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Online Since January 1, 2005
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MORMON MONEY
Total Articles:
49
Topics surrounding the Church Of Jesus-Christ of Latter-Day-Saints annual income and spending. A Mega-Billion dollar tax-exempt corporation hiding behind the guise of a "Church". It is estimated that the LDS Church earns an average of 60 Billion dollars a year in holdings and 7 Billion dollars a year in annual member "Tithing".
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| | LDS Church Invests $1 Million Into Paris Idaho Ward
Article Archived: Jul 19, 2004, at 07:09 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: Anonymous |  | |
From Religion News Blog:
PARIS, Idaho (AP) -- While the Mormon church is accommodating growth with new temples in nearby Rexburg and in New York City, LDS
leaders are not neglecting the historical roots of their faith.
An extensive, restoration project is being considered for the Paris Tabernacle, a 118-year-old meeting hall designed by a son of
church leader Brigham Young.
The tabernacle's steps are being restored this summer to their original condition, reusing the same rocks that were embedded in
the original sandstone steps more than a century ago.
While that is considered ongoing maintenance, teams of craftsmen, engineers and professionals also are on scene, evaluating what
work needs to be included in the project, like restoring windows to their original condition and shape.
The church has good reason to celebrate its history in Idaho, which would likely not exist as a state if it weren't for
colonizing efforts by The Church of Jesus Christ of Latter-day Saints, said Idaho State University history professor Ron
Hatzenbuehler.
"That's probably a distinct possibility," agreed Frank Crawford, the local stake president. "I think Brigham Young, with the
settlement of this area and other areas as well, was pretty prophetic -- pardon the pun -- with his outlook on that. He was a
very pragmatic colonist."
Mormon pioneers, led by Charles C. Rich, founded Paris in southeast Idaho on Sept. 26, 1863. Franklin, settled by Mormons three
years earlier 25 miles to the southwest, was Idaho's first community.
Given that the theology and practice of the Mormon Church violates essential Christian doctrines, Mormonism does not represent
historical, Biblical Christianity, is not a Christian denomination, and is not in any way part of the Christian church.
Hatzenbuehler argues that Idaho likely would have never achieved statehood without these Mormon settlements, which were followed
by large-scale Mormon migrations in the 1870s and then the railroad.
He said such settlement would have eventually reached what is now Idaho. However, had it been delayed in the southeastern part of
the state by 10 or 20 years, there would have been a much less compelling reason for statehood.
Instead, Hatzenbuehler said the territory would have been divided up among its neighbors instead of becoming the state of Idaho
on July 3, 1890.
"It certainly could have happened that way, 49 states," he said.
Continue Reading Religion News Blog.
| From the Salt Lake Tribune:
Salt Lake City's Planning Commission will hold a public hearing about the proposed Edison Street sale Jan. 26 at 5:45 p.m. in
City Hall, 451 S. State St.
The LDS Church is buying another Salt Lake City street. But don't expect a flap like the one that erupted when it bought part of
Main Street in 1999.
"It's actually not that big of a deal," said Wayne Mills, a city planner working on the purchase.
This time, the road - Edison Street (150 East) between 600 South and 700 South - isn't in use. Main Street between South Temple
and North Temple was at the time it was sold.
The purchase price will be different, too. The church bought Main Street in the heart of downtown for $8.1 million. The city
isn't yet disclosing Edison's worth, but it will be much lower.
"It's not anywhere the size or the value Main Street was," said Linda Cordova of the city's property-management division.
The city closed that portion of Edison almost two decades ago but retained ownership because it owns land nearby. The church
has now requested the city declare Edison's southern half as surplus property so it can buy it and combine the land with its
adjacent Deseret Industries, 131 E. 700 South.
Mills said the church wouldn't be able to build anything on the property because the city has a utility easement underneath.
The church could stripe it for parking.
The city routinely closes and sells minor streets such as Edison. But even this transaction caught Mills' attention because of
the Main Street Plaza controversy.
Continue Reading Story.
| | | How Much Money Does It Take To Run A Meetinghouse Or Stake Center?
Article Archived: Mar 10, 2005, at 07:58 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: Stray Mutt | | |
I was figuring how many members and how much money is needed to run a building. I'll give me estimates and I would like input.
Utilites: I could see the average stake center running a utility bill around $2,750 a month. That includes water, energy, sewage, and trash service.
Another $200 a month for lawn care, snow removal services.
Phone Services. I could see that costing $25 a line and we have 10 lines. total of $250 a month
Nongosepel supplies (i.e. Toliet paper, paper towels, window washer, etc) $200 a month
Office supplies $200 a month
Gospel books, videos, related materials $200 a month
all Activity Funds $1000 a month
So the total to run an already built stake center/ward meetinghouse is by my estimate around $5,000 a month.
If you have 2 wards meet in one building and they have 75 tithe payers each then the tith payers only have to pay $35 a week for the church to pay the bills.
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Remember, cleaning, snow removal, etc. were discontinued by the COB. Those responsibilities now fall on the members as "Callings".
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Remember... 20% of the church financially supports the other 80%. So the tithes of members in prosperous countries go to pay for costs around the world.
And it's not just the costs of maintaining the status quo, it's the costs of empire expansion -- new land, new buildings -- and the costs of replacing obsolete facilities.
This is what you get when you're part of a global organization instead of an independent congregation.
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When I was a fincance clerk, I figured that there were at least 4 families in our ward (including myself), who's tithing by itself covered the entire ward budget, building costs, AND could have paid for a part-time janitor for all the stake's buildings. But NO, the members had to do the janitorial work. I refused.
So we only got a fraction (2%) of the entire income we brought in to run our ward and building. All the rest went to "build up the kingdom" and pad somebody else's pockets. What a load of crap!
That pretty much disgusted me and was one of the many things that led me out the door.
| Like the LDS Church really cares what you think Rocky. Sorry to say but the LDS Church will do whatever it wants, whenever it wants. The LDS Church wants to place the focus of Utah and Salt Lake City on it'self. Why? So it can try to sucker more people into joining and thus increasing their cash flow.
From the Mormon Owned Deseret News:
Salt Lake City Mayor Rocky Anderson has reservations about the redevelopment of downtown Salt Lake City.
Thursday, he questioned some of the plans of The Church of Jesus Christ of Latter-day Saints and called for a more open public discussion of the church's $500 million downtown redevelopment project.
While he likes the housing and mixed-use aspects of the project, the mayor said it may have been a mistake for the church to partner with Michigan-based mall developer Taubman Co.
Instead, the church should consult urban and downtown planners and work to create a more walkable, traditional downtown setting with smaller, cut-up blocks and less enclosed retail, he said.
"Everybody ought to be talking to urban design and downtown redesign specialists and talking about what our downtown should be," Anderson said "The city as a whole has a huge stake in this."
Thursday, LDS Church spokesman Dale Bills said the church and its development team wouldn't comment on the mayor's concerns.
Anderson doesn't like current plans to create a new massive enclosed mall on much of the space that currently houses two massive enclosed malls the ZCMI Center and Crossroads Plaza.
"Our downtown should not be comprised of a huge mall," Anderson said, adding, "I've never liked the idea of relying upon enclosed malls for this project. . . . I'm concerned about an enclosed mall suddenly becoming the main focus of our downtown."
Click Here For Original Link Or Thread.
| | | Mormon Seminary Teacher Charged In $10 Mil Investing Scheme
Article Archived: May 17, 2005, at 08:12 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: Anonymous | | |
They were the oddest of couples.
One had been a Mormon seminary teacher. The other an ex-con.
Despite their disparate backgrounds, former Mesa resident Dennis D. Cope and Edgar M. Bias of Houston worked together to run an international fraud scheme that cost investors, including some Arizonans, almost $10 million, according to court records.
The losses could be much higher, as investors have told investigators that roughly 600 people invested up to $100 million total.
Some of the lost money went toward personal use for Cope and Bias, and there was lavish spending on luxury hotels, restaurants and jewelry, according to credit card records from one of their investment firms.
Cope and Bias are alleged to have run their schemes the past 6 1/2 years, playing "catch me if you can" as they eluded inquiries from Canadian officials and investigations by the U.S. Securities and Exchange Commission, the FBI, the Internal Revenue Service and securities regulators from at least six states, including Arizona.
This spring, however, the feds cracked down on them.
Click Here For Original Link Or Thread.
| Looks like the LDS Church is going to have to increase their tithing requirements:
The LDS Church will invest close to $1 billion when it remakes downtown Salt Lake City's two malls - which will be closed on Sundays - according to Salt Lake City Council members.
The price tag is double initial estimates. And whatever the church is doing with all that money, the preliminary design has impressed mall critic Mayor Rocky Anderson.
The mayor met with LDS Presiding Bishop H. David Burton, who is in charge of the mall makeovers, at Burton's office Thursday. And while Anderson has criticized the church for its secrecy, he refused to discuss what he learned, saying the meeting was confidential.
However, he did release a statement saying "many of the concerns previously raised have been met by innovative design solutions. This will be a unique, exciting project bringing hundreds of new residents to the downtown area and attracting millions of people to beautiful retail, residential and office facilities."
While the church is still publicly mum about its mixed-used design - though it presented preliminary concepts recently to City Council members and business leaders - it plans to seek more public comment than the city requires as soon as this summer.
Click Here For Original Link Or Thread.
| | | The Young TBM's Are More About Money Than Their Parents Were
Article Archived: Jul 11, 2005, at 09:21 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: Anonymous | | |
Many in the older generations of Mormonism believed we worked jobs and used the free market system because it was available and convenient. The ultimate system was a pure form of communism called the Law of Consecration. Money was viewed as a necessary evil that the church will use until times change and the Law of Consecration can be used.
My mom grew up through the great depression and her small Utah town didn't have much money. Funny, most Mormons then had no money. They grew and produced their food, or bartered a skill or an agricultural good for a service or good.
As much as Mormonism makes me sick, the one aspect of it I do like is our Mormon ancestors could literally take nothing and make something out of it. I don't think the Mormons today could do that. They throw money at the problem. They turn Nauvoo and Martins Cove into tacky tourist traps. If they were smart, they would build a world-class roller coaster on these sites to attract more people.
One thing I see in the young married TBM couples is they are all about money. If you have money, they like you, well maybe, you still have to have the TBM personality from a can. If you have a work ethic but happen to have a blue collar job that doesn't meet their level of approval, you carry the pee bucket in the ward. Yup, they treat Brother Williams the plumber like a guy who makes his living fixing pipes full of dung and can't believe that low life can charge $45/hr and get away with it. My gosh, young TBM Elders Quorum president has a masters degree in church history and can't make that kind of dough. Brother Williams does all his church assignments but occasionally says, "damn!" and "shit!" when mad but it's not fair! I know the scriptures better than him and don't say damn! He doesn't deserve that nice ski boat we took the youth on last Saturday!
The Mormons constantly yak about how the Book of Mormon was written for our times. Back when Ezra Taft Benson was a prophet, he warned us the latter day saints could easily become like the Nephites of old. Stuck up on themselves and only concerned with wealth while they think they are God's own special people.
Well, from what I see, the modern day LDS Church is a bunch of corrupted Nephites at every level. Not that I'm saying the Book of Mormon is true or that it really matters but the Mormons are dropping their own ball and think God loves them for doing it.
I've never seen the membership of the church so dysfunctional and greedy. President Hinckley thinks it's great. As he said in the last general conference, The church is in the best shape it has ever been!" Hmmmmm. Go to any LDS ward and compare the activities and people to a ward 30 years ago. The members now are sloppy, lazy, ill mannered, in debt up to their ears, and conceded as hell. Everything they are not supposed to be but Mormons are too busy patting each other on the back to notice.
Yup, the modern day church has indeed fallen. They have become the Nephites. Oh how I wish they would disappear like the Nephites did. Funny, nobody can even find any Nephite DNA they so disappeared.
The Book of Mormon may be fiction but the point is, the members of the Mormon Church do horribly when they try to follow their own fictional value system.
It's all about the money. Be a nice person in the Mormon corridor with no money and see how you are treated. You only can be poor in Africa. They like poor people there, lots of programs available to save you. If Bono won't help you, Hinckley will. At least if the cameras are on. LOL!
Even the prophet likes bling. He's into building a huge Conference Center that cost as much as the Belagio Hotel/Casino in Vegas. He's into building brightly lit temples in highly visible areas. The buildings may be tacky but who can miss the San Diego temple on I-5? It looks like it belongs in Vegas. In a way, the Mormon church is like a boring casino. Lots of gimmicks used to get you in and they try and keep you there until you're broke.
| Salt Lake City's Redevelopment Agency is expected to help clear the way tonight for the LDS Church to purchase the state-owned Devereaux House near the Triad Center downtown.
Heritage Gardens in front of the Devereaux House, believed to be the first mansion constructed in Utah.
The Church of Jesus Christ of Latter-day Saints purchased a large portion of the Triad Center last year with plans to open an extension of Brigham Young University there along with relocating the LDS Business College, now housed at 400 East and South Temple. The state has received an offer from the church to purchase the mansion.
Salt Lake City's RDA has an interest in the property because it helped facilitate reconstruction of the mansion after a fire nearly destroyed it in 1979, shortly after it was purchased by the state Legislature. To clear the title exceptions and facilitate the sale, RDA board members are expected to adopt a resolution "approving the termination of the lease/lease-back agreement" between the state and the RDA, "terminating the agency's interest in a sublease, maintenance and management agreement" between the RDA, the state and Devereaux Partners Ltd.
