Mormonism Explained
Mormon Church Finances, Explained
Tithing, Ensign Peak, the SEC settlement, the whistleblower, the lawsuits — every major claim about the Mormon church’s money, tested against the record. Two centuries of financial history, one page.
The Short Answer
What does the record actually show about the Mormon church’s money?
The documented record is narrower — and stranger — than the headlines on either side. Members give ten percent of their income as tithing, and a portion of surplus is invested through Ensign Peak Advisors, whose SEC filings showed $60B+ in publicly traded securities as of June 2026 — a floor, not a total. The 2023 SEC penalty was for how filings were made, not fraud; the one fraud claim ever tested in federal court was dismissed 11–0 by the full Ninth Circuit in January 2025. What remains genuinely open is transparency: no consolidated financial statements are published, so every “total wealth” figure in circulation — including the famous $100B — is an estimate or a claim, not a record.
Key Takeaways
- Documented — Members give 10% of income as tithing; a portion of surplus is invested through Ensign Peak Advisors (est. 1997), whose SEC filings showed $60B+ in publicly traded securities as of June 2026 — a floor, not a total.
- Documented— In 2023 the Church and Ensign Peak paid a $5M SEC penalty over how filings were made from 1997–2019. The order found reporting failures — no fraud, no misuse of funds, no tax violation, no individual charged.
- Documented— In January 2025, the full Ninth Circuit dismissed the Huntsman tithing-fraud lawsuit 11–0: no reasonable juror could conclude the Church misrepresented the source of City Creek funds.
- Documented — The Church reports spending $1.58 billion caring for those in need in 2025 — rising every year on record — plus $1B+ annually on education, reported separately.
- Data gap— No consolidated financial statements are published. Every “total wealth” figure in circulation — including the famous $100B — is an estimate or a claim, not a record.
In 2023, the SEC fined the Mormon church five million dollars. That same year, a former insider went on 60 Minutes and called its investment fund a clandestine operation. A member of one of America’s most famous families sued to get his tithing back, alleging fraud.
Three accusations. One fund. And underneath them, one question every headline skipped: what does the record actually show?
We went through the SEC’s nine-page order, the court rulings, the Church’s own reports, and two hundred years of financial history. Every claim on this page is tested and graded — documented, estimated, claimed, or unknowable. Here’s all of it.
How the Money Works
Members of the Mormon church — The Church of Jesus Christ of Latter-day Saints — pay money to their church called tithing: ten percent of their income, a practice rooted in an 1838 revelation to Joseph Smith (D&C 119). The Church does not disclose its financial statements to the public, but economists estimate tithing income is a significant amount of money.
Although the Church’s finances are stable today, that has not always been the case — it has gone through repeated periods of real instability, which the timeline below traces in full. Starting in the 1960s, leaders adopted a policy of never spending more than the church receives in tithing, and of investing a small portion for a rainy day. To accomplish this, the church created an investment firm: Ensign Peak Advisors.
Returns on some of Ensign Peak’s investments have funded projects like City Creek Center — developed to beautify and bring prosperity to the area around Temple Square — and helped Beneficial Life, a church-owned insurance company, survive the 2008 financial crisis. Beneficial has since repaid over $500 million. Both projects sit at the center of the claims tested on this page.
The Church of Jesus Christ of Latter-day Saints
Corporation of the President — the ecclesiastical parent
Ensign Peak Advisors
Property Reserve
Deseret Management
Farmland Reserve / AgReserves
Simplified. Each subsidiary is legally independent with its own tax obligations. Where the money sits — the full real estate portfolio, mapped: How Much Land Does the Mormon Church Actually Own?
The Ensign Peak File: The SEC Settlement, Filing by Filing
The rule at the center of everything is called Form 13F: institutional investment managers above the threshold must publicly disclose certain stock holdings — names and values — every quarter. It applies to everyone, including nonprofits and churches. Ensign Peak crossed the threshold decades ago. What the SEC’s February 2023 order found: from 1997 to 2019, Ensign Peak never filed a 13F in its own name. Instead, thirteen LLCs — the SEC’s order calls them shell companies — created with the Church’s knowledge and approval, filed in its place, signed by nominee “business managers,” most of them Church employees, on forms that misstated who actually controlled the money.
