to help those in need. A post shared by Scottie Scheffler (@scottie.scheffler). About $3 billion of that came from combined shares of Apple and Microsoft, accounting for 7% of the funds total value. The new document updates, reframes and renews allegations about Ensign Peak Advisors and the Latter-day Saints church. It said Huntsman would donate the money to groups he viewed as marginalized by the churchs teaching. We believe at some point the Savior will return. He urged the agency to strip the denomination of its tax-exempt status, saying Ensign may owe billions in taxes. The Ensign Peak Advisors management team includes Anthony Kirkham (Vice President and Senior Portfolio Manager), Jason Butterfield (Chief Compliance Officer), and Roger Clarke (President). Financial Analysts Journal, Vol. The church here is saying they need the $124 billion for when the "next 2008" takes place so they "won't have to stop missionary work," yet when the 'Great Recession' actually did hit, the church never tapped into the fund nor did it halt missionary work. Analytic Investors, Inc. Steven Thorley. The new document alleges several new violations by EPA and its leaders. 72, No. 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. This new memorandum to the U.S. Senate clarifies and follows up on his complaint about EPA. Whenever we lead people in any way to believe something that is not true, we are not being honest.". Roger Clarke, head of Ensign Peak (Wall Street Journal): "So they never wanted to be in a position where people felt like, you know, they shouldn't make a contribution". 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. 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, yes, it is a remarkable trust in church leadership. And the concept of tithing in the Mormon church wasn't always like that and it was never supposed to be like that according to Prophet Joseph F Smith. This big concession here is that the church admits they used this tax exempt fund to underwrite a for profit venture in the City Creek Mall and to rescue Beneficial Life, both of which were originally reported by the whistleblower. Wait, what? When the Great Recession hit, however, officials said the church trimmed the budget rather than tap its reserves.". 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. Court documents submitted in California by the churchs attorneys say the fund has been around since 1997, seeded initially by excess tithing funds to create a rainy day account. To give a better overview of this topic, we're going to refer to the Salt Lake Tribune's coverage of the recent Wall Street Journal article by Peggy Fletcher Stack, because it covers some of the quotes from Mormon leaders along with Ensign Peak about the fund without getting as deep into the weeds as the WSJ article does. Before that, the reserves were managed by the churchs Investment Securities Department, a top church financial official disclosed. He was a kid when the Swift raids split his family. We have not seen the actual document in question; however, it appears they are dated allegations. And the funny part about the quote is that many church leaders thought they knew when Jesus was coming back, but they just happened to be wrong. Keywords: factor investing, rules-based portfolios, quantitative portfolio management, Suggested Citation: See all articles by Roger G Clarke Roger G Clarke. Address: 60 E South Temple Ste 400 Salt Lake City, UT, 84111-1040 United States For example, in one instance where we do have some transparency: Analytic Investors, Inc. Steven Thorley. 1. This guide to factor exposures and payoffs contains material from our journal publications over the last several years, compiled in a way that provides a quick start and somewhat self-contained guide to analysts that are new to factor investing. BYU Marriott School of Business. Roger G. Clarke In it, Clarke affirms the veracity of all business records submitted on Ensign Peaks role in the case, including its payments to City Creek Reserve. Combining long-only-constrained factor sub-portfolios is generally not a mean-variance-efficient way to capture expected factor returns. If the church truly believed what they were doing was true and good, they would be open and honest and tell every member to research their claims and hold them accountable. The fund relies on a healthy share of so-called real estate investment trusts (REIT), which package landholdings into shares for sale. 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.' "In June 2019, the SEC first expressed concern about Ensign Peak's reporting approach," LDS said in a statement on Tuesday. Clarke, Roger G and de Silva, Harindra and Thorley, Steven, Fundamentals of Efficient Factor Investing (October 11, 2016). 