The item is listed on the RDA's formal agenda for tonight's meeting at the Salt Lake City-County Building.
Click Here For Original Link Or Thread.
| | | The Mormon Church Has Been About Business For A Very Long Time
Article Archived: Jul 26, 2005, at 08:26 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: Anonymous | | |
I thought you might find interesting this transcript of the US Senate Committee case regarding Mormon Senator Reed Smoot. Where
did Mormon Church President Smith find time for meditation, let alone revelation?
Senate Committee Testimony
Transcript:
Mr. Tayler (Senate Attorney):What is your business?
Mr. Smith (Mormon Prophet and President): My
principle business is that of president of the church.
Mr. Tayler: In what other business are you engaged?
Mr. Smith: I
am engaged in NUMEROUS other businesses.
Mr. Tayler: What?
Mr. Smith: I am PRESIDENT of Zion's Cooperative Mercantile
Institution.
Mr. Tayler: Of what other corporations are you an officer?
Mr. Smith: I am PRESIDENT of the State Bank of
Utah, another institution.
Mr. Tayler: What else?
Mr. Smith: PRESIDENT of Zion's Savings Bank and Trust Company.
Mr. Tayler: What else?
Mr. Smith: I am PRESIDENT of the Utah Sugar Company.
Mr. Tayler: What else?
Mr. Smith: I
am PRESIDENT of the Consolidated Wagon and Machine Company.
Mr. Tayler: What else?
Mr. Smith: There are several other
SMALL INSTITUTIONS with which I am associated.
Mr. Tayler: Are you associated with the Utah Light and Power Company?
Mr. Smith: I am.
Mr. Tayler: In what capacity?
Mr. Smith: I am a director and PRESIDENT of the company.
Mr.
Tayler: A director and the president?
Mr. Smith: Yes, sir.
Mr. Tayler: Had you that in mind when you classified the
others as 'small concerns'?
Mr. Smith: No sir, I had not that in mind.
Mr. Tayler: That is a 'large concern'?
Mr.
Smith: That is a large concern?
Mr. Tayler: Are you an officer of the Salt Lake and Los Angeles Railroad Company?
Mr.
Smith: I am.
Mr. Tayler: What?
Mr. Smith: PRESIDENT and director.
Mr. Tayler: Of what else are you President?
Mr. Smith: I am PRESIDENT of the Salt Air Beach Company.
Mr. Tayler: What else, if you can recall.
Mr. Smith: I DO
NOT RECALL JUST NOW!
Mr. Tayler: What relation do you sustain to the Idaho Sugar Company?
Mr. Smith: I am a director of
that company and also the PRESIDENT of it.
Mr. Tayler: Of the Inland Crystal Salt Company?
Mr. Smith: Also the SAME
POSITION THERE.
Mr. Tayler: The Salt Lake Dramatic Association?
Mr. Smith: I am PRESIDENT of that and also a
DIRECTOR.
Mr. Tayler: Are you president of any other corporation there?
Mr. Smith: I DO NOT KNOW. PERHAPS YOU CAN TELL
ME!! I DO NOT REMEMBER ANY MORE JUST NOW!
Mr. Tayler: It would seem that the number has grown so large that it would be an
undue tax upon your memory to charge you with naming them all.
Mr. Smith: What relation do you sustain to the Salt Lake
Knitting Company? Did I already ask you about it?
Mr. Smith: No sir, you did not.
Mr. Tayler: The Salt Lake Knitting
Company?
Mr. Smith: I am PRESIDENT of it, and also a director.
Mr. Tayler: The Union Pacific Railway Company?
Mr.
Smith: I am a DIRECTOR.
Mr. Tayler: Are you an official of any mining companies?
Mr. Smith: Yes, sir.
Mr. Tayler:
What?
Mr. Smith: I am the vice-president of the Bullion, Beck and Champion Mining Company.
Mr. Tayler: The Deseret
News?
Mr. Smith: No, sir.
Mr. Tayler: You have no business relations with that?
Mr. Smith: NO SIR.
Mr.
Tayler: Is the Deseret News the 'organ of the Church'?
Mr. Smith: Well, I suppose it is in some sense the 'organ of the
church'. It is not opposed to the church, at least.
Mr. Tayler: It has for years published, has it not, at the head of its
columns, that it is "the organ of the church", or the "official organ of the church"?
Mr. Smith: Not that I know of.
Mr. Tayler: Do you know who owns it?
Mr. Smith: How is that?
Mr. Tayler: Do you know who owns it?
Mr. Smith: I
know who owns the building that it is in.
Mr. Tayler: Who owns the building in which it is published?
Mr. Smith: The
church.
Mr. Tayler: The church?
Mr. Smith: Yes, sir.
Mr. Tayler: Tell us what you know about the owners of that
newspaper.
Mr. Smith: It has been for a number of years past owned by a company --- AN INCORPORATED COMPANY.
Mr.
Tayler: What is the name of the company?
Mr. Smith: The Deseret News Publishing Company.
Mr. Tayler: Do you know who
its officers are?
Mr. Smith: No, it is not owned by that company.
Mr. Tayler: Oh, it is not?
Mr. Smith: No; it is
not.
Mr. Tayler: What do you know ----
Mr. Smith: But I say for years it was owned by a company of that kind.
Mr.
Tayler: What do you know about its present ownership?
Mr. Smith: I presume that the present ownership is IN THE CHURCH.
Mr. Tayler: You suppose the present owner is 'the church'?
Mr. Smith: Yes, sir; the church.
Mr. Tayler: I do not want
to have any misconstruction put upon your use of the word 'presume' because you do not know that it is so owned?
Mr. Smith:
I really do not know so that I could tell you positively.
Mr. Tayler: Who would know?
Mr. Smith: I PRESUME I could find
out.
Mr. Tayler: Could you find out before you leave Washington?
Mr. Smith: Perhaps so.
(SOURCE: Reed Smoot
Case transcript, Vol. 1, pp. 81, 82, 83, 86, 87, and 88)
A day later, because the ownership of the Deseret News and
its articles were keys to the case, Joseph F. Smith testified:
Mr. Tayler: In what form does your church have title to
the Deseret News property?
Mr. Smith: It owns the deed.
Mr. Tayler: I am speaking of the newspaper, not the
building.
Mr. Smith: The press; yes. I would like to state that when I was asked that question before, Mr. Tayler, I was not
aware of the fact that I have since learned from my counsel here that during the trusteeship of Lorenzo Snow the Deseret News
plant was transferred from the Deseret News Company to Lorenzo Snow, trustee, in trust. I was not aware of the fact, Mr.
Chairman, when that question was asked me yesterday, I believe it was. I have since learned that that is the fact and that my
counsel who is here made out the papers for the transfer. .....
Mr. Tayler: So that it is now in YOU as trustee in trust?
Mr. Smith: NOW I OWN IT AS TRUSTEE IN TRUST. Furthermore, I will say that I have discovered since yesterday that there is
published on the second or third page of the Deseret News the statement that it is the "organ of the Church of Jesus Christ of
Latter-Day Saints"
(Reed Smoot case, Vol. 1, page 158).
As you can see, the Mormon Church has been about
business for a very long time.
| The LDS Church has paid the state $900,000 for the historic Devereaux House, according to the sale contract.
The deal, which recently was finalized, comes with strings.
The state can keep the artwork in the mansion at 340 W. South Temple and the church must maintain the "historical and architectural designation" of the house and associated "carriage house" until 2105.
It appears the mansion - reconstructed in 1984 after a fire - must be protected anyway because it is listed on the city's historic register.
The home was considered the Salt Lake Valley's first mansion when the original was built in 1857.
The state granted the church the right to move the two structures somewhere else - though there are no plans to do so.
Today, the mansion is used as a reception center. The church plans to allow those receptions to continue, but hasn't announced any future uses.
http://www.sltrib.com/utah/ci_2932189
| The LDS Church announced plans Wednesday to build a four-story, multi-use facility in downtown Ogden, citing optimism about the city's redevelopment efforts in the area.
The Church of Jesus Christ of Latter-day Saints, via its real estate investment arm, Property Reserve Inc., is expected to begin construction next year on a 75,000-square-foot office/retail building at 22nd Street and Washington Boulevard.
The building will be immediately north of the LDS Church's Ogden temple and adjacent to the Treehouse Children's Museum.
http://deseretnews.com/dn/view/0,1249...
| | | The Mormon Church Owns More Than 1% Of All Rembrandt Art
Article Archived: Sep 29, 2005, at 07:19 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: Anonymous | | |
The Church recently purchased 17 of Rembrandt van Rijn's 70 biblical etchings. There are some 1500 authenticated Rembrandt pieces. 17 divided by 1500 is slightly more than 1%. The article in the "Ensign" hints that the Church owns more Rembrandts. When I was on a mission, we would castigate the Catholic Church as being the great whore of all the earth, with their idols and expensive artworks, all of the devil. Also their churches and cathedrals so majestic built and expensively furnished. Now I know our temples are modestly furnished with heavy duty traffic carpet and velour sofas and seats, but still, we brag endlessly about how many temples we have and how great they are.
So, will the posters here finally get off their high horses about the 1 billion dollar malls and concentrate on the vast art treasures the church owns. The auction must have been at Christy's or Southebys, but I don't remember hearing about it.
Instead of being the "Whore of the whole Earth", maybe we can be the "ingenue tart of the western hemisphere".
- -
The Ensign says the pictures are on display now at the Museum and Church History and Art. Evidently, they have borrowed other Rembrandts to display along with they ones they own.
| Tight space, aging records and a growing membership have left the current LDS history library crowded and inadequate.
But Friday, church leaders broke ground on a new Church History Library for the "recordmaking and recordkeeping people" of The Church of Jesus Christ of Latter-day Saints.
"The church grows and the volume of the records continues to increase in large numbers. I don't know if we'll ever build a building large enough to hold them all. But this is an attempt to do this," said President Gordon B. Hinckley, joking that the current history library in the Church Office Building has "accumulated so much that if we don't move it out of there, it will break the floors."
He said the groundbreaking marked "a day of history in the history of the church" and added that the state-of-the art facility will be "very interesting and magnificent."
The five-floor, 250,000-square-foot building will be located on the northeast corner of the intersection of North Temple and Main streets. It will house the growing historical collection, which currently includes 3.5 million manuscripts, 210,000 publications, 100,000 photographs and 50,000 audiovisual productions.
http://deseretnews.com/dn/view/0,1249...
| | | Church of LDS Set to Kick Off $1.5B Salt Lake City Redevelopment
Article Archived: Oct 19, 2005, at 07:15 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: Anonymous | | |
Downtown Salt Lake City is on the verge of getting a 5-year, $1.5 billion redevelopment project, CPN has learned.
Representing the Church of Jesus Christ of Latter-Day Saints, Property Reserve Inc. aims to redevelop 20 acres of Downtown Salt Lake City, focusing on more than 1 million square feet of retail, as well as housing and office. The real estate investment arm of the church, Property Reserve will work in conjunction with The Taubman Group. When finalized, the project is expected to be the largest investment in the Salt Lake region since the 2002 Winter Olympics.
"Over the next two to four years, Downtown, is looking at massive redevelopment," said Paul Skene, first vice president of CB Richard Ellis Inc.'s Salt Lake City office. "An official announcement is expected within the next 30 days."
While the significant office space existing within the 20 acres is expected to remain mostly untouched, Skene said that Property Reserve has plans to eliminate or refurbish KeyBank Tower, a 300,000-square-foot office building. Either plan will leave tenants--which occupy approximately 250,000 square feet there--to find new space in the area.
http://www.cpnonline.com/cpn/article_...
| | | Show Me The Money: Church Accounts Posted In England
Article Archived: Oct 19, 2005, at 07:50 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: Christine the never-mo | | |
Hi everyone,
It's been awhile since I first posted the link to the Charity Commission here in the UK. And there are lots of new "faces" of people waking up to it all...
So - according to the accounts filed in Feb 2005 for fiscal year 2003, which can be found here:
http://www.charity-commission.gov.uk/...
Of the 433 employees in 2003, 22 made over £50K (which is $87.5K US). Isn't that special?!
For all charities in England, accounts must be filed with the Charities Commission. Don't you wish the US had something similar?!
| | | Mormon Church Affiliate Plans Housing On Oahu's North Shore
Article Archived: Oct 20, 2005, at 10:46 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: Anonymous | | |
HONOLULU (AP) _ An affiliate of the Mormon Church is planning to build some 550 affordable homes on more than 660 acres on Oahu's North Shore.
Hawaii Reserves Incorporated has been planning the single- and multifamily development since it bought the land between Kahuku and Laie two years ago from Campbell Estate.
The company says the majority of the homes in the Malaekahana Master Planned Community will be priced for local residents who work in the Laie area.
Hawaii Reserves is the land management arm of the Church of Jesus Christ of Latter-day Saints.
It owns or manages about seven thousand acres around Laie, and is planning to replace the 48-room Laie Inn with a 200-room hotel.
(Copyright 2005 by the Associated Press. All rights reserved.)
http://www.kpua.net/news.php?id=6561
| | | The Church In Great Britain Spent 2.982% Of Its Revenues In 2003 On Grants, Welfare And Humanitarian Aid
Article Archived: Oct 20, 2005, at 10:59 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: Anonymous | | |
Summary:
Total income £31.788 million
Total spent on grants, welfare and humanitarian aid:
£0.948 million (2.982%)
amount spent from earmarked funds- £0.880 million (2.768%)
amount spent from general tithing funds- £0.068 million (0.214%)
I was fascinated by the link to the Financial Statements for the year ended December 31, 2003 for The Church of Jesus Christ of Latter-day Saints (Great Britain), referenced in another thread below.
