Businessweek’s Deep Dive into LDS Finances
In 2011, Businessweek published a groundbreaking article offering a rare glimpse into the finances of The Church of Jesus Christ of Latter-day Saints (LDS Church). The piece, titled “How the Mormons Make Money,” significantly impacted public understanding of the Church’s vast wealth and sophisticated investment strategies. While the LDS Church traditionally maintains a high degree of financial privacy, Businessweek’s reporting, based on interviews and publicly available information, painted a compelling picture of a financially powerful institution.
The article highlighted the Church’s primary sources of revenue: tithing, a practice where members donate 10% of their income, and investment returns. Businessweek estimated that tithing alone generated billions of dollars annually. This revenue stream, combined with returns from a diverse portfolio, enabled the Church to accumulate substantial assets. A key takeaway from the report was the Church’s emphasis on long-term financial stability and growth, prioritizing preservation and expansion over immediate spending.
Businessweek detailed how the Church’s finances were managed by a professional team, including investment advisors and financial experts. Ensign Peak Advisors, a Church-owned investment firm, was identified as playing a crucial role in managing a significant portion of the Church’s assets. The investment philosophy was characterized as conservative and diversified, focusing on stocks, bonds, real estate, and other investments. This strategy aimed to generate consistent returns while mitigating risk.
The article also explored how the Church allocated its financial resources. While a portion was dedicated to building and maintaining temples and meetinghouses, supporting missionary programs, and providing humanitarian aid, Businessweek noted that a considerable amount was channeled into investments to further grow the Church’s financial reserves. This focus on long-term accumulation raised questions about the balance between charitable giving and wealth preservation.
The Businessweek report spurred significant discussion and debate. Some praised the Church’s financial prudence and planning, arguing that it ensured the Church’s long-term viability. Others criticized the scale of the Church’s wealth and questioned whether a greater proportion should be allocated to charitable causes. While the LDS Church has since increased its transparency regarding certain financial aspects, the Businessweek article remains a pivotal piece of investigative journalism that shed light on the often-opaque world of religious finances and sparked broader conversations about the responsibilities and priorities of wealthy religious institutions.
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