22 years
without a 13F filed in Ensign Peak’s own name.
Filed in its place
with the Church’s knowledge and approval, per the order.
The internal warning
The Church’s own Auditing Department reviewed the structure and flagged the risk that the SEC might disagree (order, ¶32).
$5M total penalty
settled 2023 without admitting or denying; honest single filings since June 2019 — four years before the order.
The SEC’s finding
The Church worried that disclosing the portfolio’s size “would lead to negative consequences.” So the filings were structured to obscure it.
The Church’s account
Since 2000, it says, Ensign Peak relied on legal counsel on how to comply while keeping the portfolio private — and believes every required security was reported, just through the separate companies.
Two whys — both on the record.
What the SEC did not find
- No fraud chargeThe order charges disclosure failures — not fraud against members or investors.
- No finding that funds were misusedHow the money was spent was not part of the case.
- No tax violationThe IRS questions raised by critics were never part of this order.
- No charges against any individualNo leader or employee was charged.
Anyone who tells you otherwise — critic or apologist — is characterizing, not quoting. The order is nine pages. It’s on sec.gov.
Is a fund that big even legal? Yes.
Churches are charities by definitionunder the IRS code, and tax-exempt funds may lawfully serve ecclesiastical purposes — not only poverty relief. Compare Harvard: a tax-exempt endowment of roughly $50 billion, used to further the university’s mission, and nobody calls it a scandal. A $100 billion religious endowment, by itself, breaks no law. The SEC case was about disclosure — never about the fund’s right to exist. The 2019 whistleblower complaint alleged tax-law violations; six-plus years on, no public IRS action has resulted — though IRS proceedings are confidential, so silence isn’t adjudication.
The Fraud Claim, Court-Tested: Eleven Judges. One Answer.
The strongest version of the case against the Church wasn’t a documentary or a complaint — it was a federal lawsuit. James Huntsman, of the prominent Utah family, sued to recover roughly $5 million in tithing, alleging the Church committed fraud by saying tithing wouldn’t fund City Creek while commercial projects went forward. The claim got its day in court. Then it got eleven judges.
Ninth Circuit, en banc · January 31, 2025 · second dismissal in four years. The full court dismissed the lawsuit unanimously: no reasonable juror could conclude the Church misrepresented the source of City Creek funds — the project was financed from earnings on invested reserves, not tithing principal, which is what Church officials had said. Five judges would have gone further and barred the suit under the First Amendment’s church-autonomy doctrine.
Why this matters for every claim on this page: “the Church defrauded its members” is the one accusation that has now been tested in federal court, at the highest level short of the Supreme Court — and it did not survive. The distinction the court credited — principal versus earnings — is the same distinction the Church has drawn publicly since the Hinckley era.
Two Centuries, One Timeline
The reserve ethic wasn’t born in a boardroom. It was forged by bank runs, federal seizure, depression-era deficits, and a near-bankruptcy — the full record, oldest to newest.
Mormon church finances, 1837–2026
Jan 1837
The Kirtland Safety Society is formed. The church had assets — mostly land and other non-liquid holdings — and debt from completing the Kirtland Temple (dedicated March 1836). Leaders sought liquidity by creating their own joint-stock company; shares went on sale in October 1836, with members offering land as collateral. Formally established November 2, 1836.
1837
The Panic of 1837. An extreme national downturn began; the loosely regulated US banking industry buckled and many banks failed — including the Kirtland Safety Society, hurt further by a lack of investors, many of whom were already in debt from building the temple.
1838
Tithing is revealed (D&C 119–120). Seeking to pay debts and fund a Missouri temple, Joseph Smith reported revelations requiring members to contribute surplus property and “one-tenth of all their interest” — interpreted by Bishop Edward Partridge as 10% of what Saints would earn in interest on their net worth; today the Church teaches one-tenth of income.