It confirmed something we all knew. The Church (if the GBChurch is representative) spends most of its money primarily on: staff, general administrative expenses and buildings.
F or the year ended 2003, the GBChurch took in £23.3 million in tithing, £5.0 million in cancellation in indebtedness from the Utah corporation, and £0.74 million in other income, totaling about £29.1 million in unrestricted income (tithing and other money that it can spend as it pleases).
The GBChurch, in the same year, also received £2.6 million in restricted income, meaning funds specifically earmarked for specific causes such as missionaries, BoMs, fast offerings, PEF, temple construction and humanitarian aid.
In that same year, the GBChurch spent £7.3 million in staff costs, £2.0 million in G&A; expenses, £8.1 million in physical facilities, £6.3 million in depreciation (not a cash expenditure) and other support and charitable causes, such that the total spent by the GBChurch in 2003 equaled about £28.7 million.
Notice that if the Utah corporation had not forgiven £5.0 million in debt to GBChurch, then the GBChurch would have been in the red (deficit) an amount of £1.89 million.
Of the £29.132 million received only £0.948 million was spent in grants, humanitarian aid and welfare, representing only 2.982% of total income. Of that 2.982%, 2.768% represented monies that had to be used for such purposes because the members designated that it be used as such. Only 0.214% (£0.068 million) of tithing money was spent on humanitarian aid.
If the GBChurch is not representative of these percentages, then it would be nice to have other audited financial statements that show otherwise.
Document Sources: http://www.charity-commission.gov.uk/...
| | | Twin Falls, Idaho Approves Permits For LDS Temple
Article Archived: Nov 10, 2005, at 08:19 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: Anonymous | | |
WIN FALLS -- The Planning and Zoning Commission approved a special-use permit for an LDS temple and meeting house, as well as a variance to allow the temple's height to exceed the city's 35-foot maximum height.
Tuesday evening, MHTN Architects -- the architectural firm hired by The Church of Jesus Christ of Latter-day Saints to design the temple -- explained the proposed design, lighting and landscaping of the temple and meetinghouse to the commissioners.
http://www.religionnewsblog.com/12773...
| A separate thread on church-owned real estate has prompted me to post this comment which justifies its own thread.
Why does the Mormon Church like owning real estate? In one word, the answer is "income taxes" (technically, I guess that's two words).
A tax exempt entity like the Mormon Church pays U.S. federal income taxes on "for profit" businesses that it may acquire. The public policy behind this idea is to prevent tax-exempt entities from unfairly competing in the business world with "for profit" tax-paying enterprises. In contrast, a tax exempt entity does not pay income tax on "passive income" such as dividends, "rents" and royalties. The public policy behind this idea is to promote the work of tax exempt entities by exempting income tax on passive income.
With these rules in mind, the system can be manipulated very easily. By way of a hypothetical example, the church might buy a privately-owned cattle ranch in Florida which is highly profitable and which was paying significant amounts of federal income tax in the hands of its private owners. After the purchase of the cattle ranch, the church moves the fee simple ownership of the land (the deed to the land) under the umbrella of church ownership and then leases the land back to the "for profit" cattle ranch which the church continues to own (e.g. through an equity ownership by way of shares in a "for-profit" corporation). The passive rents paid by the ranch operation to the church are deductible as a cost of doing business thereby lowering the profits of the operation to zero (or turning profits to losses which carryforward almost indefinitely). In turn, the rent payments to the church are passive and, therefore, free of income tax to the church. When the dust settles after the purchase of the "for profit" ranch, the ranch operation isn't paying any income tax (you don't pay income tax unless you're making a profit) and the church isn't either (it doesn't pay income tax on passive rental income).
Note that the fact that the ranch in Florida might contain 300,000 acres next to Orlando (and worth hundreds of millions of dollars) is immaterial. The only loser is the federal government through lower tax collections (and all of us tax-paying suckers since other taxes have to go up to compensate for the church's tax dodge).
Of course, there's no reason to limit the tax dodge to land in Florida. Why not a multi-billion dollar mall in Salt Lake? How about thousands of acres of farm land in Missouri under the guise of the church fulfilling its mandate to "redeem" Zion? How about pineapple plantations in Hawaii? For that matter, why not the Polynessian Cultural Center in Hawaii itself? The Center lost part of its tax exempt status a number of years ago (it was making way to much money despite the church's contention that the purpose of the center was tax-exempt missionary work).
One last important point. Since the magnitude of the above tax dodge is potentially very great, it is very important for the church to maintain a policy of never releasing financial information because the extent of the tax dodge would become readily apparent.
| | | Using The Church's Wealth To Enlarge Its Investment Real Estate Portfolio Or Reduce Suffering - It Comes Down To What Senior Church Patriarchal Leaders Value The Most.
Article Archived: Dec 15, 2005, at 09:40 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: FreeAtLast | | |
I read an online news item today about the U.N.'s annual report on the welfare of children worldwide. It's not good. From the AP report (ref. http://www.signonsandiego.com/news/wo...):
"Hundreds of millions of children suffer exploitation and discrimination but are virtually invisible to the eyes of the world, according to a UNICEF report published Wednesday."
Earlier this week, I read a report that 4,000 children die every day from a lack of access to clean water and 250,000 children go blind each year because of a Vitamin A deficiency, which could be solved with a daily supplement costing four cents.
A couple of months ago, I watched a news documentary about the very significant problem of adults (30+ million of them) in India going blind due to cataracts. An Indo-Canadian biologist, Dr. Chandrasekhar Sankurathri, took early retirement and moved to the Andhra Pradesh region of India, where he established the the Srikiran Institute of Ophthalmology and a school for children from impoverished families. Incredibly, the institute (a clinic) "has performed about 95,000 surgeries and has also served half a million outpatients" (ref. http://www.cbc.ca/correspondent/featu...)
What makes this story incredibly poignant is that the wife and two children of Dr. Chandra, as he's commonly known, were murdered in 1985 in the Air India bombing. His wife was from a rural part of the Andhra Pradesh region.
When I was in Peru in 1984/5 as a missionary, I lived and worked in a number of shantytowns and a ghetto. The grinding poverty was shocking; the conditions in which many people lived, not fit for animals. Meanwhile, on the other side of Lima, the LDS Church was building a multi-million dollar temple.
Earlier this year, I read the Salt Lake City Tribune report about how the LDS Church was spending up to $1 billion dollars to buy, renovate, and expand two shopping malls in SLC. In November 2002, I visited the LDS Conference Center on my way back to the west coast from the east. The tour guide, a retired medical professional, spoke of the pear wood panelling, large alabaster light fixtures, high-tech sound system, and enormous I-beam in the ceiling that was forged in Norway just for the Center.
Other recent investment real estate acquisitions made by the LDS Church were the second largest ranch in Nebraska last year (for approx. $26 million) and 663 acres in Hawaii. According to an Oct. 19/05 news report (ref. http://the.honoluluadvertiser.com/art...):
"A Mormon Church affiliate [Hawaii Reserves, Inc.] is planning a 663-acre development in Malaekahana that would create up to 550 affordable homes between Kamehameha Highway and the Ko'olau mountains."
"Hawaii Reserves bought the 663-acre Campbell site in Malaekahana for about $10 million two years ago."
Hawaii Reserves "plans to replace the 48-room La'ie Inn with a 200-room hotel."
According to Matthew 6:19-21 in the New Testament, Jesus preached the following in his Sermon on the Mount:
"Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal:
But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal:
For where your treasure is, there will your heart be also."
I compare the actions of a man like Dr. Chandra, who took his life savings and retirement pension and went to India with nothing more than a firm resolve to set up a school to educate children from poor families and the ophthalmology clinic, with the actions of the senior patriarchal leaders of the LDS Church, who use their power and authority not to direct a significant portion of the church's wealth to alleviate suffering, but to enlarge the church's investment real estate portfolio.
Who has acted with greater faith and more in keeping with the words of Jesus (as they've come to us through the centuries)? Dr. Chandra, who practices no religion and told the CBC reporter that he really doesn't believe in God, or the men who are senior leaders of the Mormon Church?
For half of the $10 million dollars that the LDS Church spent on the 663 acres in Hawaii, one quarter of a million children who will go blind could receive the Vitamin A supplements that would prevent their premature blindness and lifetime of increased struggle to survive for having lost their vision.
For the $26 million that the LDS Church spent last year to buy the Nebraska ranch, 6,018 children could be sponsored for 12 years through a well-established organization such as World Vision.
For the $1 billion that the LDS Church is spending on the malls in SLC, 20 million adults in India could undergo cataract surgery in that country, which would allow them to continue to function in their families are caregivers and in their jobs (the CBC reporter interviewed one man at Dr. Chandras ophthalmology clinic who had been the village watchman until his vision went entirely due to cataracts. He had to work to support his family, so he continued as the blind village watchman. The expression of sheer joy on his face after his cataract surgery was a powerful testimony to Dr. Chandras vision and the volunteer work of the clinics medical professionals).
It comes to down to what people value the most.
| From radio stations to insurance companies, the for-profit side of LDS, Inc is huge. In contrast, the churchs tithing funds are predictable and low risk. Loyal members pay 10% routinely. The church can also rely on unpaid volunteers and in-kind donations. Cash flow from the business side, however, can be unpredictable and high risk.
In the for-profit world, payrolls must be met, taxes paid, and equipment purchased. The cash flow needs of the for-profit side create a huge financing risk for LDS, Inc.
A low-risk, reliable source of cash is the ultimate dream of any for-profit business. How does LDS, Inc. manage the financing risk of its for-profit entities without intermingling the billions in stable cash flow from the tithing side?
Who's to say the tithing side doesn't loan money to the business side? If not outright loans, perhaps, tithing revenues provide some kind of financial guarantee for the business side, who's to say?
Who's to say there are no contingent Enron-style liabilities on tithing funds hidden from view?
Who's to say there are no liens stemming from the business side on the vast real estate holdings of the church?
Who's to say the general authorities have no conflicts of interest between money-making ventures and church responsibilities?
Who's to say there is no G.A. family nepotism in the church's business affairs?
Other than church officials, whos to say there is a strict line separating tithing funds from business investments? The answer: no one.
There are no independent, third party auditors of tithing receipts and distributions. There are no open financial records for members to peruse. There is no independent, outside board of directors elected by church members. There is little accountability to regulatory agencies. In fact, there is little real accountability to anyone and lots and lots of blind trust on behalf of its members.
This is a situation ripe for corruption. For a multi-billion dollar enterprise, this is simply amazing. We don't know the whole story, which is exactly how LDS, Inc wants it. Members can only rely on the statements of GBH and others to the contrary. And we all know how reliable GBH's dont know teach that statements have been.
| | | More Financial Analysis Of The LDS Church's 2003 Financial Statement For The United Kingdom
Article Archived: Feb 20, 2006, at 07:43 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: FreeAtLast | | |
Ref. http://www.charity-commission.gov.uk/...
Total funds received: £31,788,000
Total expenditures: £28,678,000
Net surplus for 2003: £3,110,000
Total of church accounts at year end: £18,849,000
Some expenditure totals for the year from the report:
Physical Facilities: £8,162,000
Equipment: £687,000
Units Costs: £626,000
Fast Offering Fund: £500,000
Materials and Supplies: £246,000
Humanitarian Aid Fund: £193,000
Perpetual Education Fund: £101,000
Temple Construction Fund: £45,000
Total Net Book Value of Church Lands and Buildings: £216,474,000
The LDS Church (U.K.) spent 1.57% of its 2003 income on fast offering, 0.61% on humanitarian aid, and 0.32% on assisting people with their education. In total, the LDS Church (U.K.) spent only 1/40th of its 2003 income on helping people in need. The church's income surplus for 2003 was nearly four times what it spent on fast offering/church welfare, humanitarian aid, and the perpetual education fund. The total of the church's accounts (funds) as of Dec. 31/03 was nearly 25 times more than what it spent on helping financially-disadvantaged individuals and people requiring humanitarian assistance.
There's no reason to believe that the church contributes a higher percentage of its income to help people in the U.S. or any other country. Although required in Great Britain, regulations in other countries such as the U.S., Canada, etc. do not require the Mormon Church to publicly disclose its annual financial status. As we know, the church avoids such transparency as often as possible.
To be fair to the church, however, you should know that back in 2001, it provided a toilet system for an orphanage in Ghana, Africa "...that not only gave a seat where the hole [in the ground] had been, but allowed sludge siphoned out to be used as fertilizer for the fields."
"Also, gases from the waste were stored in a tank that now powers the lights of the orphanage at night..."
(ref. http://www.thehopealliance.org/news_f...)
I have to wonder how many toilet/electricity-generating systems could be bought and installed in orphanages in Africa, which has 18 million children left parentless because of AIDS, for a fraction of the US $1 billion that the LDS Church is spending on the two shopping malls in SLC.
