Given the popularity of factor investing, also known as rules-based, smart beta, or simply quantitative portfolio management, a number of students and traditional equity analysts have asked for a primer to introduce basic terms, concepts, and calculation procedures. Ensign Peak Advisers, the non-profit that oversees the Church's portfolio, failed to comply with the regulator's disclosure rules by filing forms for shell companies that "obscured" the Church's investments, according to the SEC on Tuesday. Back to the article: Debates about Mormon finances and the question of transparency have persisted for decades but were triggered again in December by a whistleblower complaint filed by David Nielsen, a former portfolio manager with Ensign Peak, and reported by The Washington Post. For at least 22 years, EPA and certain senior executives have perpetrated an unlawful scheme that relies on willfully and materially false statements to the IRS and the SEC, so this for-profit, securities investment business that unfairly competes with large hedge funds can masquerade as a tax-exempt, charitable organization, the memorandum says. Cookie Settings. Religion Unplugged reached EPA's managing director Roger Clark by phone on Monday, offering to explain key parts of this story and to ask questions for EPA to give a response. The portfolio has large positions in banking, business services and several hefty hedge funds. And the concept of tithing in the Mormon church wasn't always like that and it was never supposed to be like that according to Prophet Joseph F Smith. Ensign Peak held $349,000 in shares in Beyond Meat, maker of plant-based meat substitutes, at the end of 2019, but that was down to $5,000 in June, making it the smallest holding in the portfolio. And please email us if you disagree with our post - we welcome all comments! Harindra de Silva. The church here is saying they need the $124 billion for when the "next 2008" takes place so they "won't have to stop missionary work," yet when the 'Great Recession' actually did hit, the church never tapped into the fund nor did it halt missionary work. Ensign Peak Advisors employs 11 employees. But there's really nothing here of note, so let's move on. Even apologist Patrick Mason isn't trying to sugarcoat the juggernaut that is the church's excess liquid asset holdings, and the fact is that Harvard's endowment is actually being used to help people while the church's Ensign Peak fund has only been used to help the church's own businesses. And as we're learning more and more each day, they are right to fear that, because if you're willing to approach their history and practices in the way you approach any other organization, product, or belief, you will realize that not only is the church demonstrably false, but it's actually not very good, either. [5] History [ edit] Despite being among the worlds largest investment funds, the Salt Lake City firm functioned largely unseen until late 2019, when a former top manager-turned-whistleblower claimed it had amassed up to $100 billion, allegedly without its senior leaders telling much of anyone. Professor Thorley is a Chartered Financial Analyst (CFA), a Co-Editor of theFinancial Analysts Journal, and on the investment committees for Intermountain Healthcare and Deseret Mutual Benefit Administrators. . Alongside that stream of new financial information, a few other cracks in the walls of secrecy around Ensign Peak are being widened in federal court. Ensign Peak Advisors, Analytic Investors, Inc. and BYU Marriott School of Business. Steven received his Ph.D. in Financial Economics from the University of Washington and holds numerous awards for academic excellence including the Marriott School Outstanding Faculty Award. This page was processed by aws-apollo-l1 in. From 1995-2020 he served as president of Ensign Peak Advisors, Inc., an investment management affiliate of The Church of Jesus Christ of Latter-day Saints. David A. Nielsen, a former employee at EPA, says in the filing that the new memorandum contains more information than the document he submitted to the IRS Whistleblower Office in November of 2019 that was a placeholder submission and was given to ReligionUnplugged.com and other outlets by Nielsens twin brother, Lars Nielsen, in the fall of 2019. The Mormon Church and its investment manager will pay a total of $5 million to settle charges with the US Securities and Exchange Commission over failing to properly disclose holdings in the church's massive investment portfolio. Penske Automotive Group, for example, released its quarterly earnings on Nov. 21, 2020, andnoted in its press release that, among institutional and hedge fund investors, Ensign Peak Advisors increased its stake in Penske by 2,651% and now owns 181,578 shares of Penskes stock, valued at $7 million. The stake bounced up again to $102,000 in June. BYU Marriott School of Business. , UT Previous President for Ensign Peak Advisors Inc (801)240-3053. And those companies might consider it an honor when a morally and financially scrutinizing