List of Sources
Church Sources:
LDS Facts & Statistics: 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014, 2013, 2012, 2011, 2010, 2009, 2008, 2007, 2006, 2005, 2004, 2003, 2002, 2001, 2000, 1999, 1998
LDS Welfare & Humanitarian Report, “Caring for those in need”: 2022, 2021
Archive: LDS Charities annual reports: 2020, 2019, 2018, 2017, 2016, 2015, 2014, 2013, 2011 tearsheet
Welfare & Humanitarian (Fact Sheets and Other Updates): 2015, 2011, 2010, 2009, 2008, 2007, 2006, 2005, 2004, 2000-2009 Total Assistance Summary
General Authorities & General Officers: 2023, 2022, 2021
Commentary on Church Finances: 2006, 2005, 2004, 2003, 2002, 2001, 2000
Humanitarian Gifts Over $1 million: 2023 ($11.5M), 2022 ($4M, $5.1M, $4M, $1M, $32M, $5M, $10M), 2021 ($3.3M, $20M, $4M, $5M), 2020($5.5M, $2M, $1M)
Church statement on the settlement of charges with the SEC (2023): https://newsroom.churchofjesuschrist.org/article/church-issues-statement-on-sec-settlement
Church newsroom review of major events in 2022. Large (>$1M) humanitarian donations. Church welfare statistics. https://newsroom.churchofjesuschrist.org/article/year-in-review-2022
President Oaks GC address on helping the poor & needy (2022): https://www.churchofjesuschrist.org/study/general-conference/2022/10/18oaks?lang=eng
Church newsroom coverage of Elder Bednar’s NPC address and Q&A: https://newsroom.churchofjesuschrist.org/article/elder-bednar-national-press-club-summary
Elder Bednar comments at National Press Club (2022): https://youtu.be/drsaphYuQ04?t=225
Church comments on LDS Charities Australia, in response to Sydney Morning Herald coverage of questionable tax structure & practices (2022): https://news-nz.churchofjesuschrist.org/article/how-charitable-donations-in-australiaare-helping-people-around-the-world
Presiding Bishop Causse on Church finances, responding to WSJ coverage in Feb. 2020. Humanitarian & Church welfare data. Reporting & policy structure of Ensign Peak’s investment committees. https://www.churchofjesuschrist.org/church/news/the-churchs-sacred-funds-support-its-priorities-and-mission-to-do-good-says-presiding-bishopric
2019 statement on Church finances, issued in response to the IRS whistleblower report: https://newsroom.churchofjesuschrist.org/article/first-presidency-statement-church-finances
Monthly missionary contribution to be raised from $400 to $500 (deferred indefinitely due to the global pandemic): https://www.churchofjesuschrist.org/church/news/first-presidency-announces-increase-in-monthly-missionary-contribution
Presiding Bishop Causse on Church finances & financial policy (2018): https://web.archive.org/web/20190530161434/https://www.mormonnewsroom.org/article/bishop-causse-church-finance-church-history-symposium-transcript-2018
Elder Andersen states “we are not a wealthy people” (2018). https://news-zw.churchofjesuschrist.org/article/elder-andersen-meets-with-zimbabwes-vice-president-mohadi-pledges-support
Church financial policy described (2018). Expenditures will not be more than income; a portion of tithing will be saved every year: https://www.churchofjesuschrist.org/study/ensign/2018/07/the-spiritual-foundations-of-church-financial-self-reliance
Data on Church ranches in Florida (2016): https://newsroom.churchofjesuschrist.org/article/church-ranch-balances-agriculture-conservation-central-florida
Church finishes first solar-powered chapel (2010): https://newsroom.churchofjesuschrist.org/blog/virtual-tour-of-the-church-s-first-solar-fueled-meetinghouse
Over 17,000 chapels worldwide (2009): https://newsroom.churchofjesuschrist.org/article/what-you-will-find-when-you-step-inside-a-mormon-chapel
Data on 2008 hurricane relief efforts: https://web.archive.org/web/20081201005311/http://newsroom.lds.org/ldsnewsroom/eng/news-releases-stories/church-releases-report-on-2008-hurricane-relief
Church membership data around the world in 1996, the year non-US membership surpassed US membership: https://www.thechurchnews.com/archives/1996-03-02/over-half-lds-now-outside-u-s-134449
Boyd K. Packer on evolving Church financial policies (1990): https://www.churchofjesuschrist.org/study/general-conference/1990/04/teach-them-correct-principles?lang=eng
Story of the beginning of LDS Charities in 1985: https://www.churchofjesuschrist.org/church/news/viewpoint-1985-fast-marked-beginning-of-lds-charities?lang=eng
Church land ownership in Florida (1975): https://www.churchofjesuschrist.org/study/ensign/1975/06/the-saints-in-florida?lang=eng
Boyd K. Packer on Church financial policy, self-reliance, humanitarian & welfare. (1975, republished 2005) https://web.archive.org/web/20210731154455/https://www.ldsliving.com/Thoughts-on-Lesson-Thirty-Eight/s/5388
Joseph F. Smith predicts a day when the Church will not have to ask for “one dollar of donation for any purpose,” except that which members volunteer to give. https://www.churchofjesuschrist.org/study/manual/teachings-joseph-f-smith/chapter-31?lang=eng. Source reference is Conference Report, Apr. 1907, 7.