It comes down to what people value the most.
| There has been quite a bit of discussion about Morg Charity and income. Based on the best information I can find, the following is a summary of the business of selling God. Sources include the following books and publications. Mormon America, Mormon Hierarchy Extensions of Power, Mormon Corporate Empire, Time magazine, and Arizona Republic, in addition to various on-line sources. . No one really knows, because the Morg stopped reporting income in the late 1950s when they were at the point of bankruptcy due to gross mismanagement. I would like to know any data that others have available.
Corporate Structure
The Corporation of the President of the Church of Jesus Christ of Latter Day Saints is a Corporate Sole with succession being the subsequent next President. That means he is the sole shareholder and owner of all businesses and holdings. Any legally required reporting would be to the President of the Church. Other than taxes, there is no legal obligation for reporting, other than to the owners. At this time, GBH is the sole owner. The Morg is tax exempt, so other than an annual information return, nothing is required. Real property is held by The Corporation of the Presiding Bishop of the Church of Jesus Christ of Latter Day Saints. This is a separate nonprofit corporation for the buildings, farms and raw property. I would guess that other than a few people at the top, no one knows the combined worth of the two main corporations. In addition to these corporations, there are a series of nonprofits that own BYU, Ricks and other holdings. There is also the for profit businesses which are owned by the nonprofits or select members. There are also the foreign corporations for each regional office. It is a very large and complex organization.
Income
While the tithing amount is not disclosed, there have been several attempts to determine the world-wide collection of tithing by the Mormon Church. D. Michael Quinn (Mormon Hierarchy Extensions of Power) and the Ostlings (Mormon America) both attempt to put a dollar value on tithing. The consensus between these and other authors is that it is between 4.5 and 6 Billion dollars per year. Other offerings are relatively minor by comparison and are generally used for charitable purposes. In addition, businesses that are in line with the core purpose of the Morg can be owned and operated on a tax exempt basis. Businesses that are not tax exempt can donate to the Morg without either entity paying tax on the donations. Below is a link to a partial list of Morg owned businesses.
http://www.exmormon.org/mormon/mormon410.htm
Here is an older document about holdings.
http://www.algonet.se/~daba/lds/cworth.htm
Quinn reported that the known holdings included 48 banks, 34 lumber companies, 60 newspapers and magazines, 55 mining firms, 55 railroads and 9 hotels. There is also the $16 Billion insurance company and a chain of radio and TV stations.
In addition there are a number of related businesses that are indirectly owned by the Morg, having been sold or turned over to key members or groups. Quinn reported that ranking General Authorities were partners, Officers and Directors of over 900 different businesses. It is estimated that the gross revenues of these businesses is in excess to 6 Billion dollars per year. The net income or cash which would make its way into the coffers of the Morg would likely be in the 10% 12% range. Add here an additional $720,000 in cash.
Holdings
In addition to the $1.5 being spent on the SLC malls, the Morg holds 6,000 acres on the North Shore of Oahu from a purchase over 100 years ago. They more recently purchased 600 acres to be developed. This includes houses that will be sold and a luxury hotel. They hold over 300,000 acres of land in Florida close to Disney World and 95,000 acres in Alberta Canada. The Mormon Church owns in excess to 925,000 acres in North America. The appreciation of the property is probably the greatest hidden value in the Mormon Church.
The total was estimated at conservative $30 Billion 10 years ago. (Ostling, Quinn). This was using conservative land and asset valuation. A former stock broker of the Morg reported that approximately $200,000,000 was added to their investment portfolio each year.
The for profit real estate is very significant as well
>The real estate division of the church conducts brisk dealings in land. Zion's Security Corporation, the church's commercial real estate arm, controls numerous office buildings in Salt Lake City, including regional headquarters for Kennecott Copper Company, J.C. Penney, Prudential Federal Savings and Loan, and many church facilities. It also owns the sprawling ZCMI (Zion's Cooperative Mercantile Institution) Mall in downtown Salt Lake as well as a controlling interest in the ZCMI store chain.
>Since 1977 a sister corporation, Beneficial Development Corporation, has taken over development work for the church, and has established several industrial parks in association with private developers in Florida, Arizona, Los Angeles, Hawaii, and Utah.
http://www.algonet.se/~daba/lds/cworth.htm
The current worth would be conservatively above $60 Billion, and if the current market value of holdings was added, it would likely be closer to $100 Billion.
Charity
Now a comparison of Morg charity and humanitarian aid. Ostling (Mormon America) compared the Morg to the Evangelical Lutheran Church of America (ELCA). They had a similar number of reported members in 1997. At that time, the ELCA had $152 Million in assets that was primarily the pension fund for the employees. This is compared to the assets of the Morg as reported above. In 1997 the ELCA raised $11.8 Million for humanitarian aid and $3.64 Million for disaster relief for a total of 15.44 Million in cash donations for charity. In the 14 year period from 1984 1997 the Morg reported cash donations for non-Mormon charity at $30.7 Million, or an average of 2.19 Million per year. This translates to ELCA donating a little over 10% (.10)of its holdings in 1997 and the Mormon Church donating approximately .2% (.002) of its holdings. Most businesses in the US have higher percentage charitable contributions than does the Mormon Church.
Foreign Entities
There is a number of ways that the Morg can shift income away from foreign subs to the main Corporation or vice versa. The information reported in foreign countries is most likely manipulated to show what TSCC wants to show. By selling books, temple clothing, magazines and equipment to the foreign entity at inflated or deflated prices, the income can be managed and changed significantly. The reporting from foreign subs, such as England does not give much of an indication of the health or wealth of TSCC.
| | | Church Cashes In On Water - $7.2 Million Leases Muddy River Rights
Article Archived: Mar 29, 2006, at 07:12 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: HENRY BREAN | | |
From ReviewJournal.COM:
The Southern Nevada Water Authority has struck a $7.2 million deal to lease water on the Muddy River from what might seem an unlikely source: the Church of Jesus Christ of Latter-day Saints.
"If they're not the biggest, they're one of the biggest cattle producers in the United States," said Ray Schmutz, a veterinarian in Lincoln County who has worked in Nevada for about 36 years.
Officials for the Salt Lake City-based church declined to release details concerning its holdings in the region, but church spokeswoman Kim Farah said that "it's not unusual for us to own farms" and ranches. Those operations supply food to the church's welfare program for needy LDS members and for its "humanitarian outreach worldwide," she said.
According to assessors' records, the Mormon church owns more than 720 acres in Clark County alone. "Church LDS Presiding Bishop," with an address on North Temple Street in Salt Lake City, is listed as the owner of 129 properties in the county, almost three quarters of them in the Las Vegas Valley.
http://www.reviewjournal.com/lvrj_hom...
Largest cattle producers in the country? So that burger at crown burger just might be a Mormon burger. Of course, please eat it sparingly and in times of winter - and no, you may not have a poetic license to define "winter".
| | | Newly Called First Quorum Of The Seventy Reveal That LDS Church Is Mostly Concerned With Its Financial Development
Article Archived: Apr 4, 2006, at 09:35 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: Skeptical | | |
In May, 2005, during his Priesthood Meeting talk, Gordon Hinckley, explaining the appointment of his son, Richard Hinckley, to the First Quorum of the Seventy, explained how and why certain men are called to be General Authorities. Hinckley stated: Those sustained
have been chosen to fill particular responsibilities.
One can assume, therefore, that the eleven men who were appointed as members of the First Quorum of the Seventy, during April, 2006 conference were appointed for a particular reason based on their abilities and training.
The following is a list of newly announced Seventies and their backgrounds:
David S. Baxter holds a degree in business and economics from the University of Wales and is employed by the British government in international trade development.
Shayne M. Bowen, a graduate of Brigham Young University, owns and operates an insurance agency.
Daniel L. Johnson earned a bachelor's degree in accounting and economics from BYU and has owned a business and been employed as an executive in a number of international companies as well as working with a church-affiliated business.
Marcus B. Nash holds a degree in international relations and a law degree from BYU.
Anthony D. Perkins earned an undergraduate degree from BYU in finance and has advanced degrees from the Wharton School and the University of Pennsylvania. He has been a senior partner in an international business consulting firm.
Keith K. Hilbig (a member of the Second Quorum of the Seventy since May 2001, was named to the First Quorum of the Seventy), earned a Bachelor's degree from Princeton and a law degree from Duke. He pursued a career in law and after working a number of years as a trial attorney in Los Angeles, established his own law firm. In April of 1998 he became International Legal Counsel for the Church.
Craig A. Cardon earned a bachelor's degree at Arizona State University before completing a master's degree in public administration at Harvard. He has been involved in real estate development. An entrepreneur he built a family business, the Cardon Hiatt Companies where he is an owner/partner, which companies deal principally with real estate. He serves as board chairman for United Families International, an NGO based in Arizona with UN accreditation doing work worldwide. He is a board member of the Institute for American Values, a think tank based in New York City focused on national and international issues. He serves on the executive council of the International Center for Law and Religion Studies located at the J. Rueben Clark Law School at BYU. He also serves on the board of the Wood Foundation, a private foundation providing scholarships to college students.
Don R. Clarke earned an associate degree from Ricks College, a degree in business from BYU, and a master's degree in business administration from Washington State University. He held senior executive positions in several retailing companies. He is the former President of Lord & Taylor, and taught an upper level entrepreneurship class at Southern Virginia University, which is private institution which has adopted the BYU Honor Code. After earning his Master of Business Administration in Finance from Washington State University, Don Clake got his start as a senior financial analyst for Ford Motor Company. He later joined the famous Barr Department Store division of the May Department Store Company in 1977 and served in a number of executive positions. He was named Famous-Barr's Senior Vice President and Chief Financial Officer in 1982, and was appointed Executive Vice President in 1983. He became Vice Chairman of Venture Stores in 1983 and was named Chairman in 1984. Prior to serving as President of Lord & Taylor, Don served as Chairman and CEO of the Fortune 500 Company Caldor Corporation for 11 years.
Keith R. Edwards studied at the Church College of Hawaii, completed a degree in political science at BYU and earned a law degree from the University of Utah. He has been associated with several large law firms.
Stanley G. Ellis graduated from Harvard in government studies and earned a law degree at BYU. He is the chief executive officer of an insurance and financial services company.
Larry W. Gibbons earned a degree in history from Stanford and a medical degree from the University of Utah, as well as a master of public health degree from Harvard. He is a practicing physician and president of a medical clinic.
The information indicates to me that the LDS church: (1) will continue in its corporate minded administration; (2) is very focused on international financial and real estate development; (3) remains concerned with its legal actions (4) and has the ability (or need) to select its leaders from some of the most prestigious academic institutions in the world.
What does this information tell you?
| The Church is registered as both a charity and a company, and as such it is required to be registered with the Charity Commission and Companies House. It is also obliged to publish year-end accounts of it's activities. Interestingly the Church was one of a number of charities that was censured for late returns of it's accounts for 2004. As each charity has 10 months from the end of the year to submit its report we will have to wait until 31st October to find out how the church faired in 2005.
The Church has three charities that are currently registered; Each of these organisations is wholly owned by two parent companies; The Corporation of the President of The Church of Jesus Christ of Latter Day Saints (aka Gordon "The Hammer" Hinckley) and The Corporation of the Presiding Bishop of The Church of Jesus Christ of Latter Day Saints (aka David "The Bruiser" Burton), both of Salt Lake City, Utah.
If you scroll down each of these links you will see a further link where you can view the yearly reports for each organisation. The COJCOLD (Welfare) also owns three additional, separate companies (not charities). These are; - AgReserves Ltd
- Farmspeed (Southery Anchor) Ltd
- Hallwsworth (Farmland Trust) Ltd
You can search for basic details of these companies here. You also have the option of paying £1 per document to look at their annual returns. I looked at a sample and will post info on this at a later date. Each of these companies are farming enterprises, and grow the wheat that we all get to buy, pack and add to our food storage. Some of the basic info that i picked up from the accounts of the 'main' church charity include;
- Surplus income over expenditure was £2,042,000, assisted by a £5m donation from the boys in SLC, leaving a balance in their HSBC account of £20,891,000.
- For a church that has no paid ministry we managed to spend £7,752,000 on staff costs, in fact it was the largest single expenditure.
- As well as this £856,000 was spent on 'travel', £2,301,000 on 'General administration', £265,000 on 'Materials and supplies' and £855,000 on equipment.
- Despite members donating £252,000 to the Humanitarian Aid Fund the church only spent £51,000 of it. More on this another time because this sort of thing really really ticks me off.
- In 2004 the number of employees earning between £70-£80k was 1; £60-£70k was 7 and £50-£60k was 12. Nice work if you can get it.
- Assets in the course of construction, land and buildings, equipment and motor vehicles came to a value of £299,227,000. Depreciation of these assets was reckoned to be £52,502,000 which gives the church a net worth in terms of tangible assets of £246,725,000, a little under £0.25bn. And that doesn't include the cash in the bank.
- There is an outstanding 'loan' from the parent company ("The Hammer" ) of £228,358,000. I used the word loan loosely as it stipulates there is no interest charge and no fixed repayment terms. More on this later as i need time to decipher the jargon; looks like large sums being channelled back to SLC but will check.
- "The Church's active membership continues to grow" - yeah right. At year end there were 45 stakes, 1 District, 278 Wards and 85 Branches in Great Britain and Ireland. Compared to the end of 2003 there have been no additional Stakes, no additional Districts, 4 additional Wards, and 10 fewer Branches.
The stone that isn't rolling forth.
| Although it's only a few posts previous you may have navigated the long way round, so to view Part I just click here.