investor such as EPA buys shares. such as LGBTQ, African American and womens rights groups. The vast majority of these funds areused immediately to meet the needs of the growing Churchincluding more meetinghouses, temples, education, humanitarian work and missionary efforts throughout the world. According to several rounds of clashing court motions, the legal dispute between Huntsman and the church hinges on whether up to $2 billion transferred from Ensign Peak and ultimately used for the City Creek Center mall and an ailing insurance firm were drawn from sacred donations or, as church leaders maintain, investment earnings generated from that initial giving. EPA started filing a quarterly 13F form on Feb. 14, 2020, with the Securities and Exchange Commission, which regulates publicly traded companies and other financial firms. In the document, he argues that holding EPA accountable will promote better compliance by religious and other nonprofits with tax laws and will discourage fraudulent attempts by other organizations tempted to abuse exempt status.. Roger has 1 job listed on their profile. This guide to factor exposures and payoffs contains material from our journal publications over the last several years, compiled in a way that provides a quick start and somewhat self-contained guide to analysts that are new to factor investing. Leaders of EPA declined to comment in the original stories at ReligionUnplugged.com. "We don't really answer questions with the public press. After The Post piece, Patrick Mason, head of Mormon studies at Utah State University, told The Salt Lake Tribune that stories like this will undoubtedly trouble many church members and lead them to wonder whether their charitable giving is best directed toward an institution that reportedly has a stockpile twice as large as Harvards endowment.. Do they not realize that many members have 401K accounts that are run in the exact same way? Counselor says: March 19, 2022 at 9:10 pm. It has significantly upped those holdings since. In the 2019 filing, EPA continued to withhold that required information from the IRS, and to repeat the annual, false and deceptive statement, OVER 1,000,000.. Put another way, the man who claims to be the lone prophet of God on this Earth is telling people in the poorest areas of the Earth that without giving the church (worth $124 billion in this one investment fund alone) 10% of their income they not only will never get out of poverty, but they will be denied exaltation for eternity. About $3 billion of that came from combined shares of Apple and Microsoft, accounting for 7% of the funds total value. The filings do not include all the churchs financial holdings, such as bonds, and the church isnt required to disclose its holdings in property or private companies. But, the paper reported, they gave estimates for its main areas of expenditure that, collectively, total about $5 billion. This week, Roger Clarke, the head of Ensign, told WSJ, 'Paying tithing is more of a sense of commitment than it is the church needing the money.' 'So they never wanted to be in a position. From the church's manual on honesty: "When we speak untruths, we are guilty of lying. See all articles by Roger G Clarke Roger G Clarke. Address: 60 E South Temple Ste 400 Salt Lake City, UT, 84111-1040 United States He urged the agency to strip the denomination of its tax-exempt status, saying Ensign may owe billions in taxes. According to the head of Ensign Peak, Roger Clark the leaders were afraid that members would pay less tithing if they knew the church didn't need to use it for church operations as they claim. A Salt Lake Tribune analysis shows the next highest concentrations of its investments beyond tech are in consumer goods, health care and financial sectors, each at stakes of between 12% to 15% of Ensign Peaks total value, for shares worth a total of $8.6 billion, $6.9 billion and $6.6 billion, respectively. Back to the article: Others may not be as concerned. Editors note This story is available to Salt Lake Tribune subscribers only. The Journal reported that employees of the firm sign lifetime confidentiality agreements and most current employees were no longer told the assets under management figures for the firm. After the stories broke in 2019, the churchpublished a statement to its members and constituents worldwide and posted three short videos to YouTube. Before that, the reserves were managed by the churchs Investment Securities Department, a top church financial official disclosed. . 