The following is excerpted from the Deseret News. To read the full article, CLICK HERE.
You could argue that The Washington Post ran a misleading piece about The Church of Jesus Christ of Latter-day Saints, complete with a misleading headline that the “Mormon Church” misled members on a $100 billion tax-exempt investment fund.
The headline was based on a former employee of a church-integrated auxiliary, Ensign Peak Advisors. The claim seems to be centered on the idea that the private foundation had not distributed 5% of its assets annually as required by the IRS.
Peter J. Reilly, a tax expert, disputed that assertion in Forbes, saying, “Ensign is not a private foundation. It is an integrated auxiliary of a church. And there is nothing in the tax law that prevents churches from accumulating wealth.” In the same article, Paul Streckfus of the EO Tax Journal agreed, stating, “this matter does not merit IRS attention.”
Beyond attempting to navigate the nuances of highly intricate and incredibly complex tax law, The Washington Post article seemed to question the validity and value of a religious organization accumulating financial assets.
The more important issue in my mind focuses on the question, “Is the Church of Jesus Christ rich, or is it enriching?”
To read the full article, CLICK HERE.