Last time i focussed on the workings of the main church organisation in the UK, The Church of Jesus Christ of Latter-day Saints (Great Britain) ; this post is about it's sister 'charity', The Church of Jesus Christ of Latter-day Saints (Welfare) Limited.
The objectives of the charity are to promote the religious and other charitable work of the church here in the UK and to relieve members of the church and others who are in conditions of need, hardship, sickness or distress. In order to do this the charity;
Invests in farms which it rents out to its subsidiary companies; any profits are returned to the charity under covenant. Acquires land and builds purpose built meeting houses in which members can worship and receive instruction. Assists individuals suffering through hardship, sickness and distress as needed. Provides advice and guidance to church members on the church's worldwide welfare and humanitarian aid programmes.
From reading the 363s Annual Return that each company is required to submit it appears that LDS (Welfare) decided to free up some cash through issuing more shares. LDS (Welfare) previously had an Issued Share Capital of 100 Ordinary shares valued at £1 each, giving an aggregate nominal value of issued shares of £100. In 2004 they upped this considerably, increasing this to £10,000,000. All shares are held by the Corporation of the Presdiding Bishop. On 31st March 2005 the Presiding Bishop became the sole owner of the charity/company and 50 shares previously held by the Corporation of the President of the Church were transferred over. On 2nd June 2005 the company's status was changed to a private limited company. (NB On closer examination it appears that LDS (Great Britain) also released a further £10m through issuing shares and was also transferred to the sole ownership of the Corporation of the Presiding Bishop)
Some more highlights include;
- The Group (Welfare plus subsidiary companies) had a surplus of £147,000. Helped by a donation from it's sister charity LDS (Great Britain). This money went into the reserves, which now total £9,207,000.
- 'Direct Charitable Expenditure' for the year was £7,243,000. This is all well and good until you learn what counts as 'charity'; £5,279,000 was 'construction' costs' (remember, one of the purposes of this charity is to build meeting houses for the church) £37k was depreciation, £663k was on 'physical facilities', £322k on 'operating costs' and £50k on 'professional fees' (probably the auditors from PwC) which left £892,000 for 'charitable contributions'.
- 2004 was a tough year down on the farm. The trustees report that due to a wet harvest that prolonged the season there was a drop in both yield and quality, which hit profits. They indicate a 12% drop from the previous year. Yet in the accounts 'profits covenanted from farm activities' was £472,000 this year, compared with £855,000 last year. So profits might have fallen by 12% but what was passed on to the charity fell by nearly half.
- Staff costs were high, accounting for £1,142,000 over the year. There is 1 employee earning between £60-70k and 2 earning between £50-60k.
- As with LDS (Great Britain) there is an outstanding loan to the boys in Salt Lake, the amount outstanding on this one is £52,077,000. It appears on the accounts but there is no interest charge and no fixed repayment conditions.
- The last 2 pages of the submission don't seem to have been posted on the charity commission's website, i have emailed them requesting them as this generally provides a neat summary of the year.
Taking into account all of the income and expenditure of the church in the UK i have managed to make the following calculations;
- The church (GB) received £23,488,000 in 'unrestricted funds' (tithing) and £2,663,000 in 'restricted funds' (Fast, Humanitarian Aid, Missionary Support etc etc). Together with interest, profits from selling assets their total income was £27,077,000. LDS (Welfare) received £7,433,000 (£500k of which was from LDS (GB). Taking that into account the total amount of money, from all sources, coming in to the church in this country was £34,010,000. (NB The £5m from SLC i mentioned in the previous post wasn't a donation as such, but rather a cancelled loan re-payment. No actual money changed hands)
- Money that was made available to those in need by way of 'grants', 'humanitatian aid' and 'charitable contributions' by both organisations was £1,077,000. (NB I have not included the £500k transfer from one to the other, even though LDS (GB) counted this as a charitable donation, as i included it in the above calculation).
- The cost of staff, travel, admin, supplies, equipment, auditing, money lost exchanging currencies, physical facilities and operating costs came to £15,507,000. That doesn't include building new meeting houses, depreciation etc.
- In other words the church spent 14 times more money administering itself than it spent on the 'needy'; or calculated another way the church spent a little over 3% of it's incoming money on the needy.
- Fast Offering and Humanitarian Aid Fund contributions came to £1,571,000, so even if we calculate that money church members donated specifically for the needy, the church only spent 70% of that on what the members had in mind when they donated it.
This is interesting because every now and then there is talk in church of maybe supporting a charity involved in the developing world, or that specifically helps the homeless or whoever. There is always someone who sticks their hand up and cautions that alot of these charities spend money on their overheads, but you know that if you donate through the church that every single penny will find it's way through to those in need. I think this has demonstrated that assertion to be unsupported by the evidence.
| | | The Malls Of Mormonism And Other Expensive Building Projects
Article Archived: Apr 24, 2006, at 09:41 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: Surviving in Utah | | |
I was in a planning meeting with support contractors to the Mormon church. In it a list of projects and projected costs were discussed. So how are the sacred moneys of Mormon Jebus being spent.
ZCMI and Crossroads Mall - Current Budget Price $5.2 billion dollars and rising. Damn Satan and his control over the water that caused hurricane Katrina!!!!!
New Planters for the Penis tower (COB) $4.5 Million dollars. It seems the cast concrete with quartz encrusted rocks are "deteriorating" and Gordy wants Granite ones.
Renovations to the Conference Center Roof System - $18.5 Million. The superstructure cannot hold the weight of the water, soil and other items on the roof. While it is not in danger of total collapse, sections are becoming a concern and have to be addressed.
Other projects - $278.5 million. Mind you these are not ecclesiastical facilities but commercial and administrative buildings.
| I am not an attorney but I am a CPA and am familiar with nonprofits. I have organized several, sat on boards and managed nonprofits.
The Corporation of the President of the Church of Jesus Christ of Latter Day Saints is a Corporate Sole with succession being the subsequent next President. That means he is the sole shareholder and owner of all businesses and holdings. Any legally required reporting would be to the President of the Church. Other than taxes, there is no legal obligation for reporting, other than to the owners. At this time, GBH is the sole owner. The Morg is tax exempt, so other than an annual information return, nothing is required. Most churches are C Corp nonprofits with Boards of Directors. The boards require financial reporting and often make these reports public.
A 501(c)(3) can have a captive or interlocking 501(c)(4) organization established as a "Social Welfare" organization and can fund political activism through the associated company. Lobbying falls under the general broad category of 501(c)(4) Social Welfare organizations. The Mormon church can fund people like the "More Good Foundation" (a Mormon Social Welfare company) to actively fight for the amendment without jeopardizing their status. Reading the letter and encouraging members to write would not be considered a significant amount of their resources. The 501(c)(4) can actively promote a candidate or position.
A 501(c)(3) can also own for profit corporations who have even fewer restrictions.
| | | One More Multi-Million-Dollar Temple For Less Than 6,000 "Temple-Worthy" British Columbians: Analysis
Article Archived: Jun 14, 2006, at 08:33 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: FreeAtLast | | |
The LDS Church recently announced that it will build a temple in the metro area where I live (Vancouver, BC, Canada). The press release (ref. http://www.lds.org/newsroom/showrelea...) states that there are 172,000 church members in Canada. Assuming that 50% are active, 20% are children age 12 or younger, and 60% of the remaining group are youth and adults who are temple worthy, that means that approx. 41,000 Canadian Mormons will be attending the seven temples (including the one in metro Vancouver). Thats less than 6,000 members using each of the seven multi-million dollar buildings. The annual cost of lighting, cleaning, heating, air-conditioning, landscaping, and otherwise maintaining each temple must be many thousands of dollars. BTW, the Seattle temple is only half-day's drive from Vancouver. Members from this area routinely go and come back in 1-2 days.
While on the subject of expensive church buildings, in November 2002 I visited the LDS Conference Center during a visit to SLC. A tour guide, a retired medical professional, took me through the Center. He pointed out the large alabaster light coverings, pear wood panelling, super-sophisticated sound system and broadcasting equipment, massive I-beam in the ceiling that had been forged in Europe and shipped to the U.S., high-end carpeting, and other expensive elements of the building. I asked him how much it cost to build; he wouldnt say. I then told him that Id heard about $400 million, an amount he would neither confirm nor deny. I know that if Id been a tithe-paying member, the response wouldve been the same. For generations, the churchs patriarchal leadership has concealed from members financial details of how it uses their tithing and other contributions. Their you-dont-need-to-know attitude and the churchs lack of financial transparency was one of the many reasons why I left Mormonism.
As the tour guide and I walked past large paintings depicting Book of Mormon stories, he told me about Lehi and his family sailing to the ancient Americas from Israel, the Nephite and Lamanite civilizations that spread across the Americas, native Americans descending from the Lamanites, the Brother of Jared and his lighted, submarine vessels, and other BoM stories. As we departed the area where the paintings are located, he took his gaze off of me, got a puzzled look on his face, and speaking to no one, really, he said, If I wasnt raised in the church, I wouldnt believe these things. Id told him at the beginning of the tour that I wasnt a member; his words were extremely revealing. Little did he know that Id been raised in Mormonism from early childhood, went on a mission, left the church a decade before, and had studied the effects of LDS religious indoctrination and Mormon psychological conditioning extensively since 1992.
The Oct. 18/05 issue of Commercial Property News reported that the LDS Church was (is) spending US$1.5 billion to redevelop 20 acres of Downtown Salt Lake City, focusing on more than 1 million square feet of retail, as well as housing and office [space]. (ref. http://www.cpnonline.com/cpn/article_...). In 2004, the church bought the second largest ranch in Nebraska, and in 2003, 663 acres in Hawaii, with plans to build a 200-room hotel and residential subdivision on the north side of Oahu. Visitors to the church's Polynesian Cultural Center (it's not free to get in) will be able to direct even more funds to the church by staying at the hotel. As well, a couple of years ago, I read a news report that the church was the second largest private landowner in the U.K.
The Aug. 4/97 issue of Time estimated that the churchs total wealth was US$30 billion (ref. http://lds-mormon.com/time.shtml). The reported membership that year was 10,070,524. For 2005, it was 12,560,869, a 24.7% increase in nine years. Assuming the percentage of tithe-paying members has remained the same since 1997, and the churchs real estate and other investments have appreciated at an average of 5% per year, its no stretch of the imagination to put the churchs total wealth at approx. US$45 billion. In Mormon Hierarchy: Origins of Power (by former BYU Professor of History, Dr. D. Michael Quinn and published in Dec./94), the listed assets of the church included 48 banks, 34 lumber companies, 60 newspapers and magazines, 55 mining firms, 55 railroads, 9 hotels, a $16 Billion insurance company, and a chain of radio and TV stations.
In May 2005, President Gordon B. Hinckley told church members, In the last 10 years we have supplied in cash and commodities hundreds of millions of dollars in humanitarian aid to those not of our faith. $200,000,000 is technically "hundreds of millions", as is $999,999,999. According to a post on xxx another xxx website xxx, as of Nov./04, total church donations for humanitarian aid since 1985 totalled US$450 million.
In the U.K., the church is required by law to submit financial reports each year (which the public can view at http://www.charity-commission.gov.uk/). Heres a summary of data for a recent year (2003):
Total funds received: £31,788,000
Total expenditures: £28,678,000
Net surplus for 2003: £3,110,000
Total of church accounts at year end: £18,849,000
Expenditure totals for the year from the report:
Physical Facilities: £8,162,000
Equipment: £687,000
Units Costs: £626,000
Fast Offering Fund: £500,000
Materials and Supplies: £246,000
Humanitarian Aid Fund: £193,000
Perpetual Education Fund: £101,000
Temple Construction Fund: £45,000
Total Net Book Value of Church Lands and Buildings: £216,474,000
The LDS Church (U.K.) spent 1.57% of its 2003 income on fast offering, 0.61% on humanitarian aid, and 0.32% on assisting people with their education. In total, the LDS Church (U.K.) spent only 1/40th of its 2003 income on helping people in need. The churchs income surplus for 2003 was nearly four times what it spent on fast offering/church welfare, humanitarian aid, and the perpetual education fund. The total of the churchs accounts as of Dec. 31/03 was nearly 25 times more than what it spent on helping financially-disadvantaged individuals and people requiring humanitarian assistance.
Every year, about one quarter of a million children around the globe lose their vision due to a deficiency of certain vitamins in their diet. The cost of an appropriate vitamin supplement to prevent premature blindness is $0.05/day (when purchased in bulk), or $220/child (to age 12). A donation of less than 1% of the LDS Churchs annual income could save tens of thousands of children from losing their vision prematurely.
Every year, about 35,000 people (non-combatants) around the world are killed or seriously injured by landmines. Since 1988, the HALO Trust, a British charitable organization (ref. http://www.halotrust.org/), has cleared more than 5 million of the estimated 70 million landmines buried in 90 countries. Its annual budget is US$45 million. A donation of 3% of the sum that the LDS Church is spending on the SLC redevelopment to the HALO Trust could double its life- and limb-saving work.
Clearly, building a multi-million dollar temple in the Vancouver metro area is more important to the LDS Church's senior priesthood leadership than spending more money to relieve human suffering and save lives. Such is the 'spiritual' enlightenment of the men who run/manage the 'one, true church of Jesus Christ'.
| | | Who Said Religion Didn't Pay? Your Tithe, Fast Offer, And "Other", Probably Helped A Lot!
Article Archived: Sep 11, 2006, at 08:02 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: Anonymous | | |
Some of you may know about this, some may not.