6 (November/December 2016), Available at SSRN: If you need immediate assistance, call 877-SSRNHelp (877 777 6435) in the United States, or +1 212 448 2500 outside of the United States, 8:30AM to 6:00PM U.S. Eastern, Monday - Friday. More than 150 other stories followed in other media outlets. The LDS welfare fact sheet from 2009 shows in the years 1985 through 2009 (24 years), the church donated just $327.6 in cash donations but they also count $884.6 million in donations of "material assistance." It reported owning $27.8 million in shares in an index fund focused on companies in South Korea in late 2019, a stake that rose to $30.4 million by the end of last year. 6 (November/December 2016), Posted: 10 Jun 2015 "God promises great blessings to those who pay tithing. Financial Analysts Journal, Vol. It noted that the whistleblower report and media reporting on it heaped pressure on the church to be more transparent about its finances, something the church has avoided for decades.. It shows up increasingly in reports and press releases from those publicly traded companies. As we've pointed out in countless pages on this site and others, the church will never be true. EPAs senior managers for years have regularly permitted large assets to simply disappear from EPAs books and have failed to apply basic internal controls to themselves.. There is no faith promoting answer here which is apparent from their terrible answer here. Ensign Peak and the Church have cooperated with the government over a period of time as we sought resolution." Keywords: Portfolio Theory, Factor Portfolios, Factor Investing, Portfolio Constraints, Smart Beta, Suggested Citation: See all articles by Roger G Clarke Roger G Clarke. Roger Clarke, who leads Ensign Peak, has said that part of the reason the Church sought to conceal its wealth was to ensure continued tithing by believers. Analytic Investors, Inc. Steven Thorley. It totaled nearly $50 billion as of June after gaining $3 billion in three months and adding nearly $12 billion since its first filing in early 2020 just before the U.S. onset of the coronavirus pandemic. The Mormon church created a system of more than a dozen shell companies to make their investments harder to track? Upon learning of Mr. Nielsens IRS submission in December 2019, EPA abruptly began filing in its own name as required. Harindra De Silva. Now, EPA has finally admitted in a recently published Form 990-T filing in November 2020 (for 2019) that EPA does have foreign bank and investment accounts. Nielsens document argues that EPA should be liable for more than $2 billion in penalties. We are always willing to work with government regulators to resolve concerns and are committed to full compliance., Nielsens document claims the EPA firm was involved in a Klein conspiracy to subvert the lawful functioning of the IRS, through EPAs false and fraudulent statements in SEC and IRS filings, and other corrupt actions intended to conceal EPAs billions of dollars of income obtained through EPAs $100 billion for-profit investment business income on which EPA should have paid tax.. Cookie Settings. "That same poverty continues from one generation to another, until people pay their tithing." Lawrence Harris If $124 billion in an investment portfolio is not enough, why not share with members what they've accomplished and let them know what the goal is if the church is truly as 'transparent as they know how to be.' Of course the church (and church apologists) would reply that Joseph F Smith was speaking as a man in that instance, and that $124 billion in liquid assets is not "sufficient" for the church's needs. He has reported from dozens of countries for outlets ranging from The Wall Street Journal, The Washington Post, Der Spiegel Online and others. This page was processed by aws-apollo-l2 in 0.084 seconds, Using these links will ensure access to this page indefinitely. Based on Clarkes statements, Nielsen said, it appeared the churchs public statements were intended to conceal the truth about EPAs use of tithing for both commercial ventures. But he filed an appeal in February of 2022 to the 9th U.S. So in other words, over those 24 years the church donated an average of just $13.65 million a year in actual cash, while *valuing* the volunteer time of its members at $36.85 million a year. His document argues that EPAs tax avoidance gave it a distinct competitive advantage over other investment firms. The document alleges the firms cash-rich position and secretive, stable status made it a preferred investor in private equity institutions. The church doesnt dispute that payments made to City Creek came from Ensign Peak. SEC filings and online finance sites show that EPA still has large stock ownership positions totaling billions of dollars in major companies such as Apple Inc., Microsoft Corp., Amazon.com Inc. and Alphabet Inc. A prominent former Latter-day Saint, James Huntsman, filed a federal lawsuit against the church, seeking to regain more than $5 million in tithing he gave the church over 25 years. Religion Unplugged56 BroadwayNew York, NY 10004, Religion Unplugged is a production of The Media Project and a member of the Institute for Nonprofit NewsEIN: 83-0461425site design by Peter Freeby, Its initial filing revealed EPA had $38 billion in stocks and mutual funds, Jillian Cheney, The Banshees of Inisherin, Ireland, Catholic, forgiveness, Irish Civil War, Irish Catholics, Irish conflict, Oscars 2023, Oscars, Academy Awards, movies, movie review, Inisherin, Colm Doherty, Martin McDonagh, Pdraic, Siobhn, Analysis, Atheism, Catholicism, Christianity, North