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 members who take their tithing money and donate it to local animal shelters, food pantries, or children's programs are doing the work that the church claimed to be doing when demanding 10% of every member's income. as well as other partner offers and accept our, Church of Jesus Christ of Latter-Day Saints, Registration on or use of this site constitutes acceptance of our. This page was processed by aws-apollo-l1 in 0.078 seconds, Using these links will ensure access to this page indefinitely. Now the church in this case is saying that eventually they will use the money to fund church operations in the parts of the world where they are actually growing at a decent page (where there is a lack of access to Google to research their truth claims), but why would that be needed if paying tithing will bring them out of poverty as Prophet Russell M. Nelson declared to the members just last year? And when they get caught, they lie about why they withheld the information from these very members who are padding the account for them. Clarke told the Journal, We dont have any idea whether financial assets will have any value at all during a second coming. Analytic Investors, Inc. Steven Thorley. Penske Automotive Group, for example, released its quarterly earnings on Nov. 21, 2020, andnoted in its press release that, among institutional and hedge fund investors, Ensign Peak Advisors increased its stake in Penske by 2,651% and now owns 181,578 shares of Penskes stock, valued at $7 million. Steven received his Ph.D. in Financial Economics from the University of Washington and holds numerous awards for academic excellence including the Marriott School Outstanding Faculty Award. 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. Of course the church (and church apologists) would reply that Joseph F Smith was speaking as a man in that instance, and that $124 billion in liquid assets is not "sufficient" for the church's needs. This is a true 'liar liar pants on fire' moment for the church, and the leaders of the First Presidency are all in on it. Harindra De Silva. The church contended no actual tithing was ever used and instead came from Ensign Peaks earnings. And while that might not be against the law (there are questions of whether it's lawful to be tax exempt when you are not actively using the fund for charitable purposes), it is absolutely against their own definition of honesty. For the original stories in December of 2019,ReligionUnplugged.comreceived awards from Religion News Association and TheSociety for Advancing Business Editing and Writing and was a finalist foran EPPY Award for best business reporting from Editor & Publisher. But he filed an appeal in February of 2022 to the 9th U.S. 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. There is simply no statistical evidence that paying tithing brings people out of poverty (anecdotally I have been much better off in my career since I left as have thousands of others who leave the church), and tithing was not enforced to enter the temple until 1899, which is why Prophet Joseph F Smith assured members there would be the day that the church would have "sufficient" money to not require tithing money from members. There might be ways to get there with creative accounting such as including what the church gives in assistance to members on the ward level, but remember again that local help is heavily funded by members on the local level and is also a way to evade the matter at hand which is how the church handles tithing contributions. Harindra De Silva. Some of the stocks in which Ensign has invested millions include Apple Inc., Chevron Corp., Visa Inc., JPMorgan Chase, Home Depot, Amazon and Google, according to the article.". It shows up increasingly in reports and press releases from those publicly traded companies. Religion Unplugged reached EPA's managing director Roger Clark by phone on Monday, offering to explain key parts of this story and to ask questions for EPA to give a response. Roger has 1 job listed on their profile. The whistleblower complaint and related YouTube videos were also hot topics by Mormon and ex-Mormon communities on social media. 6 (November/December 2016), Available at SSRN: If you need immediate assistance, call 877-SSRNHelp (877 777 6435) in the United States, or +1 212 448 2500 outside of the United States, 8:30AM to 6:00PM U.S. Eastern, Monday - Friday. And on to the article: "Latter-day Saint officials kept the size of the churchs $100 billion investment reserves secret for fear that public knowledge of the funds wealth might discourage members from paying tithing, according to the top executive who oversees the account. Although the stories broke in 2019, the continued coverage and fallout was included among the top 25 religion stories of 2020 by the Religion News Association. EPA started filing a quarterly 13F form on Feb. 14, 2020, with the Securities and Exchange Commission, which regulates publicly traded companies and other financial firms. 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. Back to the article: Church leaders may be right to worry that the financial revelations could have a negative impact on tithe paying. See all articles by Roger G Clarke Roger G Clarke. "God promises great blessings to those who pay tithing. The SEC alleges that from 1997 through 2019 Ensign Peak failed to file 13F forms, which are documents that certain investment managers must disclose quarterly, listing the securities that they manage. He has served as a member of the editorial boards of the Journal of Portfolio Management and the Financial Analysts Journal. There are families that are struggling and continue to pay tithing because they were taught that the church needs it more than they do (and that the prosperity gospel will reward them with blessings to make up for it), and yet church leaders have been lying to every one of these families about the church's own means. But there's really nothing here of note, so let's move on. And yet somehow they don't need to set up shell companies to hide it from the government or their family. Religion Unplugged56 BroadwayNew York, NY 10004, Religion Unplugged is a production of The Media Project and a member of the Institute for Nonprofit NewsEIN: 83-0461425site design by Peter Freeby, Its initial filing revealed EPA had $38 billion in stocks and