What is a Bishop’s Storehouse? https://web.archive.org/web/20220512013502/https://providentliving.churchofjesuschrist.org/bishops-storehouse?lang=eng
LDS Charities (site history through 2022): http://web.archive.org/web/20220908211856/https://www.latterdaysaintcharities.org/
Church Leadership Handbook: https://www.churchofjesuschrist.org/study/manual/general-handbook/22-providing-for-temporal-needs?lang=eng (specifically, section 22.5.1.4, “Assistance to Persons Who Are Not Members of the Church”)
Meetinghouse locator: https://www.churchofjesuschrist.org/maps/meetinghouses/
LDS family services rates (in AUD): https://pacific.churchofjesuschrist.org/lds-family-services/aus/referrals
News Media Coverage:
(Descending chronological order)
60 Minutes, The Church’s Firm (2023), with extended interview cuts: Nielsen 1, Nielsen 2, Nielsen 3, Waddell 1
Deseret News on temples announced under President Nelson, 2018-2022: https://www.deseret.com/faith/2022/11/6/23411363/how-many-lds-mormon-church-temples-announced-by-president-nelson-open
CBC reports Church sent $1b tithing from Canada to BYU (2022): https://www.cbc.ca/news/canada/mormon-church-jesus-christ-latter-day-saints-funds-charity-1.6630190 (Note: our analysis of the data here)
Sydney Morning Herald claims LDS Charities exaggerated its charitable giving (2022): https://www.smh.com.au/national/mormon-church-invests-billions-of-dollars-while-grossly-overstating-its-charitable-giving-20220927-p5blbc.html (Note: article is factually in error — see here)
$250M settlement of Boy Scouts litigation is withdrawn, remains pending (2022): https://www.reuters.com/legal/litigation/boy-scouts-walk-back-250-mln-abuse-settlement-with-mormon-church-2022-08-15/
Sydney Morning Herald reports questionable Church tax structure and practices in Australia (2022): https://www.smh.com.au/national/mormons-inc-church-accused-of-multinational-tax-rort-20220330-p5a98p.html
Church settlement of Boy Scouts litigation for $250 million in 2021 (note: this settlement was withdrawn in 2022 and remains pending): https://www.deseret.com/utah/2021/9/15/22675720/mormon-church-pay-250-million-dollars-settlement-boy-scouts-sexual-abuse-insurance
SL Tribune on Huntsman lawsuit dismissed (2021): https://www.sltrib.com/religion/2021/09/14/judge-tosses-out-james/
WSJ coverage of James Huntsman tithing fraud lawsuit (2021): https://www.wsj.com/articles/mormon-church-accused-of-financial-fraud-in-lawsuit-11616610194
Jana Reiss on reasons for decision to tithe outside the Church: https://religionnews.com/2020/12/23/why-i-stopped-tithing-to-the-lds-church/
Wall Street Journal coverage of >$100 billion Church investments. Quotes from Church leaders on financial policy, reasons for secrecy and intended uses for the vast investments (2020): https://www.wsj.com/articles/the-mormon-church-amassed-100-billion-it-was-the-best-kept-secret-in-the-investment-world-11581138011