America, Opinion, Politics, Religion, Society, Clemente Lisi, opinion, church vandalism, Catholic church, journalism, objectivity, bias, media bias, abortion, LGBTQ rights, politics, recharge, Recharge, would rank among the top five hedge funds, received awards from Religion News Association, Society for Advancing Business Editing and Writing, an EPPY Award for best business reporting from Editor & Publisher, included among the top 25 religion stories of 2020, filed a federal lawsuit against the church, published a statement to its members and constituents worldwide and posted three short videos to YouTube, used immediately to meet the needs of the growing Church, Church of Jesus Christ of Latter-Day Saints. (In Conference Report, Apr. We adapt traditional portfolio theory to more recently popularized factor-based investing and simulate optimal combinations of factor and security portfolios, using the largest 1,000 common stocks in the US equity market from 1968 to 2015. See all articles by Roger G Clarke Roger G Clarke. Roger served as a professor for more than ten years on the faculty of the Marriott School of Management at Brigham Young University. In the document, he estimates that his former employer has evaded payments of more than $20 billion in taxes and concealed foreign accounts that should total $2 billion in penalties. According to the complaint, Ensign's president, Roger Clarke, has told others that the amassed funds would be used in the event of the second coming of Christ. So, yes, it is a remarkable trust in church leadership. The ups and downs of lesser-known stocks in its portfolio show just how closely managed Ensign Peaks holdings are. Reports reveal the big stakes in tech are part of a vast hands-on market strategy by Ensign Peak, with upward of 1,850 different stocks at times, spread across virtually every part of the U.S. economy and abroad. Sign up for our newsletter to get the inside scoop on what traders are talking about delivered daily to your inbox. We have not seen the actual document in question; however, it appears they are dated allegations. But there is a time, she told The Tribune on Saturday, to use resources to help and lift people. Thank you for supporting local journalism. ReligionUnplugged.com reporters sent emails and made phone calls to Nielsen and his lawyers as well as to members and staff of the U.S. Senate Committee on Finance to ask about the status of the memorandum and a schedule for any possible hearings in Washington. Locations . [4] In 1997, the investment division of the LDS Church was spun off into a separate legal entity named after Ensign Peak, a hill that overlooks Salt Lake City. The deception began in 2007 with the false statement of EPAs having only $1,000,000 in assets, says Nielsens document. We can also intentionally deceive others by a gesture or a look, by silence, or by telling only part of the truth. He also served as president and chief investment officer of TSA Capital Management in Los Angeles, CA for ten years and as chairman of the board of Analytic Investors for twenty years. And, sadly, as we see with the way leaders shut down critical thinking, demonize those who research it, and hide information from its members, the church will never be good, either. Huntsmans lawsuit was thrown out in September of 2021. Just as in the Gospel Topics essay on Joseph Smith's polygamy, they are using carefully worded denials when they know full well that they are purposefully misleading their members (and the public) at best. EPA did not need cash from its investments to pay tax, private equity funds could rely upon EPA to leave their investments intact for the long term, the document said. The Not-So-Well-Known Three-and-One-Half Factor Model. Those organizations will not only help people in need with the money, but they will be transparent about how they spend your money. BYU Marriott School of Business. Roger G. Clarke Steven Thorley This is a very interesting poll, because it implies that the more active in the church you are, the less transparent you want them to be. Wells Fargo Asset Management (WFAM) Analytic Investors. This is so contradictory to what the leaders say today, yet they say it with a straight face because they need members to believe that they need to follow the prophet, no matter how dishonest and wrong the prophets have been throughout the church's history. If Jesus does come back, I can't wait to see his reaction when the leaders of the church that claims to speak exclusively for him explain that they hoarded all of the cash they could instead of helping the very people they are commanded to help in the very Bible they (incorrectly) use as justification for collecting tithing from their members in the first place. Ensign Peak Advisors employs 11 employees. Roger Clarke, the head of Ensign Peak, told the Wall Street Journal that the fund was an emergency account to be used in difficult times. Tax avoidance: Nielsens document claims EPA has not disputed his original allegations that 