Mark Pugsley joins John Dehlin and Gerardo Sumano to discuss the recent 60 Minutes coverage of the Mormon Church’s financial dealings, rasing the critical question—do members deserve financial transparency, or should the Church keep its wealth confidential?
The investigation highlights that the Church of Jesus Christ of Latter-day Saints controls the largest religious fund in America, primarily managed through Ensign Peak Advisors (EP). Despite collecting an estimated $7 billion annually in tithing, a significant portion of this money remains unspent, accumulating into a fund now exceeding $100 billion—more than Harvard’s endowment or the Gates Foundation’s assets.
David Nielsen, a former senior portfolio manager at Ensign Peak, initially believed he was working for a charitable organization. Instead, he discovered a massive, tax-exempt investment fund where money flowed in but rarely out. He alleges that the Church used these funds for purposes outside charitable work, including a $1.4 billion mall development and a $600 million bailout of Beneficial Life, a for-profit insurance company. According to tax law expert Phil Hackney, such financial maneuvers could jeopardize the Church’s tax-exempt status.
In response, Church leaders claim these funds serve future operational needs and dismiss Nielsen’s allegations as lacking full context. They maintain that their financial practices align with legal requirements and that recent loans have been repaid. However, the Church’s refusal to disclose the full value of Ensign Peak’s assets and its history of hiding financial details from members continue to fuel skepticism.
Nielsen filed a 74-page whistleblower complaint with the SEC, which later found the Church guilty of failing to file necessary financial disclosures. Despite this, Church leaders argue that transparency would lead to external interference in their financial decisions.
The debate over the ethics of the Church’s financial secrecy raises broader concerns about trust, accountability, and the role of religious organizations in managing wealth. Critics argue that if the Church’s true purpose is charity and humanitarian aid, more of its vast resources should be spent serving communities rather than accumulating wealth. Meanwhile, concerns remain about whether the IRS will investigate further, given the political sensitivity of the issue.
As the conversation unfolds, the key question remains: should a religious institution amass and protect wealth at this scale, or does it have a moral duty to be more transparent and charitable with its resources?
6 Responses
thank you
Scrooge McDuck
As a TBM this is not about the church needing our money or not, but a principle as a member to tithe. The church cant control the fact that we tithe more than they may need to keep the doors open. As a life long member I have never been told that my tithes would go to anyone but the church and what they use it for. Sure, they could donate to other causes with the excess funds but I dont know the actual $ needs the church has. Maybe all the funds are accounted for future purchases? Maybe the church is just obsessed with the “Lords” money and needs to get over that culture. For sure, the church should not hide the money from us as members. I get why they do tho. What I have done is not attend tithe settlements. If the church wont tell then I dont tell, even tho I am a full tithe payer. The church is obsessed with the money and protecting the good name of the church so hiding that helps both in their eyes.
John would you tell people to stop donating if you had excess? I dont know, but kind of the same thing. You hope donations come in to cover your expenses but cant really control what actually comes in year to year. Church doing the same things just on a huge scale.
Hey John
I enjoyed the 60 minutes report CBS aired as well as the podcast with Mark Pugsley.
Regardless of how genuine and honest Mark believes David Nielsen to be, I question the motives of David and his brother Lars. There’s a possible whistleblower percentage take if the IRS were to rule that the Church income from Ensign Peak should be taxable. How can any of us know the true motive with David coming forward with this?
As one who is convinced Joseph was telling the truth when he emerged from the grove that spring day in 1820, is it any surprise to believing members that the Church was destined to prosper as it and the world head toward the time when the Savior returns?
Didn’t Joseph tell the brethren before his martyrdom that they had no idea of the destiny of this Church, saying it would grow to fill North and South America and even fill the whole world? That might take
a billion or two or a hundred billion. I don’t know what’s in store for the future, but unlike the US Government, which doesn’t know what the word SURPLUS means. I’m happy the Church is doing well in the here and now. God knows how much the early Saints suffered with persecution and poverty. The rise of the Church has been nothing short of miraculous, irrespective of the number who now find fault with the Church for various reasons and leave.
I’m surprised David lasted 9 years at Ensign Peak. Didn’t someone tell him from the very beginning that this investment arm of the Church was not specifically for charitable purposes, but rather, to build up a portfolio
of assents to be used for Church specific Church purposes unforeseen expenditures that might arise in the future? The Church might not need anymore money, but I’m happy to keep paying tithing
because I believe it is required of me. I can also contribute to fast offerings and humanitarian aid, if I so desire. I trust all the money is used for wise purposes. I saw recently where some unhappy members in Australia wish to sue the Church to get their tithing money back. I’m sorry that some folks see the “Church as a business dabbling in religion” as some critic has said.
Hey, I’d like to get in with the savvy investing wizards over at Ensign Peak…………Do they offer an IRA?
When I was a member, I was under the impression that we were following Book of Mormon scriptures, like Jacob 2:19
“And after ye have obtained a hope in Christ ye shall obtain riches, if ye seek them; and ye will seek them for the intent to do good—to clothe the naked, and to feed the hungry, and to liberate the captive, and administer relief to the sick and the afflicted.“
Do you truly think the church is following their own scripture?
Gordon B. Hinckley spoke at a conference at the LA temple just before his 60 Minutes interview. I was a temple worker at the time so I got to attend. He said, “I’m going to be interviewed by Mike Wallace. Pray for me!”
EDiL13 (Elohim’s Daughter in Law)