You all possibly have no idea, but I suspect some who lurk most certainly do.
http://www.usdoj.gov/atr/public/press...
http://www.prnewswire.com/cgi-bin/sto...
The church is listed under NASDAQ as "Zion".
http://www.zsc.com/aboutzsc.asp
The church also loves land and owns not just land, ranches, but the church has many records of "residential" properties that it owns and has sold.
They own properties listed on public records as "subdivisions", homes listed as residential homes reasonably priced, for those "little people", also in the upper scale prices and over a million dollars, assessment value.
The church really, really likes Hawaii, along with California, Nevada, Utah, Colorado, and Arizona, but are not limited to those places, with their real estate and tax division based in Salt Lake.
Their individually LDS corporations named are so great, we lost count. We stopped counting at one point. It seemed like an endless sea.
Stake centers are individually named corporations. The church has businesses listed as "active" going back as far as 1920.
Zions Bancorporation and Pioneer Bancorporation Announce Merger Agreement:
http://www.prnewswire.com/cgi-bin/sto...
The LDS church is also connected directly to a huge, wealthy, corporate business that mixes religion with business, but extremely carefully riding that fine line with the higher leadership woven carefully into the best of both words; business and religious. It is a very sharp set up. It has a great deal of power behind it as well.
I would imagine church leaders in HQ hate public records and the Freedom on Information Act, to start with.
The LDS church HQ is a massive BILLION dollar religion that also is tied up into a massive corporation, muddled one between the other. The money they spend is by no means only for church buildings or temples.
It is a huge corporation with hundreds and hundreds, possibly into the thousands, of "corporations" within it.
They are listed as "debtor" on various business adventures, here and there, small time things compared to what all they have going on.
Make no mistake anyone, HQ are powerful, connected BUSINESS MEN. It is all about business, money, and POWER riding on the shirt tales of "the one true church". They are also very much involved in politics.
It is up the people, to be their watch dogs, which they hate and feel threatened by. They want to stay below the radar.
They want to do all they can to make sure the word "God" stays more known for their PR then the word "money".
| | | Paying The Pied Pipers: How Mormon General Authorities Have Suckled Support From Unsuspecting Church Members
Article Archived: Sep 13, 2006, at 06:37 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: Sourcerer | | |
In answer to the question, "Do the Mormon General Authorities get paid?," in a nutshell:
Hell, yes.
Indeed, the Mormon Church hierarchy has a repetitive, disingenuous, embarrassing and often greedy history of billing its rank-and-file members for their support--while attempting to make the less-than-convincing claim (clearly designed for public consumption) that its presiding officers are on humble financial par with the Mormon Church's vast lower-level uncompensated lay clergy.
In his book, "The Mormon Hierarchy--Extensions of Power," Chapter Six, "Church Finances," D. Michael Quinn lays out the LDS Church's senioritized system of paying its presiding officers from the earnings of regular Church members.
Under the heading "Paid Ministry and Voluntary Service" are telling excerpts. (Subtitles have been inserted for smoother reading):
Mormon Scripture Cited for Hiring Joseph Smith and Subsequent General Authorities
". . . Before the church even had a tithing requirement, it had a paid ministry. In November 1831 a revelation declared: 'He who is appointed to administer spiritual things, the same is worthy of his hire . . .' (D&C; 70:12). This was the doctrinal basis for giving financial support to Joseph Smith, and later to a hierarchy of general authorities."
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Mormon Church Justifies Monetary Assistance to General Authorities, Including First Presidency and Other High-Ranking Officers
"In May 1835 an official church council voted that the Quorum of Twelve Apostles and First Council of Seventy 'have particularly to depend upon their ministry for their support, and that of their families; and they have a right, by virtue of their offices, to call upon the churches to assist them.'. . . When Bishop Edward Partridge gave the first definition of tithing in December 1837, part of the tithing was for 'remunerating the officers of the church for the time which they were necessarily employed in doing the business of the same.' Six months later the stake high council voted 'to instruct the Bishop to pay the First Presidency, J. Smith, & Sidney Rigdon, whatever sum they agree with them for.' However, there was 'such an uproar' over this decision that the First Presidency dropped its request for a fixed annual salary. . . . "
_____
Church Patriarchs Paid for Giving Blessings and Eventually Authorized to Accept Donations
"For several decades only the patriarch had a set compensation, while other general authorities depended on haphazard donations from the rank-and-file or ad hoc appropriations from general church funds. In 1835 the Presiding Patriarch was authorized a salary of $10 a week, plus expenses. . . .
"Both the Presiding Patriarch and local stake patriarchs charged a fee. In the 1840s the fee was $1 per patriarchal blessing at Nauvoo; by the end of the nineteenth century it had increased to $2 per blessing. . . . Joseph Smith, Sr., gave patriarchal blessings without payment of a fee, but would not record them. . . . 'Uncle' John Smith commented that he 'lived very Poor ever Since we Left Kirtland Ohio' in January 1838 until January 1844. Then his nephew Joseph Smith ordained him a patriarch 'through which office I Obtained a Comfortable Living.' . . .
"Financial incentive is another explanation for the fact that individual Mormons received more than one patriarchal blessing in the nineteenth century, often at the invitation of the patriarch. In October 1877 John Taylor criticized the monetary motivation of some stake patriarchs. He said they were using their patriarchal office as 'a mere means of obtaining a livelihood, and to obtain more business they had been traveling from door to door and underbidding each other in the price of blessings.' . . .
"In addition, patriarchs received fees for giving unrecorded blessings of healing to the sick. In fact, Apostle Francis M. Lyman commended Patriarch Elias Blackburn for 'doing a great deal of good among the sick, without receiving very much pay for his services.' . . .
"Patriarchal blessing fees ended in 1902, although patriarchs were allowed to accept unsolicited donations. . . . Not until 1943 did church authorities prohibit patriarchs from accepting gratuities for giving blessings. . . ."
_____
Local Mormon Church Leaders Also Lived Off of Tithing
"In the nineteenth-century American West, local officers of the LDS church obtained their support from the tithing they collected. As early as 1859 Brigham Young wondered 'whether a Stake would not be better governed when none of the officers were paid for their services.' . . . During Young's presidency, ward bishops drew at will from the primarily non-cash tithing Mormons donated. He complained at October 1860 general conference 'against a principle in many of the Bishops to use up all the Tithing they could for their own families.' . . ."
_____
Full-Time Mormon Missionaries Also Lived Off of Tithing
"Even full-time missionaries benefitted from tithing funds in the nineteenth century. The senior president of the First Council of Seventy commented in 1879 that the families of married missionaries should be supported from tithing funds. . . . However, at best that practice barely kept struggling wives and children out of abject poverty while their husbands and fathers served two-year missions."
_____
Salaries Ordered for the Quorum of the Twelve
"In 1884 church president John Taylor limited bishops to 8 percent of tithing they collected (now primarily cash), while stake presidents got 2 percent of tithing collected by all the bishops of the stake. In 1888 Wilford Woodruff established set salaries for stake presidents and provided that a stake committee would apportion 10 percent of collected tithing between the bishops and the stake tithing clerk. At April 1896 general conference, the First Presidency announced the end of salaries for local officers, in response to the decision of the temple meeting 'to not pay Salaries to any one but the Twelve.' . . ."
_____
Temporary Suspension of Salaries for Stake Presidents
"Nevertheless, ending salaries to stake presidents in 1896 was temporary. For a while stake presidents and their counselors were allowed to draw 'from the tithing fund . . . no more than the limit which had been previously specified, and not to entertain the idea that a stipulated compensation attached like a salary to certain offices in the Church.' By April 1897 the First Presidency spoke about 'the subject of compensation to presiding men' in a meeting with stake presidents and other local officers. The First Presidency urged 'the brethren to give their services so far as possible to the church without remuneration.' In 1898 'the regular 10% of tithing [was] allowed Bishops and clerks for handling the same,' but the First Presidency balked at allowing even more to cover expenses for supplies. . . .
"By 1904 set salaries were back again for stake presidents, who were allowed $300 per year. . . . As late as 1910, local officers continued to receive 10 percent of locally collected tithing 'for handling tithes.' . . . Recently a Mormon said that his father received a cash allowance as bishop in the 1920s, which was a later period of such compensation than my own research has verified. . . ."
_____
Retirement Allowances for Stake Presidents and Bishops
"In addition, since the 1880s stake presidents and bishops of long tenure had received retirement allowances in monthly or annual payments. . . . In 1901 even the parsimonious church president Lorenzo Snow said that a financially struggling stake president 'ought to receive his remuneration after he was released as well as before.' Retirement allowances for stake presidents continued into the early 1900s. . . ."
_____
Systematic Payouts for General Authorities at the Expense of the Rank-and-File Members
". . . [F]inancial compensation for church officers began with the general authorities in the 1830s but did not become systematic until 1877. During these decades there was evidence of rank-and-file dissatisfaction with the Mormon hierarchy's financial privileges. In 1847 Brigham Young told a public meeting: 'Be cont[e]nted with your lot and station and stop whining and babbling about the 12, saying that Brigham oppresses the poor and lives off their earning and that you can't see why you can't have some of his good living, and so on. Did Brigham Young ever get anything from you, did you ever help him to any of his fine living, you poor curses, or was it through Brigham's influence that thousands of the poor have been fed?' . . . After Young and the apostles spent the next twelve years directing the expanding settlements of the Great Basin, 'Erastus Snow spoke Concerning the feelings of many of the people against seeing the Twelve prosper in Temperal things.' . . ."
_____
Church Leaders Bow to Pressure and Scale Back Their Financial Demands for Personal Monetary Support--But Not for Long
"Following discussion of this criticism in February 1859, the First Presidency and apostles restrained their financial activities. For the next five years Salt Lake County's annual assessments showed a steep decline in the wealth of Brigham Young, his counselors, and the apostles. By contrast the assessed wealth of the Presiding Bishop and his counselors initially increased and then only gradually tapered off during the same period. The rank-and-file expected the Presiding Bishopric to have extensive financial activity. . . . In fact, the pendulum had swung so far that in December 1865 Apostle John Taylor 'Prophesyed that the Twelve should be delivered from the bondage of poverty under which they have been weltering for years.' . . ."
_____
Massive Personal Wealth for Brigham Young and His Counselors
"Although the rate of this financial decline had been equivalent for the First Presidency and apostles, the burden was far less on Brigham Young and his counselors who had massive personal wealth compared to the apostles. In 1859 Young's own property assessments were only slightly below those of the entire church for Salt Lake County. Young's totalled $100,000, while the Trustee-in-Trust's was $102,250. . . . In 1860 first counselor Heber C. Kimball 'observed that Mormonism had made him all that he was: he was worth $20,000 now; and if he had remained in the States he would have been a poor man to this day.' . . . Brigham Young estimated his personal wealth at about $600,000 in a legal deposition of 1875. That was three years after he paid $100,000 in 'the tithing of his own personal means.' . . . By contrast, during Young's presidency the Twelve's average assessed wealth reached a high of $6,672 in 1874, and several apostles individually had only $500 to $2,000 in assessed wealth annually from 1860 to Young's death in August 1877. . . ."
_____
General Conference Announcement of General Authority Payments
"At the October 1877 general conference, the hierarchy announced a policy of 'reasonable recompense for their services' to the Quorum of the Twelve Apostles and to the First Presidency, when organized. In John Taylor's view, this was actually a way of stopping the previous abuses in the personal use of tithing funds. 'Some of my brethren, as I have learned since the death of President Brigham Young, did have feelings concerning his course,' Apostle George Q. Cannon wrote. 'It is felt that the funds of the Church have been used with a freedom not warranted by the authority which he held.' . . . Of general authorities still living, Joseph F. Smith wrote in December 1877: 'One man, for instance, who has drawn $16,000 per year from the tithing office for his support, has been cut down to 2,000 per year. Thus some of the leaks are plugged up and we hope to be able by and by to build the temple.' . . . Smith was apparently referring to Brigham's son John W. Young, who served as his father's counselor for thirteen years (first secretly and later with public acknowledgement).
"However, Taylor's 'reasonable recompense' of 1877 did not cover the needs of the apostles. At an apostles meeting on 3 May 1880, 'The question of over running salaries was brought up. Several of the brethren had overdrawn their allowance . . . ' They voted to forgive the overdrafts and to increase their annual allowance. In addition, the apostles decided to give an allowance to the Presiding Patriarch in addition to his per-blessing fee. . . ."
_____
Fixed Salaries Established for General Authorities
"In September 1887 this became fixed allotments, which one apostle opposed with the comment: 'it was repugnant to the people to have the 12 [apostles] draw a salary.' . . . In April 1888 the First Council of Seventy also began receiving financial allowances, to which one council member replied: 'I would prefer to receive no salary.' A 'permanent' allowance to members of the First Council of Seventy was not established for another decade. . . ."
_____
Church Presidents and Their Guilty Consciences
"Nevertheless, LDS presidents themselves expressed discomfort about using their allowances. When the First Presidency and Twelve discussed the salary system again in 1896, President Wilford Woodruff said that he had not drawn money from the church until after 1877. Apostle Lorenzo Snow, Woodruff's presidential successor, said that despite the allowance system, he had not drawn from church funds for forty years. . . . This resistance to making personal use of church funds reached its climax in President Heber J. Grant, who rode public street cars rather than use tithing funds to have an automobile and chauffeur for the First Presidency. . . ."