1842
Joseph Smith files for bankruptcy. Under the new 1841 bankruptcy law, Smith filed over personal debts and debts acquired as church trustee — from the Kirtland Temple, two Ohio mercantile firms, and land purchased on credit in Illinois and Iowa. Filing mistakes (including transferring property to family) drew a federal investigation, publicized by excommunicated member John C. Bennett; many records burned in the 1871 Chicago Fire, and the settlement never appears to have been resolved.
1887
The Edmunds-Tucker Act.Congress dissolved the church’s corporation, criminalized polygamy in the territories, stripped Utah women of the vote, and authorized federal seizure of church property above $50,000 — seizures that placed the church in deep debt.
1893
The Panic of 1893 — near-bankruptcy.Bank runs drained Zion’s Bank and the church couldn’t service a $500,000 San Francisco loan. Elder Heber J. Grant went to New York and secured a loan from John Claflin, allowing the minimum payment on time and saving the church from bankruptcy.
1899–1907
Snow’s tithing recommitment.Amid the debt cycle that began in 1893, President Lorenzo Snow asked members to recommit to tithing. By 1901 half the church’s debt was paid by tithing; by 1907 it was solvent again.
1938
Depression-era deficits near $900,000.The church spent more than it received, funding the new welfare system that supported members who lost jobs or couldn’t afford food.
1940s
The Clark policy: spend 28%. J. Reuben Clark limited church spending to 28% of tithing receipts, directing the rest at retiring Depression-era debt.
1950s–1962
The building boom — and the debt.Under Henry D. Moyle the church built 1,000+ buildings and two temples, anticipating growth that came (membership rose ~50% to nearly 1.7 million from 1950–60) — but by 1962 it had spent $32 million more than it received.
1963–64
Tanner takes the books. N. Eldon Tanner, placed over church finances, stopped all deficit spending — including halting construction of the Church Office Building for five years.
1969
Surplus. Deficits eradicated; the church posts a $29.5 million surplus — and adopts the standing policy of never outspending tithing while investing a portion for the future.
Aug 1997
“Mormons Inc.” — the Time cover. Time projected church wealth at $30 billion, noting Catholic holdings dwarf it with 45× the members, and that no US church is as active or per-capita successful in economic life. The church answered that its real wealth is its members, the projection exaggerated, and — per Public Affairs head Bruce Olsen — that most assets are “money-consuming,” not money-producing.
Sep 1997
Ensign Peak Advisors is formed. Registered as a supporting organization of the Church, its purpose then and now: invest a small portion of tithing contributions so the church can save for the future.
2014 & 2017
The internal warning.The Church’s own Auditing Department reviews Ensign Peak’s LLC filing structure and flags the risk that the SEC might disagree with the approach (SEC order, ¶32). No specific changes are recommended.
2017
MormonLeaks posts leader paystubs. Documents purported to show President Henry B. Eyring’s 1999–2000 allowance of $83,132.75. The claim: the church has a paid clergy; the general-authority stipend is excessive. The record:the documents were never confirmed authentic (and if real, were obtained illegally). The vast majority of Mormon clergy — bishops, stake and auxiliary presidents — serve unpaid around careers and families. General authorities, who give up their careers, receive a uniform living allowance regardless of seniority; per church spokesman Eric Hawkins, none of it comes from tithing — it’s paid from investment proceeds.
Dec 2019
The whistleblower complaint goes public. David Nielsen, a former Ensign Peak employee, filed an IRS complaint (prepared with his brother Lars, who gave it to the Washington Post). The claim:the church misled members by using tithing to grow a $100B fund and possibly breached tax rules by propping up City Creek and Beneficial Life. The Post itself noted: “No documents are provided to support this claim.” The response, same day: the First Presidency said the vast majority of tithing goes to immediate church costs — meetinghouses, temples, education, humanitarian work, missionary efforts — with a small portion invested for the future, a sound principle and a doctrine of the church. Six-plus years on, no public IRS action has resulted.
Feb 2023
The SEC settlement.The $5M order over 1997–2019 filings — covered in full in the Ensign Peak File above, including what the SEC found, the Church’s account, and what the order did not find.
