The Mormon Church kept their $100 BILLION investment fund a secret over fears that it would discourage members from tithing

February 10, 2020, 07:38 AM

sigcrazy7

quote:
Originally posted by Prefontaine:

That should cover the cost of magic underwear too.

What a tired, old, dreary comment. I suppose you think you’re clever by retreading this backhanded attack? I’ve heard this kind of crap since I was a kid. You don’t know what you’re talking about.

Nobody in this country cared 120 years ago when the LDS church was nearly bankrupt from having all of its assets seized over polygamy. Now that they’ve been good stewards of their funds and recovered, people have problems with it? The LDS church also runs one of the most extensive charitable organizations in the world, along with an extensive missionary program. Reagan said that the country’s welfare system should be modeled after the LDS Church’s. Also, the clergy is a lay clergy, along with all the time that’s donated by its members. Having no payroll really saves a lot of money. Are these bad things? Near my town alone, the LDS Church gave $200K to the Krishnas when they ran out of money trying to build their temple in Salem, UT.

It’s sad when people attack an organization for doing the right thing.

February 10, 2020, 07:58 AM

Ronin101

I cant agree with the theology but they are a decent moral group and I agree with their concept of being prepared.

February 10, 2020, 08:02 AM

sigfreund

One of the enduring mysteries to me is why so many religious believers feel justified in ridiculing or attacking other religions. If you’re not being tied to a stake to be burned as a heretic yourself, what business is it of yours what other people do and believe as part of their faith? Whenever I see something like that my first thought is that those who attack or ridicule are profoundly insecure about their own beliefs and are reduced to finding fault with others to prop themselves up.

February 10, 2020, 08:10 AM

1s1k

quote:
Originally posted by trapper189:
Not a Mormon, but we set up our kids' 529 plans in Utah because of the Mormons' reputation for financial responsibility. They seem to be good stewards of God's gifts.

While that may be true don't they also have an advantage of no taxes?

February 10, 2020, 08:21 AM

darthfuster

quote:
Originally posted by 1s1k:
quote:
Originally posted by trapper189:
Not a Mormon, but we set up our kids' 529 plans in Utah because of the Mormons' reputation for financial responsibility. They seem to be good stewards of God's gifts.
While that may be true don't they also have an advantage of no taxes?

As with all religious organizations. There are countless organizations that pay no or severely discounted taxes.

February 10, 2020, 08:25 AM

gearhounds

quote:
Originally posted by darthfuster:
quote:
Originally posted by 1s1k:
quote:
Originally posted by trapper189:
Not a Mormon, but we set up our kids' 529 plans in Utah because of the Mormons' reputation for financial responsibility. They seem to be good stewards of God's gifts.
While that may be true don't they also have an advantage of no taxes?

As with all religious organizations. There are countless organizations that pay no or severely discounted taxes.

Like the Grand Church of the National Football League. The time to evade taxes for this or that reason needs to be over. Especially when these "organizations" are clearly massive money laundering machines.

February 10, 2020, 08:33 AM

patw

I don't care what they use it for but it is supposed to be used for the Lord's work and that is why you give. The church I went to took all of the money they received and used some of it for the buildings bills/usage and gave the rest to missionaries, preachers who do not have a salary,etc., and not kept as profit. I understand wanting to have a reserve for issues with the buildings.etc., but if it is not going to help with works for the Lord, then it can be an issue. As far as giving it to another religion, I have to say it is not biblically correct but is up to them.

February 10, 2020, 08:40 AM

Jimbo Jones

I concur.

I admire them for their preparation. They recently (2013) bought 400,000 acres of St. Joe Paper Co. land in No. Fla. to raise cattle on.

At the time, they became the largest private landowner of land in the state of Florida.

quote:
Originally posted by Ronin101:
I cant agree with the theology but they are a decent moral group and I agree with their concept of being prepared.

February 10, 2020, 09:42 AM

46and2

Some things just sound *crazy*, sorry. Nothing insecure about poking fun at crazy sounding things sometimes. Funny is funny. A spade's a spade. If you're going to make extraordinary claims, expect equivalent pushback and jokes at your expense if you (the universal) come without evidence. Sasquatch enthusiasts get equal treatment, as do Alien sightings and abduction claims (or, as it were, things like holy Golden Plates being found buried in New York in the 1800s...).

Whatever, though. They're mostly harmless, and mostly confined to Utah. They can still borrow Utah.

And Mesa, AZ. They can just have Mesa, AZ.

February 10, 2020, 10:01 AM

trapper189

quote:
Originally posted by 1s1k:
While that may be true don't they also have an advantage of no taxes?

All 529 plans have tax advantages. Utah's My529, formerly Utah Education Savings Plan (UESP), has very low fees. Vanguard mutual funds are available through My529, again, low fees. I believe no one can beat the market consistantly, so lowest fees wins for me.

