Inside the Mormon Church’s Expanding Real-Estate Empire

The Church of Jesus Christ of Latter-day Saints, known as the Mormon Church, has been making headlines due to its extensive real-estate investments and immense wealth. Several years ago, a brave whistleblower disclosed that the church had an investment portfolio estimated at a staggering $100 billion. Initially referred to as a rainy-day account by church officials, it now serves not only as a financial safety net but also as the bedrock for constructing over 100 majestic temples across the globe – a testament to the church’s vast and ever-growing prosperity.

The Rise of Monumental Temples Across the Globe

From the picturesque Cape Verde to the enchanting Guam, the Mormon Church has been tirelessly constructing awe-inspiring temples, leaving a mark of its influence and affluence in various corners of the world. One such architectural marvel stands tall in Pocatello, Idaho, a city nestled in the rural southeastern corner of the state. This recently completed temple spans an impressive 71,125 square feet and boasts polished limestone flooring, painstakingly quarried in the biblical birthplace of Jesus, Bethlehem. Its magnificent doors were sourced all the way from the lush Congo River region. The crowning glory of this splendid structure is the statue of the angel Moroni, an important figure in the Mormon religion, perched atop a central spire at a breathtaking height of 195 feet. According to the church’s contractors, the estimated cost of constructing this divine edifice was an astonishing $69 million.

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During an interview, Gérald Caussé, the church’s presiding bishop, eloquently expressed the grand vision of the church, believing in its expansion to all corners of the globe. With an ambitious plan already underway, the church has announced an impressive 133 new temples since the leadership of Russell Nelson, a 98-year-old retired surgeon who took the reins five years ago. The completion of these proposed temples, in addition to the ones under construction or in the design stage, would significantly raise the number of temples to 315 worldwide, a remarkable increase from the current 174 operating temples.

Calls for Transparency and Discomfort Among Members

While the church rejoices in its tremendous growth, some members and outsiders have expressed concerns regarding the church’s accumulated wealth and its utilization. Paul Huntsman, a church member and president of Huntsman Family Investments, passionately advocates for transparency, emphasizing the importance of the church upholding the moral high ground. He believes that an organization with a moral mission, such as the church, should be open and candid about its financial affairs. On the other hand, church officials argue that keeping their financial information confidential is a matter of principle, an essential value that aligns with their religious beliefs.

The Controversial $100 Billion Investment Portfolio

The revelation of the church’s $100 billion investment portfolio surfaced in 2019 when a former fund manager filed a whistleblower complaint. The complaint questioned whether Ensign Peak Advisors, the church’s investment arm, should be treated as a tax-exempt charity, as it allegedly did not use its funds for religious, charitable, or educational activities. In the aftermath, both the church and Ensign Peak Advisors faced fines from the Securities and Exchange Commission (SEC) amounting to $1 million and $4 million, respectively. The SEC alleged that the church used over a dozen shell companies to conceal the true size of its investments for nearly two decades.

While Gérald Caussé acknowledged mistakes and expressed regret over the matter, he asserted that cash from Ensign Peak Advisors is indeed channeled towards the church’s religious, charitable, and educational activities, denying any personal enrichment for individuals within the church.

As part of the SEC’s requirement, Ensign Peak Advisors now discloses its U.S. stockholdings, valued at approximately $46.2 billion as of March 31. However, this figure does not encompass other types of investments, such as bonds, private equity, or real estate. Furthermore, the church has been found to have misstated its assets on federal tax returns in the past, fueling further debate about the level of transparency the church should maintain.

Church officials argue that, as a religious organization, they are not obliged to disclose their assets fully. Todd Budge, another member of the presiding bishopric, defended the practice, stating that anyone familiar with the church would know its assets exceed the reported amount. He clarified that the intent was not to deceive but rather to express their view that they are not obligated to disclose such information.

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Temples: Symbol of Sacred Worship

Temples hold a central and sacred role in the Mormon Church. They are the only places where sacred ceremonies, such as sealings that include weddings, can be performed to unite families for eternity. To gain admission to these temples, members are required to pay tithing, contributing 10% of their income annually.

Building Giant Temples as a Show of Devotion

Temples have evolved beyond being merely cost-effective structures for worship. The recent trend indicates a shift towards more intricate and grand designs, showcasing the devotion and commitment of the church to its sacred spaces. A prominent example of this trend can be observed in the recent temples built in Brazil and Ecuador, where the architectural brilliance and significant features stand as a testament to the church’s evolving approach to temple construction.

A Financial Nest Egg for Future Growth

The Mormon Church faces the challenge of continuing its growth in the face of changing demographics and economies. As the majority of its membership growth comes from developing countries, where tithing revenue may not be as substantial, the church is leveraging its $100 billion investment portfolio to ensure sustained expansion on a global scale. By doing so, the church aims to alleviate concerns about its future financial stability and to continue fulfilling its mission of spreading its beliefs and teachings worldwide.

A Moral Obligation Amidst Vast Wealth

As the Mormon Church prospers and expands its real-estate empire, some of its members feel conflicted about how the amassed wealth is deployed. Jana Riess, a church member and columnist for Religion News Service, has chosen to redirect her tithing to charities that provide aid to hungry children, citing Jesus’ example of helping the needy. This highlights an ongoing debate within the church about its moral obligation amidst the vast wealth it possesses.

Conclusion

In conclusion, the Mormon Church’s globe-spanning real-estate empire has allowed it to construct impressive temples worldwide and continue its growth and influence. While some members call for transparency and others raise concerns about wealth accumulation, the church’s financial strategy appears poised to sustain its ambitious expansion plans in the years to come. As the church navigates its path forward, the delicate balance between prosperity, moral responsibility, and the pursuit of its religious mission will undoubtedly continue to shape its journey.

Source: https://www.wsj.com/articles/mormon-church-temple-spending-spree-utah-e167977f