SL Tribune coverage of >$100 billion Church investments (2020): https://www.sltrib.com/news/2020/02/08/lds-church-kept-lid-its-b/
Deseret News coverage of >$100 billion Church investments and Presiding Bishop comments (2020): https://www.deseret.com/faith/2020/2/14/21133740/mormon-church-finances-billions-presiding-bishopric-ensign-peak-tithing-donations-byu-real-estate
Deseret News coverage of the 2019 LDS Charities global report (2020): https://www.deseret.com/faith/2020/2/24/21151386/latter-day-saint-charities-mormon-church-lds-tithing-donations-finances-humanitarian-aid-2019
Church ends relationship with Boy Scouts (2018): https://www.nytimes.com/2018/05/09/us/boy-scouts-mormon-church.html
Master plan for long-term residential development of a large section of Deseret Ranch in Florida: https://www.floridatoday.com/story/news/2019/11/27/future-highway-just-west-of-brevard-may-link-u-s-192-with-sr-50-spurring-development/2270375001/
Nelson teaches tithing in Africa in 2018, “That same poverty continues from one generation to another, until people pay their tithing.” https://www.deseret.com/2018/4/16/20643748/dowry-is-not-the-lord-s-way-in-kenya-lds-president-nelson-says-tithing-breaks-poverty-cycle
Cash portion of humanitarian aid averaged $40 million/year leading up to 2016: https://www.deseret.com/2016/7/12/20591934/lds-church-welfare-humanitarian-efforts-average-40-million-per-year-apostle-says
Details on City Creek Center (2016): https://www.waterproofmag.com/2016/06/city-creek-center/
Data on Church farms (2015): https://civileats.com/2015/01/20/as-you-sow-so-shall-you-reap-mormons-and-the-land/
NBC estimates Church tithing revenue at $7b/year (2012): https://web.archive.org/web/20140824080822/http://investigations.nbcnews.com/_news/2012/08/13/13262285-mormon-church-earns-7-billion-a-year-from-tithing-analysis-indicates (Note: article fails to account for household size due to lower Canadian fertility rates & high % of US membership in Utah. With those adjustments, the article’s $7b estimate should have been closer to $4b. Our estimation methodologies peg 2012 tithing in the range of ~$4b)
Fourth mission of the Church added, “caring for the poor & needy” (2009): https://www.ksl.com/article/8984614/mormon-church-to-emphasize-care-for-poor-and-needy
Deseret News with some data on Church assets & investments (1991): https://www.deseret.com/1991/7/2/18928879/lds-church-real-estate-holdings-include-farms-ranches-buildings
NYT estimates Church tithing income at $4.7b/year (1991): https://www.nytimes.com/1991/07/02/us/income-of-mormon-church-is-put-at-4.7-billion-a-year.html (Note: the Church responded that this estimate was “grossly overstated” and Quinn’s estimate for 1991 was $3.4 billion, using a constant 12.9% tithing growth since 1960. Our tithing estimation methodologies put 1991 tithing in the range of $1.5 billion.)