1) EPA engaged in no religious, charitable or educational activities in the entire relevant period, 1997-2019, and 2) EPAs only distributions over 22 years were for the for-profit operations of an insurance company and a luxury shopping mall. And while we can point to a laundry list of items that show this church is not true, this is a big reason you know that the church is not good. That the church implies that they created over a dozen shell corporations because they were afraid members would either stop paying tithing or try to replicate their investment scheme is abhorrent just as the church hiding their true history from members even in the year 2020. Ensign Peak Advisors. If the IRS and DOJ do not hold EPA and its management accountable, this case will erode respect for the tax laws and criminal statutes by every American and every other entity required to pay taxes. 212.744.6825, Research Coordinator Ensign Peaks holdings include $40 billion of U.S. stock, timberland in the Florida Panhandle and investments in prominent hedge funds. The document said it also had no nonexecutive directors or a board to which EPA had to report. BYU Marriott School of Business. If you're reading this post, you have almost certainly heard of the Church of Jesus Christ of Latter-day Saints holding an investment fund worth around $124 billion dollars called Ensign Peak in recent weeks. . There are families that are struggling and continue to pay tithing because they were taught that the church needs it more than they do (and that the prosperity gospel will reward them with blessings to make up for it), and yet church leaders have been lying to every one of these families about the church's own means. . No organization that truly exists to help every child of God would create over a dozen shell companies to make sure the world can never find out what they have, and no organization that tells you that you will be eternally separated from your family unless you keep giving 10% to them is worth your devotion. View Roger Clarke's profile on LinkedIn, the world's largest professional community. Nielsen referred to a March 2013 meeting with the firms then-president, Roger Clarke, in which he heard Clarke outline $1.4 billion in spending on City Creek over five years and a one-time payment of $600 million to Beneficial Life, a struggling church-owned insurance company. Shortly afterward, Ensign Peak sold it all, judging from its absence in recent reports. . Beyond tech, Ensign Peaks top holdings read like a typical blue chip roster: J.P. Morgan, Merck, Berkshire Hathaway and Intel. [4] As of February 2020, Roger Clarke is EP's Chief Executive Officer. Ensign Peak's investing strategy turns the $100 into $150 (Ensign Peak pays no tax on the gain because its passive . His document alleges that during its 22-year period, the EPA firm was never audited by independent auditors and had no audit committee. Access your favorite topics in a personalized feed while you're on the go. . The head of EPA, Roger Clarke, indicated to the Journal that EPA is a "rainy-day account to be used in difficult economic times." Some church leaders suggested the fund could be used in the . "In June 2019, the SEC first expressed concern about Ensign Peak's reporting approach," LDS said in a statement on Tuesday. The Church of Jesus Christ of Latter-day Saints' has a $100 billion investment portfolio,according to a 13F form. So how does the church go from claiming $2 billion in donations over 34 years (which is overwhelmingly based on service hours that are converted to donation amounts) to $1 billion per year as church officials are claiming just months later? Whether it's hiding church history, changing what the meaning of translation or 'curse of dark skin' is, or hiding finances in over a dozen shell companies, the leaders of this church simply do not believe that members will stick around if they are honest about their history or practices. A closer analysis of Ensign Peaks latest disclosures show that beyond big name stocks, technology in a variety of forms accounts for up to 27% of all its shares worth nearly $13.3 billion. You also can support us with a donation at Patreon.com/mormonland, where you can access gifts and transcripts of our Mormon Land podcasts.]. It's the same reason that many believing members refuse to read anything that questions the church, which for many includes church sources and even the Gospel Topics essays. Back to the article: Church leaders may be right to worry that the financial revelations could have a negative impact on tithe paying. This page was processed by aws-apollo-l2 in. While on academic leaves from BYU, Professor Thorley served as the interim Research Director for Analytic Investors, a quant fund based in Los Angeles, and for Ensign Peak Advisors in Salt Lake City. Software Updates. Roger G Clarke, Harindra de Silva and Steven Thorley. That lines up with the information outlined from the 2009 release, and it also lines up with the church's announcement last year at General Conference that that have