February 10, 2020, 10:11 AM

bigdeal

Maybe it's an issue of what we believe the church's purpose actually is. I just don't believe churches should be in the business of acquiring and accumulating wealth. I have no issues with them banking a rainy day fund to protect themselves from unexpected expenses or needs, but billions? No sir. If churches don't plow their contributions/donations/whatever back into programs specifically designed to help those needing help, then they should be taxed on whatever they do accumulate over some agreed upon threshold. And yes, I believe that should apply to all churches, regardless their denomination. And that 'threshold' is likely to only impact the largest of churches.

February 10, 2020, 10:24 AM

Prefontaine

quote:
Originally posted by sigcrazy7:
quote:
Originally posted by Prefontaine:

That should cover the cost of magic underwear too.

What a tired, old, dreary comment. I suppose you think you’re clever by retreading this backhanded attack? I’ve heard this kind of crap since I was a kid. You don’t know what you’re talking about.

Nobody in this country cared 120 years ago when the LDS church was nearly bankrupt from having all of its assets seized over polygamy. Now that they’ve been good stewards of their funds and recovered, people have problems with it? The LDS church also runs one of the most extensive charitable organizations in the world, along with an extensive missionary program. Reagan said that the country’s welfare system should be modeled after the LDS Church’s. Also, the clergy is a lay clergy, along with all the time that’s donated by its members. Having no payroll really saves a lot of money. Are these bad things? Near my town alone, the LDS Church gave $200K to the Krishnas when they ran out of money trying to build their temple in Salem, UT.

It’s sad when people attack an organization for doing the right thing.

The very thing you mentioned, I read up on many years ago. They wanted to be a state in the United States and got into a scrap with the US over polygamy. I read about the asset seizure. Then all of a sudden the leader of the LDS said he had a revelation from God, that no more polygamy. Funny how that works.

Then I also read about blacks not being allowed to be priests in the 70's. Story caught on from local paper to national news. A lot of pressure and whining occurred. All of a sudden, the leader of the church said he had a revelation that black people should be able to be priests.

If that's what you believe then believe it. My comment shouldn't mean anything to you. My opinion is not the gospel. I question any religion such as this that came about in 1830, nearly 2000 years after the Lord. Talking about a spaceship, your own planet, etc.

February 10, 2020, 10:29 AM

BBMW

Not specific to the Mormon Church, but considering this information and how it came out, and that religious institutions get special rax exempt status, should they...

- Be required to publicly release their financial information annually? I believe other types of non-profits are required to.

- Be required to spend a certain percentage of there assets on charitable activities?

This message has been edited. Last edited by: BBMW, February 10, 2020 04:42 PM

February 10, 2020, 03:51 PM

ChuckWall

They have $100,000,000,000 and they want more.

God's work seems to be expensive or what is that underwear really made out of?

February 10, 2020, 03:58 PM

PowerSurge

quote:
Originally posted by BBMW:
Not specific to the Mormon Church, but considering this information and how it came out, and that religious institutions get special rax exempt status, should they...

- Be required to publicly relates there financial information annually? I believe other types of non-profits are required to.

- Be required to spend a certain percentage of there assets on charitable activities?

I’m not a believer but I’m against more gov’t intervention in just about everything. Maybe the Mormons should just wake up and pay attention to where their money goes and leave it at that.

Then again, if they’re ok with the status quo, leave them be.

February 10, 2020, 04:02 PM

quote:
Originally posted by gearhounds:
Like the Grand Church of the National Football League. The time to evade taxes for this or that reason needs to be over. Especially when these "organizations" are clearly massive money laundering machines.

NFL has been paying taxes since approximately 2012

February 10, 2020, 04:48 PM

BBMW

Sorry for the Typos 'R Us post. Posting from the tablet does not encourage good usage (especially when autocorrect rears it's ugly head.

But to the point, religious organizations are granted special tax free status. I don't have a problem making them follow certain rules to maintain this status. This is especially true if those rules shouldn't be a problem if they really are anything we would want to think of as a religion.

In terms of this, I think of Scientology. L Ron Hubbard explicitly started Scientology to abuse the tax rule for religious orgnaizatins. But because he and his associates were able to convince the IRS they are a religion, they can abuse the tax rules with no problem. That should be stopped.

quote:
Originally posted by PowerSurge:
quote:
Originally posted by BBMW:
Not specific to the Mormon Church, but considering this information and how it came out, and that religious institutions get special rax exempt status, should they...

- Be required to publicly relates there financial information annually? I believe other types of non-profits are required to.

- Be required to spend a certain percentage of there assets on charitable activities?

I’m not a believer but I’m against more gov’t intervention in just about everything. Maybe the Mormons should just wake up and pay attention to where their money goes and leave it at that.

Then again, if they’re ok with the status quo, leave them be.