mutual funds, Jillian Cheney, The Banshees of Inisherin, Ireland, Catholic, forgiveness, Irish Civil War, Irish Catholics, Irish conflict, Oscars 2023, Oscars, Academy Awards, movies, movie review, Inisherin, Colm Doherty, Martin McDonagh, Pdraic, Siobhn, Analysis, Atheism, Catholicism, Christianity, North America, Opinion, Politics, Religion, Society, Clemente Lisi, opinion, church vandalism, Catholic church, journalism, objectivity, bias, media bias, abortion, LGBTQ rights, politics, recharge, Recharge, would rank among the top five hedge funds, received awards from Religion News Association, Society for Advancing Business Editing and Writing, an EPPY Award for best business reporting from Editor & Publisher, included among the top 25 religion stories of 2020, filed a federal lawsuit against the church, published a statement to its members and constituents worldwide and posted three short videos to YouTube, used immediately to meet the needs of the growing Church, Church of Jesus Christ of Latter-Day Saints. Or imagine that you had a health emergency and couldn't pay the bills, because instead of creating a rainy day account of your own, you gave that money to the church and now have to rely on family and friends to bail you out because your money is now sitting in the church's investment portfolio? Get Contact Info for All Departments Ensign Peak Advisors Org Chart Paul Davis Chief Operating Officer 6 Donate to the newsroom now. When it does happen, we dont have any idea whether financial assets will have any value at all. I can't overstate how blatantly dishonest this statement is, and the church absolutely knows how deceptive and insulting such a rationale for creating a system of shell companies to hide their wealth is. This is a very interesting poll, because it implies that the more active in the church you are, the less transparent you want them to be. For members of The Church of Jesus Christ of Latter-day Saints, tithing donating 10% of ones income to the faith is more of a sense of commitment than it is the church needing the money, Roger Clarke, head of Ensign Peak Advisors, which manages the denominations investing holdings, told The Wall Street Journal. The church contends this is not illegal and I am not a legal expert, but I can say it looks awful when a church uses a tithing investment fund to bail out its for profit ventures yet has never spent a dime to help those who truly need it. But, the paper reported, they gave estimates for its main areas of expenditure that, collectively, total about $5 billion. . EPAs change in approach is an admission by conduct that its more than 260 fraudulent SEC filings were improper and were acts in furtherance of a Klein conspiracy to defraud the IRS, by concealing its massive securities investment business, the document reads. 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. 1907, 7) Court documents in the Huntsman lawsuit have called it a hedge fund which holds in excess of $128 billion.. "We allege that the LDS Church's investment manager, with the Church's knowledge, went to great lengths to avoid disclosing the Church's investments, depriving the Commission and the investing public of accurate market information," Gurbir Grewal, Director of the SEC's Division of Enforcement, said in a statement. (Christopher Cherrington | The Salt Lake Tribune). This page was processed by aws-apollo-l1 in. 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. The church responded that Nielsens assertions amounted to hearsay and supplied its own sworn statement from Clarke, who was president and managing director over Ensign Peak from its 1997 founding until he retired in May 2020. The Mormon Church and its investment manager will pay a total of $5 million to settle charges with the US Securities and Exchange Commission over failing to properly disclose holdings in the church's massive investment portfolio. Note: ReligionUnplugged.com will update this story with responses from relevant parties. 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 See all articles by Roger G Clarke Roger G Clarke. That should not surprise anyone considering the way they do accounting of these donations. Since that time, 13 quarterly reports have been filed in full accordance with SEC requirements.". If you're reading this post, you have almost certainly heard of the Church of Jesus Christ of Latter-day Saints holding an investment fund worth around $124 billion dollars called Ensign Peak in recent weeks. Despite being among the worlds largest investment funds, the Salt Lake City firm functioned largely unseen until late 2019, when a former top manager-turned-whistleblower claimed it had amassed up to $100 billion, allegedly without its senior leaders telling much of anyone. Harindra De Silva. BYU Marriott School of Business. The very idea that you you need to give 10% of your income in order to enter an LDS temple for the chance at exaltation is also a big red flag to the church's truth and goodness claims. Whether you're a believing member or have left the church, the only thing I can say is that if you want to continue tithing, follow the Bible and use the money to help those around you whether it's a children's program, a local animal shelter (always a favorite of mine), or a food pantry. The church calling the fund a "rainy-day account" is also laughable, because we can see the devastation around the world every day. Put another way, the man who claims to be the lone prophet of God on this Earth is telling people in the poorest areas of the Earth that without giving the church (worth $124 billion in this one investment fund alone) 10% of their income they not only will never get out of poverty, but they will be denied exaltation for eternity. 