May 2023
60 Minutes airs the Nielsen interview. Nielsen said the church receives ~$7 billion in tithing yearly, that Ensign Peak built a $100 billion fund, that during his tenure the fund was used only for Beneficial Life and City Creek, and that the church defrauded members and the IRS. Bishop W. Christopher Waddell answered that Nielsen lacked the full picture, that returns fund many purposes with money flowing in and out regularly, and that investing for instability is the point. The record: Ensign Peak is a registered supporting organization; investing without tax burden is lawful. City Creek’s funding was investment returns seeking returns — the purpose of all investment. Beneficial Life, a taxpaying for-profit, was kept solvent through 2008 and has repaid over $500M. And the fraud characterization has now been tested: see January 2025. The church frames reserves as the parable of the talents, lived.
Jan 2025
Huntsman v. Corporation of the President — dismissed 11–0. The en banc Ninth Circuit unanimously affirms dismissal of the tithing-fraud suit: no reasonable juror could find the Church misrepresented City Creek’s funding source — earnings on invested reserves, not tithing principal. Five judges would also have barred the claim on First Amendment church-autonomy grounds. Second dismissal in four years.
2022–2026
The giving reports era.The Church’s annual Caring for Those in Need reports document welfare and humanitarian spending rising every reported year: $1.02B (2022) → $1.36B (2023) → $1.45B (2024) → $1.58B (2025), across 196 countries — detailed below.
What Is It All For?
Ask the Church why the reserves exist and the answer is consistent: to fund a religious mission — caring for the poor, preparing for the future, sustaining the Church’s work worldwide. That’s the claim. Here is what the documented record shows.
Spent caring for those in need in 2025 — about $4.3 million every day of the year.
Reported welfare & humanitarian spending, 2022–2025 — rising every year
- $1.02B2022
- $1.36B2023
- $1.45B2024
- $1.58B2025
Up ~55% in three years. Totals exclude members’ personal giving and the Church’s education contributions, reported separately at more than $1B annually.
Bars rise from a shared zero baseline. Source: the Church’s annual Caring for Those in Need reports, 2022–2025; figures pulled August 26, 2026.
196
Countries & territories received assistance in 2025 — one dot for every one of them.
The 2025 giving report, itemized
Humanitarian projects
completed worldwide.
Food donated
via 121 bishops’ storehouses — about 31 million meals.
Emergency relief projects
after disasters and crises.
Volunteer hours
given by members and friends.
Caring for Women & Children
initiative, 2025.
Education contributions
BYU system, seminaries, BYU-Pathway — reported separately.
Evidence tier: documented
“For I was an hungred, and ye gave me meat: I was thirsty, and ye gave me drink: I was a stranger, and ye took me in: naked, and ye clothed me…”
Matthew 25:35–36 (KJV) — the mandate the Church cites for its welfare mission.
So… Where Does the Record Land?
- The fund’s size is legal.Churches are charities under US law; large endowments are how major nonprofits operate. Nothing in any proceeding has challenged the fund’s right to exist.
- The SEC violation was reporting. Not fraud, not misuse, not taxes — misstated filings, sustained for 22 years, fixed in 2019, closed for $5M in 2023.
- The fraud claim went to court and lost, 11–0. The one accusation tested at the federal appellate level did not survive: earnings on reserves, not tithing principal, built City Creek — which is what the Church had said.
- The giving is real, rising, and self-reported. $1.58B in 2025, up ~55% in three years, plus $1B+ in education — per the Church’s own reports, which no outside audit verifies.
- What remains open is transparency. No consolidated financials exist; every total in circulation is an estimate or a claim. That is the one critique no ruling has resolved — and the record on this page is what full candor about it looks like.
The verdict ledger
The claim
Grade
Documented
The claim
Grade
Documented
The claim
Grade
Never verified
The claim
Grade
Public claim
The claim
Grade
Public claim
The claim
Grade
Third-party estimate
The claim
Grade
Data gap
Continue the Record
How Much Land Does the Mormon Church Actually Own?
Where the money sits — the full real estate portfolio, mapped.
Did the SEC Fine the Mormon Church and Ensign Peak?
The 2023 settlement in brief — what the filings were, and what each paid.