_____
Guilt Aside, General Authority Salaries Continued to be Authorized
"Despite discomfort over receiving tithing funds for living allowances, a salary system for LDS general authorities continued without significant interruption from 1882 on. As indicated by Joseph F. Smith's 1877 letter and by Wilford Woodruff's diary, the apostles received $2,000 to $2,500 annually during the first five years of the salary system. Then significant financial stratification occurred, with the senior apostle receiving $5,000 annually, apostles of middle seniority $3,000, and junior apostles $2,000. In September 1887 the apostles adopted a uniform compensation, with each receiving $3,000. Although there was not yet a fixed allowance for the First Council of Seventy, in 1888 the Presiding Patriarch's 'annuity' increased from $1,000 to $1,250. . . ."
_____
Salary Levels of Mormon Top Leadership Determined by Power and Seniority Rankings
"By the turn of the twentieth century, the hierarchy's allowances were stratified by ecclesiastical position and seniority. In 1890 the monthly allowances of the Quorum of the Twelve and Presiding Bishop were identical, with the counselors in the First Presidency receiving $50 more a month and the church president receiving another $100 monthly. By 1907 the monthly allowances were stratified into a six-tiered system: (1) the lowest allowance for junior members of the Seventy, (2) the next higher allowance to mid-level members of the Seventy and the Presiding Patriarch, followed by (3) the eight junior members of the Twelve, (4) the Presiding Bishopric, two senior members of the Seventy, and four senior members of the Twelve, (5) the counselors in the Presidency, and (6) the president of the church. In those 1907 allowances, $100 monthly separated the top two tiers, and only $50 monthly separated each of the lower tiers. By 1932 there were only four strata in the monthly allowance system: (1) the lowest allowance was for counselors to the Presiding Bishop and for the entire Seventy, (2) an extra $50 monthly allotment for the Presiding Bishop, the Presiding Patriarch, and all members of the Twelve, (3) an additional increase of $100 monthly for counselors in the First Presidency, (4) and a $150 monthly bonus for the church president.76David O. McKay's presidency (1951-70) adopted uniform allowances for all general authorities, regardless of quorum or seniority. . . ."
_____
Miscellaneous Fees for General Authority Services Rendered
"There were also miscellaneous fees which the general authorities collected for ecclesiastical services. Brigham Young charged men 'ten dollars for each divorce' or cancellation of sealing, which policy continued until the end of the century.78 In addition, until 1899 the general authorities charged a fee for setting apart all departing missionaries. . . ."
_____
General Authorities Complain That They Aren't Getting Enough
"Periodically the Mormon hierarchy has made a significant increase in monthly allowances to general authorities. In 1950, for example, there was a 30-percent increase. . . . Nevertheless, in view of the financial empire administered by the LDS general authorities, their compensation from church funds has always been paltry compared to the salaries and perks of corporate America. In 1949 First Presidency counselor J. Reuben Clark wrote that 'the General Authorities of the Church get precious little from the tithing of the Church. They are not paid as much as a first-class, stenographic secretary of some of the men who run industry.' . . . That disparity was probably the reason for the next year's increase in allowances to the general authorities.
"For example, as a newly appointed Assistant to the Twelve in 1941, Marion G. Romney found that his church 'allowance amounted to less than half of what he was earning from his law practice when he was called as a General Authority.' . . . Appointed an apostle that same year, Harold B. Lee found that his financial allowance was less than the salary of some staff members at LDS headquarters. . . . As was true in the nineteenth-century hierarchy, a significant drop in income and personal wealth occurred when a man accepted the calling of LDS general authority. . . ."
_____
Lucrative General Authority Book Bonuses
"Although not a formal salary, general authorities can also receive significant income from the books they publish. When he published 'The Way To Perfection' in 1931, Joseph Fielding Smith specified that all its future royalties would go to the LDS Genealogical Society. However, he was not as generous with the royalties from his dozens of other books. For example, when President Smith died in July 1972, his royalties from Deseret Book Company totaled $9,636 for the previous six-month period.85 Presiding Bishop (and later apostle) LeGrand Richards set a remarkable example by accepting no royalties for his 'Marvelous Work and a Wonder' which had sold 2 million copies by the time of his death in 1983. However, a president of the LDS church's publishing company has observed that very few general authorities have declined royalties for their books. . . Mormons purchase books written by general authorities primarily because of the church office the author holds, rather than for the book's content. Although many general authorities do not write books, such royalty income is a direct consequence of being an LDS leader."
_____
Hinckley Hides Reality of Extent of General Authority Living Allowances
"Speaking of LDS church-owned businesses and stock-portfolio in 1985, First Presidency counselor Gordon B. Hinckley said that 'the living allowances given the General Authorities, which are very modest in comparison with executive compensation in industry and the professions, come from this business income and not from the tithing of the people. . . . However, tithing was the source of these 'living allowances' from the 1830s until the church's corporate success in recent years.
"Moreover, President Hinckley's description of the hierarchy's income as 'very modest' depends upon one's own concept of wealth. For example, when Joseph Fielding Smith died at age ninety-five in 1972, he had worked nearly all his adult life at LDS headquarters, first as a paid employee in the Historian's Office and then as a general authority with a church living allowance. At his death, President Smith had $245,000 in bank deposits, $120,000 in cash, $120,574 in stocks/bonds, and $10,688 in uncashed checks (including Deseret Book royalties of $9,636). Even twenty-five years after his death, few rank-and-file Mormons have such "modest" amounts of cash and liquid assets available to them in old age. . . ."
_____
Church Presidents Use of Church Funds to Cancel Their Personal Debts
"The LDS ministry is still a volunteer, lay ministry. In the twentieth century, church offices have become unpaid to a degree they never were in the nineteenth century. Of more than 160,000 ecclesiastical leaders at the beginning of 1996, fewer than 500 were authorized a living allowance from church funds. . . . Many of these LDS officials decline to use their authorized allowances.
"However, on occasion church presidents have personally benefitted from church finances by simply cancelling their indebtedness to church funds. On 23 April 1834 a revelation ended the Kirtland United Order and distributed its real estate assets among Joseph Smith, Oliver Cowdery, Sidney Rigdon, Frederick G. Williams, Martin Harris, Newel K. Whitney, and John Johnson. The revelation said, 'it is my will that you shall pay all your debts' (D&C; 104:78). However, Joseph Smith privately required Whitney to balance 'in full without any value recd.' the $1,151.31 Whitney had loaned to the prophet, as well as $2,484.22 of the other men's debts to Whitney. Bishop Whitney had to personally absorb this loss 'because Joseph said it must be done.' . . .
"The next two church presidents did likewise. Three weeks before he died in August 1877, Brigham Young obtained a cancellation of his debts in Ogden, Utah, extending back to 1849.91 Despite the previously stated objections of his own counselor, John Taylor also persuaded the Quorum of Twelve Apostles in 1880 to allow him a $10,000 claim for sugar machinery, which claim Brigham Young had refused since 1853. . . ."
_____
Allowing Tithing Monies to Be Loaned to Prominent Mormons
"By contrast, Wilford Woodruff, Lorenzo Snow, and Joseph F. Smith did not use their office as church president to cancel their personal indebtedness, yet they allowed tithing funds to serve as a loan pool for prominent Mormons. In a sharply worded report in 1911, the church auditors noted: 'If certain members of the Church are entitled to borrow money for private ends, is this not a right of all members, for the same purpose? If this policy is admitted, would it not result in confusion, jealousy, loss and consequent wrong?" The committee observed that "the debtors frequently look upon their obligations as being due to a rich and indulgent relative, to be paid (if at all) at their own convenience.' Among the debtors was Apostle Heber J. Grant for a 'cash loan of $34,000.' In 1913 the committee renewed the subject of church loans to individuals, and commented that 'it is not within the purview of the Trustee-in-Trust to make advances of this kind . . . And any loans made on plain notes are legally uncollectible.' . . .
"It is important to recognize that general authorities borrowed from the church's general fund because their living allowances were insufficient to meet their needs. In 1910 Apostle Anthony W. Ivins recorded that the following members of the Twelve were in debt: Francis M. Lyman, George Albert Smith, Heber J. Grant, Rudger Clawson, Hyrum M. Smith, George F. Richards, and David O. McKay.94Grant was the most candid about his apostolic indebtedness: 'A president of the stake begged and pleaded with me to quit paying tithing. He said I did not owe any tithing until I got out of debt. Would not that have been a fine record for a man who now stands as president of the Church, not to have paid tithing for thirty-two years?' . . ."
_____
General Authorities Declare Legal Bankruptcy Rather Than Pay Their Personal Debts
"Many general authorities repaid their debts after long years of effort, while others died in debt. On the other hand, some chose to declare legal bankruptcy. In 1842 Joseph Smith, his counselor Sidney Rigdon, Presiding Patriarch Hyrum Smith, and Presiding bishop-designate Vinson Knight sought relief from their indebtedness by filing for bankruptcy. . . . Seventy's president J. Golden Kimball was the next current general authority who filed for bankruptcy. In 1899 he had $11,126 in debts but only $2,031 in assets. . . . By 1902 the First Presidency was unwilling for a member of the Presidency or Twelve to declare public bankruptcy, and Apostle Reed Smoot quietly persuaded the creditors of John W. Taylor to settle the apostle's $140,000 debts at ten cents on the dollar. . . ."
_____
General Authority Acceptance of Stock to Pay Personal Debts Drains Church Finances
"On 27 December 1919 recently sustained Heber J. Grant obtained the approval of his counselors to accept $30,000 worth of his stock (at par) in the Utah-Implement Vehicle Company to cancel loans he received as an apostle from the Trustee-in-Trust. . . . However, accepting stock to cancel personal loans caused enormous losses to the church during Grant's administration. In 1930 first counselor Anthony W. Ivins computed that the church lost $900,000 in personal loans to Presiding Bishop Charles W. Nibley. Upon his appointment as second counselor in the First Presidency in 1925, Nibley had used stocks and bonds to repay his indebtedness to the church. . . ."
_____
http://www.signaturebooks.com/excerpt...
| | | Mormons Believe In Self-Reliance, Unless You're A General Authority On Farm Welfare
Article Archived: Sep 29, 2006, at 11:22 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: Mujun | | |
I remember sitting in sacrament meeting once when I was about nine or ten, and hearing a high council speaker say that no member of the church should ever be on government welfare. He said that the church takes care of its own, and that any member who was in need should approach his bishop, not the government.
A few years later, we had a local county commissioner who publicly bragged that he would tell people, "Go see your bishop," when they requested assistance from the county.
Self-reliance seems to be a common theme in Mormonism, and any kind of government social program that gives anything to poor people is viewed with disdain.
Government social programs that benefit the not-so-poor, however, are another matter entirely. If you're acquainted with any Mormon farmers, here's a website that you may enjoy exploring:
http://www.ewg.org/farm/index.php?key...
You can look up all of the USDA farm subsidies that have been paid out over a ten-year period. If people on food stamps are sucking on the government teat, some of these farmers are hooked up to a government IV.
Consider the case of D. Rex Gerratt, a member of the Second Quorum of the Seventy. You can find his official church biography here:
http://deseretnews.com/confer/leaders...
You have to look elsewhere to find out how Rex (or should I call him "D"?) really feels about self-reliance. The following page shows that Rex owns 31% of Ida Gold Farms:
http://www.ewg.org/farm/persondetail....
You'll notice that Larry Gerratt also owns 31%. Larry is Rex's brother, and is a stake president. This page shows you how much Ida Gold Farms received in farm welfare over a ten-year period from 1995 to 2004.
http://www.ewg.org/farm/persondetail....
So, Rex Gerratt the general authority got 31% of $1.9 million and change. Ditto for his brother, Larry Gerratt the stake president. You do the math.
If you look at the top recipients in counties in Utah, Southern Idaho, Western Wyoming and other areas with a large Mormon population, you'll find a lot of prominent Mormons on the list.
Unfortunately, the database doesn't include any information on whether they pay tithing on their subsidies.
| | | Mention Of The $2 Billion Price Tag Of The Church's SLC Malls Project Disappears In One Day
Article Archived: Oct 4, 2006, at 07:38 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: FreeAtLast | | |
The $2 billion price tag was mentioned in yesterday's Deseret News article, "Church to unveil downtown plans today"
(ref. http://deseretnews.com/dn/view/0,1249...)
However, one day later and there's no mention of any project cost: "Downtown rebound: LDS Church unveils plans for 20-acre development"
(ref. http://www.deseretnews.com/dn/view/0,...)
KSL's homepage, which will change later today, states: "The Mormon church, a major downtown property owner, announced a $1 billion-plus project Tuesday that calls for commercial, residential and retail space after the destruction of many longtime landmarks." (ref. http://www.ksl.com).
Note "$1 billion-plus". Back in 2003, the total estimated project cost was announced as approx. $500 million. A year later, the SL Trib reported the cost as closer to $1 billion. Then last year, it reached $1.5 billion, according to the Commercial Development News. Now, according to yesterday's Deseret News report, the project cost has reached $2 billion. How much higher will it be going?
So, in the span of three years, the LDS Church, which cried poor about six years ago and told members that they'd have to start cleaning meetinghouses themselves (because chapel custodians were being let go; other church workers' jobs were axed as well), somehow managed to 'scrape' together an extra $1.5 billion!