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. "These funds are then used to build up the Church and to further God's work throughout the world," LDS' website reads. Roger Clarke, the head of Ensign Peak Advisors, and members of the church's Presiding Bishopric sat for interviews with the Journal for the story. Now he has a podcast about it. Companies Connections. 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. Alongside that stream of new financial information, a few other cracks in the walls of secrecy around Ensign Peak are being widened in federal court. After The Post piece, Patrick Mason, head of Mormon studies at Utah State University, told The Salt Lake Tribune that stories like this will undoubtedly trouble many church members and lead them to wonder whether their charitable giving is best directed toward an institution that reportedly has a stockpile twice as large as Harvards endowment.. Ensign Peak Advisors' articles of incorporation confirm Ensign Peak is an arm of the Church of Jesus . The Ensign Peak Advisors office is located above a food court in Salt Lake City and doesnt appear in the list of companies at that building lobby. Contact Us Cookie Settings. Ensign Peak Advisors ( email) 60 East South Temple 4th Floor Salt Lake City, UT 84111 United States. [4] As of February 2020, Roger Clarke is EP's Chief Executive Officer. 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. Editors note James Huntsman is a brother of Paul Huntsman, chairman of the nonprofit Salt Lake Tribunes board of directors. The regulator says the Church's investment manager "went to great lengths" to avoid disclosures. View Roger Clarke's profile on LinkedIn, the world's largest professional community. What member is going to be harmed by seeing that the church has a professionally run investment fund and then attempt to replicate it? Julia Miner, a retired tax attorney in the San Francisco Bay Area, is proud of her conservative Mormon tradition of frugality. Read the Wall Street Journal story. Isnt amassing wealth and then saving it the equivalent of burying talents, that Christ condemned in the biblical parable? Miner asked. Analytic Investors, Inc. Steven Thorley. Ensign Peak is a huge investor in iconic technology stocks. Ensign Peak Advisors ( email) 60 East South Temple 4th Floor Salt Lake City, UT 84111 United States. Counselor says: March 19, 2022 at 9:10 pm. 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. If EPA were a hedge fund, itwould rank among the top five hedge fundsfor assets under management. Ensign Peak Advisors. Number of pages: 22 Posted: 09 Sep 2013 Last Revised: 05 Mar 2014. It reported owning $27.8 million in shares in an index fund focused on companies in South Korea in late 2019, a stake that rose to $30.4 million by the end of last year. Ensign Peak Advisors employs 11 employees. Keywords: Portfolio Theory, Factor Portfolios, Factor Investing, Portfolio Constraints, Smart Beta, Suggested Citation: 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 . Obviously I no longer believe in the truth claims of the church after researching the historical and doctrinal topics, but I am still a member of record who has contributed to the church's wealth. . The Salt Lake Tribune gets straight to the point here, because this is a massive statement and acknowledgement by the Mormon church. Staff members at EPA needed to be in good standing with the church to work at the investment firm in downtown Salt Lake City. Ensign Peak, Tithing, and Why the Church Claims They Hid it from Members (Feb. 10, 2020), Whenever we lead people in any way to believe something that is not true, That same poverty continues from one generation to another, until people pay their tithing, created a system of more than a dozen shell companies, earns a million dollars on the gain alone every single hour, Joseph Smith's implementation and use of polygamy and polyandry, Gospel Topics essay on Joseph Smith's polygamy, "Now You Know" video on the Word of Wisdom, Joseph Smith promising exaltation to marry the young daughters, shutting down questions about church history, God called the Native Americans Lamanites from Israel, God changed his mind in just 3.5 years on treating LGBT members as apostates, according to church historian Elder Marlin K. Jensen. Government or their family were managed by the churchs investment Securities Department, retired! Analytic Investors, Inc. Steven Thorley data collection, programming, reporting and... Than a dozen shell companies to hide it from the government or their.! Memorandum to the article: church leaders may be right to worry that the church to work at investment. A massive statement and acknowledgement by the churchs teaching Journal, we dont have any at! Says: March 19, 2022 at 9:10 pm being honest. `` and! The actual document in question ; however, officials said the church has a $ 100 billion,... Mormon tradition of frugality that should not surprise anyone considering the way they do n't need set... Reserves. `` shares for sale February of 2022 to the 9th U.S parable! Regulator says the church to work at the investment firm in downtown Salt Lake board... Epa and its leaders, Using these links will ensure access roger clarke ensign peak page. We dont have any idea whether financial assets will have any idea whether financial assets will have any whether! 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