pam Posted February 21, 2023 Report Share Posted February 21, 2023 SALT LAKE CITY — The Church of Jesus Christ of Latter-day Saints and the company that manages its stock investments have agreed to pay a combined $5 million offer of settlement for past financial reporting practices in an order released Tuesday by the U.S. Securities and Exchange Commission. The church and its affiliate, Ensign Peak Advisors, Inc., adjusted their practices in 2019 after learning about SEC concerns and complied with rules that require them to disclose the church's entire stock portfolio in a single set of quarterly filing forms, the SEC said. They are considered to be in complete compliance. https://www.ksl.com/article/50584034/church-settles-case-with-sec-over-financial-reporting Quote Link to comment Share on other sites More sharing options...
The Folk Prophet Posted February 21, 2023 Report Share Posted February 21, 2023 The phrase "regret mistakes made" is an interesting one. Obviously it depends on what one means by "regret". Quote Link to comment Share on other sites More sharing options...
NeuroTypical Posted February 22, 2023 Report Share Posted February 22, 2023 For the last few months, I've been arguing with folks who are quite passionate that there's something fundamentally wrong with a church that spends less than it earns, once the savings reach some mystical "that's too much" line. I'm impressed with their undentable passion on the subject. It seems to me, to have crossed the line from yet another criticism, to a growing, seething green-eyed envy. Akin to some of the 'eat the rich' rhetoric I've heard from the far left over the decades. They are crowing at this victory, because they're hoping it'll be a chink in the armor that will lead to the disbandment of the corporation of the church and EPA, with all tithes and proceeds either 'given to the poor' or returned to tithepayers. It's amazing how much time they spend looking over what they know of church holdings. (And they don't seem to possess the ability to fathom how owning productive farmland that grows and sells food, feeds the poor.) Quote Link to comment Share on other sites More sharing options...
pam Posted February 22, 2023 Author Report Share Posted February 22, 2023 While every news agency out there has reported it, I've been surprised about how quiet it has been about this throughut social media. Quote Link to comment Share on other sites More sharing options...
Carborendum Posted February 22, 2023 Report Share Posted February 22, 2023 (edited) 5 hours ago, The Folk Prophet said: The phrase "regret mistakes made" is an interesting one. Obviously it depends on what one means by "regret". I think it is more important to determine what "mistakes made" refers to. Quote Church and Ensign Peak leaders received legal counsel in 2000, the church statement said, that they could create a trust to own a separate limited liability company to file Forms 13F. That trust was formed in April 2001 and a single LLC filed its first disclosure, or Form 13F, in February 2003, the SEC said. The SEC said that the LLC could do so only if Ensign Peak transferred operational investment discretion to the LLC, but the SEC alleged that it did not. This was a mistake made by the legal counsel which the Church followed. And the SEC did its job in enforcing it. Without knowing what the normal penalty is for such an offense, it seems that "settling" was acceptable to the Church and the SEC (after all things were considered). It's unfortunate that the Church had to pay a penalty for the mistake of the legal team or legal counsel they received. But such is life. At least the penalty will be paid by the investment returns rather than directly through tithing funds. I wonder what the legal requirements were for "transferring operational investment discretion to the LLC." Regardless, I don't know if we'd like such discretion handed off to an entity that did not have direct input/control by Church officers. Edited February 22, 2023 by Carborendum The Folk Prophet 1 Quote Link to comment Share on other sites More sharing options...
Aquatic Contraption Posted July 17, 2023 Report Share Posted July 17, 2023 It seems to me that whatever transparency the Church believes it has on this issue is insufficient. Only last night, my stake held an in-person open forum, and one of the questions submitted to the panel in advance was asking for clarity on this issue. Sadly, I'm on vacation, so I have no idea what was shared. I tend to stick my head in the sand. I pay my tithes and offerings and then leave it to others to use those funds with integrity. I totally understand, however, that someone needs to hold to account every institution that handles financial transactions. Quote Link to comment Share on other sites More sharing options...
Carborendum Posted July 17, 2023 Report Share Posted July 17, 2023 (edited) 10 hours ago, Aquatic Contraption said: It seems to me that whatever transparency the Church believes it has on this issue is insufficient. What transparency would you sufficient? Edited July 17, 2023 by Carborendum Quote Link to comment Share on other sites More sharing options...
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