given $2 billion over 34 years through this fund. Executive Director At some point, saving needs to be converted into good works and charitable giving.. This is yet another rationale that is contradicted by their past actions, and they are only saying it to try and pacify members who are waking up to realize that this church is not only untrue, but not good, either. Harindra De Silva. The fund held $885 million in REIT shares as of June, along with another $750 million in index funds, whose gains and losses are wired to overall market trends. Nielsens document says that If EPA is not held accountable, this case will undermine confidence among ordinary citizens that our tax laws are enforced even-handedly when wealthy, influential organizations are involved. Clarke, Roger G and de Silva, Harindra and Thorley, Steven, Primer on Factor Exposures and Payoffs (September 29, 2017). The statement here by the church is a flat out lie, and as a member of record I beg any church leader to explain to me how this is not as damning towards their honesty as it appears to be. Though not named as parties, Ensign Peak Advisors and the words and actions of its senior managers were at the center of a high-profile lawsuit filed last March in U.S. District Court in California. The members who take their tithing money and donate it to local animal shelters, food pantries, or children's programs are doing the work that the church claimed to be doing when demanding 10% of every member's income. "Ensign Peak adjusted its approach and began filing a single aggregated report. Why wouldn't more members want to be like Carolyn and donate their money to local causes that will actually use the money to help others? Circuit Court of Appeals. That should not surprise anyone considering the way they do accounting of these donations. Harindra De Silva. To give a better overview of this topic, we're going to refer to the Salt Lake Tribune's coverage of the recent Wall Street Journal article by Peggy Fletcher Stack, because it covers some of the quotes from Mormon leaders along with Ensign Peak about the fund without getting as deep into the weeds as the WSJ article does. For the original stories in December of 2019,ReligionUnplugged.comreceived awards from Religion News Association and TheSociety for Advancing Business Editing and Writing and was a finalist foran EPPY Award for best business reporting from Editor & Publisher. Ensign Peak, Tithing, and Why the Church Claims They Hid it from Members (Feb. 10, 2020), Whenever we lead people in any way to believe something that is not true, That same poverty continues from one generation to another, until people pay their tithing, created a system of more than a dozen shell companies, earns a million dollars on the gain alone every single hour, Joseph Smith's implementation and use of polygamy and polyandry, Gospel Topics essay on Joseph Smith's polygamy, "Now You Know" video on the Word of Wisdom, Joseph Smith promising exaltation to marry the young daughters, shutting down questions about church history, God called the Native Americans Lamanites from Israel, God changed his mind in just 3.5 years on treating LGBT members as apostates, according to church historian Elder Marlin K. Jensen. Paying tithing demonstrates obedience and love and helps strengthen our faith in God.". Huntsman, who owns the film distribution company Blue Fox Entertainment, is the son of the late billionaire Jon Huntsman Sr. and brother of former Utah governor and U.S. Presidential candidate Jon Huntsman Jr. Mr. Get Contact Info for All Departments Ensign Peak Advisors Org Chart According to lead counsel for Mr. Nielsen, Michael A. Sullivan of Finch McCranie, LLP, the team representing Mr. Nielsen includes a former senior official of the SEC, more than one former federal criminal prosecutor, a former IRS Criminal Investigative Division agent, another former IRS official, and an international tax lawyer, all with decades of experience. ; t really answer questions with the false statement of EPAs having only 1,000,000. Of note, so let 's move on Saints ' has a $ 100 billion investment portfolio according... Other media outlets the 9th U.S needs to be converted into good and... Management ( WFAM ) Analytic Investors, Inc. and BYU Marriott School of Management at Brigham University! 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When we speak untruths, we are guilty of lying honesty: `` when we untruths. Having only $ 1,000,000 in assets, says Nielsens document subscribers only assets, says Nielsens argues! An honor when a morally and financially scrutinizing investor such as EPA buys shares aggregated.! The deception began in 2007 with the government over a period of time as we 've pointed in. Reserves were managed by the churchs investment Securities Department, a top church financial official disclosed are dated allegations,! From combined shares of Apple and Microsoft, accounting for 7 % the. Executive Director at some point, saving needs to be converted into good works and charitable giving argues!