Information Aggregation Websites:
Wikipedia: LDS Church Finances, LDS Church Membership, Church Presidents, BYU Campus, Gordon B. Hinckley
Wikipedia (other data): Central Park, The Pentagon, World Population
US Census: Household Income, Utah
Fuller Consideration: Units, Membership
Mormon Wiki: Main, Bishop’s Storehouses,
Church wealth visualized with comparisons: https://mormonbillions.com/
Food prices & other data: http://www.producepriceindex.com/
Food prices & other data: https://www.ers.usda.gov/data-products/fruit-and-vegetable-prices/documentation/
Food prices & other data: https://www.nass.usda.gov/Data_Visualization/Commodity/index.php
Known Church farms (2014): https://moneyinzion.wordpress.com/2014/06/18/commerical-farms/
Known Church business holdings & other assets (2005): https://www.exmormon.org/mormon/mormon410.htm
Household sizes worldwide: https://www.un.org/en/development/desa/population/publications/pdf/ageing/household_size_and_composition_technical_report.pdf
Inflation data: https://data.worldbank.org/indicator/FP.CPI.TOTL.ZG
Self-insured employer cost data: https://www.healthaffairs.org/do/10.1377/forefront.20191003.778513/full/
Leaked documents (old): Handbook (1999), Handbook (2006), MormonLeaks, TTF
Church meetinghouse data: https://ldsmeetinghouses.com/
Hotel construction cost breakdown: https://www.bizjournals.com/sanfrancisco/blog/2015/04/hotel-construction-san-francisco-million-per-room.html
Hotel construction cost breakdown: https://leverage.com/assets/how-much-does-it-cost-to-build-a-hotel
Commercial construction & renovation cost breakdown: https://www.invoiceowl.com/estimating-guide/commercial-renovation-cost/
Commercial construction cost breakdown: https://proest.com/construction/cost-estimates/commercial-costs-per-square-foot/
Hotel furnishings costs: https://www.bestarfurn.com/what-percentage-of-hotel-construction-costs-should-go-to-furniture.html
Facility maintenance cost breakdown: https://www.upkeep.com/learning/how-much-should-i-be-budgeting-on-maintenance-at-my-facility
Investments:
Ensign Peak 13F filings, 12/31/2019 to present: https://sec.report/CIK/0001454984
Whistleblower report to IRS: http://openargs.com/wp-content/uploads/IRS-Letter-Final.pdf
Whistleblower video walkthrough: https://www.youtube.com/watch?v=KDlFZF3RyhE
MormonLeaks discovery of shell LLCs concealing $32 billion in US equity holdings in 2018: https://mormonleaks.io/newsroom/2018/05/30/mormonleaks-compiles-information-connecting-mormon-church-to-32-billion-of-investments/
SEC order (2023): https://www.sec.gov/litigation/admin/2023/34-96951.pdf
SEC press release (2023): https://www.sec.gov/news/press-release/2023-35
SEC and Section 13(f) information: Form 13F, Interpretive Guidance on 13F (1978), Interpretive Guidance on Shared Investment Discretion (1978), Securities Exchange Act of 1934 with Amendments
Other SEC fines/penalties directly related to violations of Section 13(f): Cabot (1996), Mogy (2001), Quattro (2007)
2022 bear market: https://www.reuters.com/markets/europe/bear-market-beckons-us-stocks-2022-descent-deepens-2022-06-13/
Sovereign wealth funds: https://en.wikipedia.org/wiki/List_of_countries_by_sovereign_wealth_funds
Farm & other land value trends, nationwide (2007-2021): https://www.nass.usda.gov/Publications/Todays_Reports/reports/land0821.pdf
Farmland value trends (2008-2022): https://www.nass.usda.gov/Charts_and_Maps/graphics/farm_value_hist_chart_lv.pdf
McKinsey on private equity returns: https://www.mckinsey.com/industries/private-equity-and-principal-investors/our-insights/mckinseys-private-markets-annual-review
Deseret Management companies: https://www.deseretmanagement.com/#our-companies
MSCI world ex USA returns (international stocks proxy): https://www.msci.com/documents/10199/99459e68-5e21-4888-ace6-72a3ffe9b1ab
Jeff Bezos on the challenges with giving billions to charity effectively: https://www.barrons.com/articles/jeff-bezos-says-hell-give-away-the-majority-of-his-wealth-but-will-he-sign-the-giving-pledge-01668465584
Temples:
https://en.wikipedia.org/wiki/Temple_architecture_(LDS_Church)
