Dave Winslow: It’s time for clear and transparent church financial information

Recent Salt Lake Tribune articles detail additional whistleblower allegations and the Securities and Exchange Commission (SEC) investigation of Ensign Peak Advisors, the investment firm owned by The Church of Jesus Christ of Latter-day Saints.

Without specialized knowledge and expertise to comprehend the financial intricacies, I believe the New Testament can guide us in understanding the situation. In the Sermon on the Mount, Jesus states, “No man can serve two masters: for either he will hate the one, and love the other; or else he will hold to the one, and despise the other. Ye cannot serve God and mammon.” - Matthew 6:24

The brethren established Ensign Peak with unused tithing funds in 1997. These leaders have often spoken of the sacredness of member-donated funds. Yet, 25 years later, Ensign Peak is under federal investigation, accused of concealing portfolio information and not following disclosure rules?

Following the whistleblower’s S100 billion fund revelations in 2019, the CEO of Ensign Peak acknowledged the firm created over a dozen shell companies to render its stock portfolio harder to track. The stated justification was to protect members from mismanaging personal funds through imitating Ensign Peak investment patterns. Church officials also characterized the fund as a “rainy-day account” and to help fund operations in poorer parts of the world.

These explanations are dishonest. Before 2019, few members knew of Ensign Peak or the massive stock holdings, so protecting the member’s personal investments is disingenuous. Throughout the recession in 2007-2009, the church trimmed its budget rather than disburse any reserve funds. The church confirmed the only disbursements were non-charity. Therefore, preserving and growing the fund seems more important than members, economic downturns or operations in poorer countries.

Church authorities also reportedly feared public knowledge of the massive fund would discourage members from paying tithing. If the brethren were so fearful that the knowledge of the $100 billion fund would result in lesser tithing donations, they should have followed Christ’s teachings and directed reserve funds to relieve suffering throughout the church and worldwide.

Imagine if the church would have expanded support to members and non-members, local congregations and worldwide. This would have resulted in favorable publicity as well as increased activity, commitment and conversion instead of the current accelerated disaffection and falling convert baptisms.

In a January 29, 2002, interview, Helmut Nemetschek of ZDF German Television asked LDS President Gordon B. Hinckley why the church doesn’t publish annual finances. Hinckley replied, “Well, we simply think that [financial] information belongs to those who make the contributions, not to the world.”

The prophet stated that church financial information belongs to the tithe-paying members. Having contributed tithing to the church for over five decades, I and other tithe-paying members have waited 20 years for and are entitled to the financial information referenced in Hinckley’s statement.

The church’s Articles of Faith proclaim “We believe… in obeying, honoring, and sustaining the law” and “We believe in being honest.”

Regardless of the SEC investigation outcome, it is time for clear and transparent church financial information to be provided to the members, instead of the vague annual auditing department statement in conference. Detailed and full explanations are needed for: the transfer of billions in donations from Canada and Australia to headquarters; the need for a $100 million hotel in Hawaii, $600 million warehouses in Arizona, numerous commercial buildings, and other large acquisitions. How do any of these acquisitions support the mission of Christ’s true church?

The church’s humanitarian aid and charity operations records also need financial transparency and clarity. Provide the full data for the $900 million in donations claimed by the church. Prove that assisting the hungry, homeless, widows and orphans is more important than billions in Apple, Microsoft, Amazon and Facebook stock.

If the church is not focusing on ministering unto the least, it is not Christ’s true church.

Many religious organizations today have embraced the prosperity gospel – consisting of the philosophies of men, mingled with scripture – and pursue the accumulation of wealth and power. Is this not what the church through Ensign Peak has accomplished, becoming the wealthiest religion on earth?

While proclaiming they speak for God, the brethren must now prove they do not serve mammon instead.

Dave Winslow, Centerville, believes community flourishes in honesty and transparency.