SALT LAKE CITY — In 2019, a whistleblower revealed The Church of Jesus Christ of Latter-day Saints had a $100 billion investment fund. Now that same whistleblower wants the U.S. Senate to do something about it.
In a 90-page memo published by the news site Religion Unplugged, David A. Nielsen asks the Senate Finance Committee for oversight, which presumably would mean a Senate investigation or hearing.
Nielsen used to work for Ensign Peak Advisors, an investment arm for the Church. Just like his 2019 complaint to the IRS, Nielsen’s latest filing accuses the Church of using its non-profit status to avoid paying taxes.
But there’s also a new allegation that Ensign Peak falsely denied having foreign investments.
“So as a substantive matter, my guess is the publicity he gets for this is the extent of where this will go,” said Sam Brunson, a Loyola University law professor and author of the book “God and the IRS.”
Brunson added that while the filing may be sent to a Senate committee, it is under no obligation to have anything to do with the complaint.
Nielsen’s memo also gives himself credit for Ensign Peak Advisors becoming more transparent, including making more robust filings with the Securities and Exchange Commission.
"The Church, along with our investment manager, Ensign Peak Advisors, have only recently been made aware of allegations brought forward by a former Ensign Peak employee," the Church said in a statement. "We have not seen the actual documents in question; however, it appears they are dated allegations.
"We are always willing to work with government regulators to resolve concerns and are committed to full compliance."
Neither of Utah’s senators are on the finance committee, but Senators Catherine Cortez Masto (D-Nevada), John Barrasso (R-Wyoming), Mike Crapo (R-Idaho) are, and while FOX 13 News reached out to each, we did not receive a response.
Nielsen and his attorneys have also not answered requests for comment.
As for what penalties the Church could face, Brunson laid out their possible extent.
“So, under no circumstance, has the Church's tax exempt status been in any danger," he said. "The most that could happen would be Ensign Peak Advisors would lose its tax exempt status.”