Frequently Asked Questions
How much money does the Mormon church have?
Nobody outside the Church verifiably knows. SEC filings document $60B+ in publicly traded securities (June 2026) — a partial picture by design. The famous $100B figure traces to the 2019 whistleblower; independent estimates for real estate run higher still. No consolidated financial statements are published, so every total is an estimate or a claim.
What is tithing in the Mormon church?
Ten percent of members’ income, given as a religious practice rooted in an 1838 revelation (D&C 119). The Church says tithing funds meetinghouses, temples, missionary work, education, and humanitarian efforts, with a portion of surplus invested for the future.
What is Ensign Peak Advisors?
The Church’s investment manager, established September 1997 as a registered supporting organization. Its purpose: invest a portion of tithing surplus as a reserve. Its board is drawn from the Presiding Bishopric and its managing director reports to the First Presidency.
Did the SEC fine the Mormon church?
Yes — $5 million total in February 2023 ($4M Ensign Peak, $1M the Church), settling charges that from 1997–2019 filings were made through thirteen LLCs that obscured the portfolio. The Church neither admitted nor denied the findings, said it relied on legal counsel and regretted mistakes made, and has filed correctly since 2019. The order found no fraud, no misuse of funds, no tax violation, and charged no individual.
Was the Huntsman tithing lawsuit successful?
No. On January 31, 2025, the full Ninth Circuit dismissed it 11–0 — the second dismissal in four years — holding that no reasonable juror could conclude the Church misrepresented City Creek’s funding, which came from earnings on invested reserves rather than tithing principal.
Did tithing money build City Creek Mall?
Per the record credited by the Ninth Circuit: City Creek was financed from earnings on invested reserves, not tithing principal — consistent with what Church leaders had said. Critics argue earnings on tithing are still tithing in spirit; the court found that reading could not support a fraud claim.
Is it legal for a church to have a $100 billion fund?
Yes. Churches are charities by definition under the IRS code, and tax-exempt funds may serve ecclesiastical purposes. Harvard’s ~$50B tax-exempt endowment operates on the same legal principle. The size of a religious endowment, by itself, breaks no law.
Do Mormon church leaders get paid?
Local clergy — bishops, stake presidents, auxiliary leaders — serve unpaid. General authorities, who leave their careers, receive a uniform living allowance that the Church says comes from investment proceeds, not tithing. Leaked 1999–2000 documents suggested about $83,000/year; they were never confirmed authentic.
What does the Mormon church do with its money?
The Church’s stated uses: operating costs (meetinghouses, temples, missionary work), education ($1B+ annually, reported separately), caring for those in need ($1.58B reported in 2025, rising every year on record), and reserves for the future — framed doctrinally through the parable of the talents and Matthew 25.
Why doesn’t the church publish its finances?
The Church stopped publishing consolidated statements in the US decades ago; leaders frame donations as consecrated funds stewarded through priesthood channels rather than a public corporation’s books. Critics call this the core accountability gap. It remains the one open question no settlement or ruling has resolved.
Sources & Further Reading
- SEC administrative order & press release 2023-35 (February 21, 2023), sec.gov · Ensign Peak Form 13F filings (June 2026).
- Huntsman v. Corporation of the President, Ninth Circuit en banc opinion (January 31, 2025); Deseret News; Sutherland Institute analysis.
- Church statements: Newsroom SEC settlement statement (2023); First Presidency statement on finances (2019); Caring for Those in Need reports 2022–2025, newsroom.churchofjesuschrist.org.
- Washington Post (December 17, 2019); 60 Minutes (May 14, 2023); Time, “Mormons Inc.” (August 4, 1997).
- Historical: Joseph Smith Papers (bankruptcy); Church History Topics (Kirtland Safety Society); Utah State Archives (Edmunds-Tucker); Deseret News (Moyle/Tanner era).
- Context & responses: FAIR (fairlatterdaysaints.org); Public Square Magazine securities-attorney analysis; Mormonr (mormonr.org) church-finances Q&A.
- Related on Mormonism Explained: How Much Land Does the Mormon Church Actually Own? — where the money sits: the real estate portfolio, mapped.