https://churchofjesuschristtemples.org/temples/chronology/
https://churchofjesuschristtemples.org/statistics/dimensions/
1,000 Temples? https://www.youtube.com/watch?v=qwq7xoakgKw
Independent Studies:
Heinerman, J., & Shupe, A. (1985). The Mormon Corporate Empire. Beacon Press
Quinn, D. Michael. (2017). The Mormon Hierarchy: Wealth and Corporate Power (Volume 3). Signature Books
http://bycommonconsent.com/2019/12/17/options-for-financial-transparency/
http://ldschurchgrowth.blogspot.com/2017/05/temple-construction-costs.html
https://www.dialoguejournal.com/wp-content/uploads/sbi/articles/4804_taxdaysb.pdf
http://www.theunconventionalreliefsociety.com/
https://www.shields-research.org/Reviews/MCE_Rvw.htm
https://themormonworker.wordpress.com/2010/12/21/wikileak-mormon-sponsored-agricultural-imperialism/
http://www.bidstrup.com/ldsfinances.htm (Site is offline as of 3/2023. Many properties listed but we disagree with the final amounts which are not sourced or analyzed in any detail. Archive snapshot here: https://web.archive.org/web/20220414050602/http://www.bidstrup.com/ldsfinances.htm)
https://bit.io/egd/lds-landholdings (Database description here)
Charity & Humanitarian:
https://www.charitynavigator.org/index.cfm?bay=topten.detail&listid=24
https://register-of-charities.charitycommission.gov.uk/charity-search/-/charity-details/242451
https://www.feedingamerica.org/
https://www.wateraid.org/uk/publications/uk-annual-report-2020-21
https://www.unicef.org/executiveboard/documents/unicef-financial-report-unboa-2019-frs-2021
https://convoyofhope.org/about/financials/
https://lutheranservices.org/annual-financial-reports/
https://www.catholiccharitiesusa.org/about-us/2021-annual-report/
https://www.givewell.org/international/technical/programs/immunization
https://www.oecd.org/els/mig/migration-policy-debates-13.pdf
https://www.ers.usda.gov/data-products/chart-gallery/gallery/chart-detail/?chartId=98569
https://www.forbes.com/lists/top-charities/?sh=6f36539b5f50
https://pfs-llc.net/resource/the-5-rule-explained/
Regulated Filings:
Canada Revenue Agency: LDS Church
Australian Charity Register: LDS Charitable Trust, LDS Charities Australia, LDS Church, Fast Offering Fund Trustee, Building Fund Trustee
New Zealand Register of Charities: LDS Church
UK Charity Register: LDS Church (2021, 2020, 2019, 2018, 2017), Farmland Reserve
Netherlands ANBI financial filings: 2021, 2020, 2019, 2018 (not found), 2017, 2016
Federal Audit Clearinghouse (audited college & university financials — search “Brigham Young” or “Ensign College” in the “auditee” field) | BYU Provo 2021, 2020, 2019, 2018, 2017, 2016, 2015 | BYU Hawaii 2021, 2020, 2019, 2018, 2017, 2016, 2015 | BYU Idaho 2021, 2020, 2019, 2018, 2017, 2016, 2015 | Ensign College/LDSBC 2021, 2020, 2019, 2018, 2017, 2016, 2015
SEC Forms 13F: Ensign Peak (since | Shell companies used from 2003-2019 (with effective dates at first filing): Whitney (12/31/02), Argyll (12/31/06), Ashmore (12/31/12), Cortland (12/31/12), Green Valley (12/31/12), Riverhead (12/31/12), Tiverton (12/31/12), Elkfork (12/31/16), Flinton (12/31/16), Glen Harbor (12/31/16), Meadow Creek (12/31/16), Neuburgh (12/31/16), Tyers (12/31/16)
Form 5500 Search (federal filings related to employee benefits plans, such as 401k, pension, annuities, healthcare — search results for “Brigham Young University,” “Latter-day Saints,” and “Deseret Mutual”)
Ensign Peak Advisors IRS Form 990-T: 2019, 2018, 2017
Ensign Peak Foundation IRS Form 990: 2020, 2019, 2018, 2016
Property Reserve IRS Form 990-T: 2019, 2018, 2016
Farmland Reserve IRS Form 990-T: 2019, 2018, 2017, 2016
Farmland Reserve International IRS Form 990-T: 2019, 2017, 2016, 2015
BYU System IRS Form 990-T: BYU (2019, 2018, 2017, 2016), BYUH (2019, 2018, 2017, 2016), BYUI (2020, 2019, 2018, 2017)
Deseret Trust Company IRS Form 990-T: 2019, 2018
Lobbying Disclosures: Church, BYU
Professional Data Sources (subscription required):
Bloomberg Terminal Software
Search query data from LandVision and Reonomy (~1,500 entity names, >10,000 data rows)
LinkedIn Premium & Sales Navigator Professional
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