Church-Owned Businesses

(Image Source: Church of Jesus Christ of Latter-day Saints)

The Church of Jesus Christ of Latter-day Saints (LDS Church) is widely known for its religious teachings, humanitarian efforts, and extensive global membership. However, one aspect that often piques curiosity is the Church’s involvement in business and economic ventures. The LDS Church has built a diverse portfolio of businesses over the years, which play a significant role in its financial stability and mission. This article explores the various business enterprises owned by the LDS Church, their history, and the impact they have on both the Church and broader communities.

The Historical Context

The Church of Jesus Christ of Latter-day Saints was not always financially stable. Mormon Church finances went through at least three periods of major economic hardship. Having learned from these historical experiences, the LDS church chooses not to operate at a deficit or at subsistence levels. The church chooses to operate using less money than it makes and invest the surplus money in a diverse portfolio of businesses, real estate, and industries. 

The LDS Church’s involvement in business is deeply rooted in its history. In the 19th century, as the Church sought to establish a self-sustaining community in Utah, it encouraged its members to engage in agriculture, manufacturing, and other forms of enterprise. This was part of a broader effort to build a strong, independent economy that could support the needs of the growing community.

One of the earliest and most significant ventures was Zion’s Cooperative Mercantile Institution (ZCMI), established in 1868. ZCMI was one of the first department stores in the United States and became a model for cooperative business ventures. It provided goods and services to the community while promoting the idea of economic self-sufficiency.

Over the decades, the Church has expanded its economic activities, reflecting its growth and the changing needs of its members. Today, the LDS Church’s business portfolio is extensive, covering a wide range of industries, from agriculture to media.

Major LDS Church-Owned Businesses

1. Deseret Management Corporation

One of the key entities through which the LDS Church manages its for-profit businesses is the Deseret Management Corporation (DMC). Established in 1966, DMC operates as the Church’s holding company and oversees a variety of media, insurance, and financial services businesses. DMC generates Mormon Church wealth, but It is worth noting that DMC’s profits are reinvested into the Church’s religious and humanitarian missions.

• Deseret News: Founded in 1850, the Deseret News is one of the oldest newspapers in the United States. It operates both print and digital platforms, providing news coverage that reflects the values and perspectives of the LDS Church.

• KSL: A major media outlet in Utah, KSL operates a television station, a radio station, and an online news platform. It is a significant player in the local media landscape, offering a wide range of programming, including news, sports, and entertainment.

• Bonneville International Corporation: Bonneville operates radio stations in major markets across the United States. It is known for its commitment to community service and ethical broadcasting, aligning with the Church’s values.

• Deseret Book Company is another prominent LDS Church-owned business. Established in 1866, it has grown to become a leading publisher and retailer of books, music, and other products related to LDS teachings and culture. Deseret Book operates retail stores across the United States and offers a significant online presence, providing access to Church publications, religious art, and inspirational media.

In addition to selling Church-related materials, Deseret Book publishes works by LDS authors and artists, contributing to the cultural and spiritual life of the LDS community. The company’s mission is to provide uplifting and educational content that supports the Church’s teachings.

2. Ensign Peak Advisors

Ensign Peak Advisors is the investment arm of the LDS Church. Established in 1997, it manages the Church’s financial reserves, which are used to support its operations, including missionary work, temple construction, and humanitarian efforts. Ensign Peak Advisors has garnered attention due to the significant size of the portfolio it manages, which is estimated to be in the tens of billions of dollars.

The Mormon financial approach to investing is conservative, focusing on long-term growth and stability. The funds managed by Ensign Peak are intended to ensure the Church’s financial independence and ability to carry out its mission, regardless of economic conditions.

3. Agriculture and Food Production

The LDS Church has a long history of involvement in agriculture and food production. This stems from its early efforts to establish a self-sufficient community in the Utah Territory. Today, the Church owns and operates several large agricultural enterprises, including Deseret Ranches in Florida, which is one of the largest cattle ranches in the United States. In all, the church has around 20 agricultural enterprises.

These agricultural ventures not only contribute to the Church’s economic stability but also support its humanitarian efforts. For example, surplus food produced on Church-owned farms is often used to supply the Church’s welfare and humanitarian programs, which provide assistance to those in need, both within and outside the LDS community.

Photo Courtesy of Rcragun

4. Real Estate Development

Real estate development is another significant area of business for the LDS Church. The Church owns substantial real estate holdings, including commercial, residential, and agricultural properties. One of the most notable real estate projects that has contributed to LDS finances is City Creek Center, a mixed-use development in downtown Salt Lake City.

City Creek Center, which opened in 2012, includes a shopping center, office space, and residential units. It was developed as part of a broader effort to revitalize downtown Salt Lake City and reflects the Church’s commitment to urban development and community building. The project has been praised for its design and integration into the city’s landscape, and it serves as a symbol of the Church’s influence in the region.

5. Philanthropic Ventures

While the LDS Church’s philanthropic ventures are not-for-profit enterprises, they are an important part of the church’s economic activity. The Church operates a vast welfare program, including Bishops’ Storehouses, where members in need can access food and other necessities. The Church also runs humanitarian projects worldwide, providing disaster relief, clean water initiatives, and education programs.

These efforts are funded by donations from Church members, as well as income generated from the Church’s business enterprises. The Church’s focus on self-reliance and community support is evident in its philanthropic activities, which aim to alleviate suffering and promote well-being on a global scale.

Impact and Influence

The LDS Church’s involvement in business has had a significant impact on Mormon Church finances, its members, and the broader community. The income generated by Church-owned businesses supports the Church’s religious and humanitarian missions, ensuring that it can operate independently of outside financial pressures. This financial independence is crucial for maintaining the Church’s ability to carry out its work worldwide.

Moreover, the Church’s business activities provide employment opportunities and contribute to economic development in the regions where they operate. The Church’s commitment to ethical business practices and community service is reflected in the way its businesses are run, often prioritizing values over profits.

In conclusion, the LDS Church’s business ventures are a vital part of its overall mission. From media and publishing to agriculture and real estate, these enterprises provide the financial foundation that allows the Church to continue its religious, humanitarian, and cultural work. The Church’s economic influence is felt not only within the LDS community but also in the broader society, where its businesses contribute to economic growth and social well-being.

About Mormonism Explained

Mormonism Explained is a resource that was designed to provide objective and factual information about Mormonism, its history, doctrines, and policies. Our team of researchers consults experts and primary sources to present factual information on a variety of topics relevant to the Mormon Church.

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