Report: SEC investigates past Latter-day Saint investment disclosures

The SEC is focused on whether Ensign Peak Advisors Inc. complied with disclosure requirements for large investment managers, according to the reportThe SEC's Office of Public Affairs did not immediately respond to messages Friday afternoon seeking information about whether an investigation exists or not. However, the Journal reported that anonymous sources said the investigation is at an advanced stage and is likely to be settled soon.

Independent tax experts repeatedly have told publications the IRS is unlikely to act on the complaint. The income derived from invested tithing funds is tax-exempt because Ensign Peak is what the IRS calls an integrated auxiliary and supporting organization of The Church of Jesus Christ of Latter-day Saints. Nonprofit groups, including religious organizations, are exempted from paying taxes on income in the United States.

Nielsen alleged in his 2019 IRS complaint that Ensign Peak held more than $100 billion in investments for the church. Investment firms with at least $100 million under management publicly report their stockholdings quarterly, according to the Journal. Ensign Peak subsidiaries reported their holdings until February 2020, when Ensign Peak began reporting quarterly as a single entity via the SEC's 13-F form.in U.S. stock holdings.

Too Little Too Late

So far, the only thing that has come of this is that people who are usually outraged at the Church have found a new reason to be outraged at the Church. It won’t matter if the SEC says everything is in order with the fund, people will hang on to this for years to come.

I got to the part where Nielson would profit handsomely and stopped reading. Greed is behind this whole thing not some offended sense if actual justice.

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