A Whistleblower has alerted authorities in the United States that the Church of Jesus Christ of Latter-day Saints has amassed a staggering $100 billion in its account, claiming that it was intended for charitable purposes.
The complaint was made to the Internal Revenue Service (IRS) in the form of a confidential document accusing the church of deceiving its members and possibly contravening federal tax laws by gathering their surplus donations instead of using them for the intended purpose.
A representative of the church failed to react to questions asked, stating that it did not provide information about specific transactions or financial decisions.
The complaint which was filed by David A. Nielsen, a 41-year-old Mormon who worked as a senior portfolio manager at the church’s investment division, opens an opportunity for close scrutiny at one of the country’s most visible religious organizations whose finances have been closely guarded.
Nielson’s complaint alleges that the church collects $7 billion in annual contributions, $6 billion of which covers yearly operations costs, while the remaining $1 billion goes to Ensign Park Advisors as part of the church’s investment portfolio.
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