For $2 billion, 385,000 children in Third World countries could be sponsored for 12 years through an established humanitarian organization. However, the "true and living church of Jesus Christ" has more important work to do, such as pursuing a corporate real estate project that incorporates "the best of urban design into a retail shopping district that will function as a first-class regional shopping center"
| | | LDS Church (Great Britain) Financial Statement For 2005
Article Archived: Nov 13, 2006, at 06:26 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: Bean Counter | | |
Highlights (all figures in British pounds):
Total value of tangible assets: 253,900,000
"The directors do not recommend the payment of a dividend, which leaves a surplus of 27,463,000 to be retained."
2005 surplus income: 17,232,000
Total charitable contributions for 2005: 641,000
Total charitable contributions as a percentage of 2005 surplus income: 3.72%
Total charitable contributions as a percentage of the retained surplus: 2.33%
Stakes: 46
Districts: 1
Wards: 284
Branches: 81
Meetinghouses owned by the church: 289
Meetinghouses under construction as of Dec. 31/05: 6
Church employees in a "teaching function": 22
Church employees in "office administration": 190
Building cleaners: 255
Wages and salaries: 6,941,000
Average wage/salary: 14,863
Contributions to church funds by members:
Fast Offering Fund: 3,102,000
Missionary Support Fund: 2,001,000
Book of Mormon Fund: 44,000
Temple Construction Fund: 62,000
Humanitarian Aid Fund: 675,000
Donation to CoJCoLDS (Great Britain) from The Corp. of the Presiding Bishop of CoJCoLDS: 16,698,000 ("11,698,000 was for the purpose of covering the pension deficit").
Ref. http://www.charity-commission.gov.uk/...
| | | Is There Financial Fraud Going On In The Church In The U.K.?
Article Archived: Nov 14, 2006, at 06:43 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: Bean Counter | | |
I reviewed the 2005, 2004, and 2003 financial statements of the LDS Church (Great Britain), which indicated the following number of "building cleaners" for each year:
2005: 255
http://www.charity-commission.gov.uk/...
2004: 235
http://www.charity-commission.gov.uk/...
2003: 249
http://www.charity-commission.gov.uk/...
2002 (reported in the 2003 report): 243
It certainly seems that the church in the U.K. has been reporting employees that either it doesn't have, or aren't employed in a building cleaning capacity (or perhaps a mix of both?). The odd thing is that the financial statements have been signed by the Director (LDS Church), who would be aware of the meetinghouse cleaning situation in the U.K. Pricewaterhouse Coopers LLP (Chartered Accountants and Registered Auditors) also signed the reports.
The no. of meetinghouses reported for 2005 was 289.
Are there 255 full- or part-time cleaners in the U.K. that supplement the cleaning work of the members? For a church that is very concerned about saving as much money as possible (e.g., keeping the heating down in chapels during colder months), but channels hundreds of millions of dollars into corporate real estate investments, I have a really hard time believing that the LDS Church in Great Britain employs 255 people just to help out the members/volunteer cleaners.
Who would stand to benefit from such a reporting 'error'? Is money being reported as an income expense (for the 255 cleaners), but used elsewhere in the church or siphoned off for some other purpose?
| | | Oh My Mormon God, Will Hinckley Ever Stop? Part 1
Article Archived: Jan 12, 2007, at 04:30 PM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: The Mighty Builder | | |
I just came from a meeting at our corporate headquarters where the subject of instruction was the current building projects and projected projects in Utah and SLC and how we (my company) are going to meet the needs.
Some interesting facts that came from the meeting.
1. The City Creek Center:
a. Our company estimates that the true cost will be $6 $8 billion dollars. This is based on the following facts.
1. This is a fast tract project. The construction of one 22 story tower and two 18 story towers would normally take three to five years alone. Add in all the auxiliary buildings, infrastructure (sewer, waterlines, communication lines, etc. - oh yes and the mole people tunnels), street level improvements, etc. It costs a lot of money to keep a project like this on track for the short amount of construction time available. After all they are destroying two city blocks and replacing them new in 48 months (project end date to be 2011). As the presenter stated Imagine if two city blocks in Manhattan were to be removed and replaced, oh thats right, the Freedom towers and complex are. Could that be done in 48 months? NO WAY. The Freedom tower alone is projected to take six to eight years. (by the way, the Freedom tower is only one city block).
2. Competition from current construction projects for labor. Legacy Highway, Draper Temple, South Jordan Temple, TRAX expansion, Commuter Rail, Housing projects like Kennecott Day Break, Retail and Commercial construction to service the current construction projects etc., all have placed a demand on available man power and crafts. To compete with these projects the City Creek Center construction companies (Jacobson, Oakland and Big D) are going to have to pay premium wages and salaries. This means no more day labors at $5.25 per hour. Our company projects that a helper is going to be paid $14.50 per hour. Can you say Hurricane Katrina prices?
3. Competition from current construction projects for materials. To compete with the current projects the City Creek Center construction companies (Jacobson, Oakland and Big D) are going to have to pay premium prices for materials. Even with the Mormon church buying direct from the manufacturers, the materials will be more expensive as the delivery dates will cause the materials to be rush orders. The Mormon church is notorious for waiting until the last minute to purchase materials (maybe they think that construction supplies will be found on-site every morning like manna from heaven?). This fact of delayed buying caused the conference center costs to rise from the projected $315 million estimate to the final cost of $1.1 billion.
4. There currently is a shortage of qualified workers. Our company estimates that when started City Creek Center will demand an extra 25 000 to 35 000 workers. Our company estimates that mid project there will be over 100 000 construction workers needed. These individuals will have to come from out of state. (So, if you can swing a hammer and bend a nail, head to SLC, hell if you own a hammer come to SLC). Funny side note, unless they make construction of the City Creek Center a mission calling, the influx of workers are not going to be Mormon. So not only are they going to over pay for the workers, they will loose 10% more of their money.
5. The cost of just getting to zero dirt our company estimates will be between $450 - $650 million. This includes demolition of the current buildings, moving and relocating (breaking leases) tenants out of the current buildings, removing all current utilities and replacing with new that meet up to date requirements (seismic, materials, etc.).
One of the presenters expressed the biggest concern. FAST TRACK = FAST CRAP. What he means is that the City Creek Center will be built on 7 day cures for the concrete (7 days is the minimum allowed, whereas 28 day is the best cure), hastily constructed supports, minimum welds, and every other short cut that can be done to save time.
He pointed out that the Conference center was a fast track and it is already having major problems (leaking roof, panels falling off, interior wall are wet, etc.).
Yes kiddies, believe it or not, there is more. Part 2 is coming soon.
|  | Oh My Mormon God, Will Hinckley Ever Stop? Part 2
Article Archived: Jan 16, 2007, at 06:20 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: Infymus | | |
2. Salt Lake Valley Temples (Draper and South Jordan)
These are a fast track projects. The construction of the two temples has been accelerated. Reason The Salt Lake City temple needs seismic up grades so the two new temples will be constructed on a fast track schedule (one and a half years). This means crappy construction, cost over-runs, construction delays, etc. I discussed in Part 1 of my posting. Probable cost of each temple Draper $450 million, South Jordan $385 million.
3. Ensign Plaza South
The Mormon church is concerned about the blight that surrounds the Ogden temple. Therefore they are constructing a five story office tower named Ensign Plaza South. The project is under construction at this time. The cost is estimated at $75 125 million.
4. Church Office Building
As I discussed in another thread, the COB concrete facing is disintegrating because of rebar corrosion. The Mormon church plans on re-facing the BIG PENIS starting about 2008. An announcement will be made that the structure is aging, needs seismic up grades and in order to preserve the continuity of Temple Square a new faηade of Granite will be used to cover the steel framing. At this same time true seismic up grading (cross beam supports, shear planes, etc.) will be done. The costs will be between $350 $750 million, depending on how much remodeling is done.
The COB was (as noted in Part 1) built on the cheap. Henry B. Moyle almost spent the Mormon church into bankruptcy with his building projects. Being the faithful that he was, Elder Moyle conveniently had a heart attack and died while on vacation so the Brethren didnt have to excommunicate him. Faithful bastard.
5. Salt Lake City Temple
When conducting the seismic up grade to the Tabernacle, the Mormon church discovered several problems not found in the original evaluation of the structure. The renovation of the Tabernacle has become more involved and costlier. An investigation of the Salt Lake City Temple has revealed some of the same flaws. Because of this the structure has to be renovated for seismic and other requirements. Whereas the Tabernacle cost $175 million to renovate the estimates on the Temple is between $250 450 million.
Remember all these projects are to be completed by 2011. Total costs $10.1 billion. If you include the Conference center ($1.1 billion) the total spending in Utah not to include chapels and stake centers $11.2 billion dollars.
Yeah, they need my money for feeding the poor, nurturing the needy, housing the homeless, etc.
Question: What are the approximate square footages of the temples you note here? Having some understanding of the development/building market, I'm curious about just how off the charts they are in their unit costs. I am not in the Salt Lake market, but I do know that for example in a similarly sized western city that Class A office space builds for between $200-$250/SF. I mean even if you assume 100,000 SF for these temples that is absolutely astronomical in terms of cost. I also understand that they have some supporting on/off site infrastructure built in that number, but that doesn't come close to making up the difference. It is incredible what they are spending. Do you have any idea as to the profit margins that Oakland, Big-D, etc may be hitting on these projects? I know the reputation of the church for squeezing contractors down to the nats ass, with their leveraging power coming from being able to threaten not allowing them to bid future work.
Two sources:
1. Our past dealings with the Mormon church. The Conference center is my best example. Projected cost was $315 million. Actual cost $1.1 billion. These are hard numbers that came from an audit conducted by the church of all vendors, contractors and support companies to the project. For final payment if you did not complete the audit you were not paid. We lost $500,000.00 on one invoice because the Mormon church disputed our $1,000,000.00 invoice. We were told to accept the reduced price or we would never be allowed on a Mormon church project again.
2. Reasons for the increased costs:
Fast track - The Conference center was fast tracked. When you do this you work on Saturdays, Holidays, and if possible Sundays (except no one was allowed to work on Sunday except on "ox in the mire" items like concrete pours, etc.). We were paying people time and a half, double time and even in some cases triple time.
Design Build - The Conference center was a design build project that had several change orders done. These change orders included the removal of one wing of the building after it was completed.
Taxing of Supply Networks - Do you realize that the stone cladding required workers to be brought from Europe to get enough qualified people? The sub-contractors had to bring in support from out of state to meet the deadline set for the project. The stone was shipped all over the U.S. to get fabricated because the Idaho contractor could not keep up with the time table set. All this costs more money.
Fixed Deadline - A fixed deadline means more costs to meet the deadline.
Sub-Contractors - On a project this large there will be sub-contractors unbelievable. Each sub-contractor charges their own margin (profit) on the task. By having multiple sub-sub-sub-etc.-contractors these margins add up.
High Rise Costs - Construction costs increase for every 10 stories you add to a building. These costs increase by 20% for the first 10 stories and 30% for each additional 10 stories.
So yes, a high end building that is planned, designed, bid, supported should only cost $200 - $250 per square foot. BUT A DESIGN BUILD, FAST TRACKED, BALLS TO THE WALL, CHANGE ORDER INTENSIVE PROJECT CAN COST $2,000 TO $2,500 PER SQUARE FOOT.
WELCOME TO MORMON BUILDING.
| | | Mormon Church To Build 220 Room Hotel In Hawaii
Article Archived: Mar 6, 2007, at 07:45 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: Allison Schaefers | | |
From StarBulletin.COM:
The Mormon church is in discussions with Marriott International Inc. to operate a 220-room hotel it plans to replace the aging Laie Inn on Oahu's North Shore.
Hawaii Reserves Inc., which manages property in Laie affiliated with the Church of Jesus Christ of Latter-day Saints, is seeking permits to tear down the 48-room Laie Inn and build a new hotel adjacent to the Polynesian Cultural Center.
Eric Beaver, a spokesman for Hawaii Reserves, said the church hopes to break ground on the new 220-room facility during the first quarter of 2008. Completion is targeted for 2009.
In addition to the redevelopment of Laie Inn, HRI is also working on the creation of Malaekahana Mauka, a 650-unit affordable housing community, Beaver said.
http://starbulletin.com/2007/03/03/bu...
| The TSCC uses the services of Edelman a PR firm. This is in an attempt to repair the damage that the truth does to the TSCC. Here is an interesting and revealing review of Edelman.
Edelman specializes in helping industries with image problems; another important client is the American Petroleum Institutes, a Washington lobbying group that seeks to convince Americans that oil companies care about the environment and that their profits are reasonable. Edelman does its work by cultivating contacts among the countrys opinion elites, with whom it emphasizes the good news and spins the bad; by such tactics as establishing Astroturf groups, seemingly grass-roots organizations that are actually fronts for industry
The New Yorker, April 2, 2007, pg. 34.
So the sleazy Mormons reach out to the equally sleazy Edelman.
| From The Politico:
Amid heightened scrutiny because of former Massachusetts governor Mitt Romney's White House bid, the Mormon church is raising its public relations profile, making moves that reflect deep concerns over widely held myths about the faith and internal anxiety over the need to convince outsiders that it will remain neutral as a Mormon runs in the 2008 contest.
In line with its recent restructuring, the church has ended a decade-long relationship with Edelman, the world's largest independent public relations firm, with 2,500 employees in 46 offices worldwide. Edelman won some distinction in 2002 when it helped the church navigate the Winter Olympics bidding scandal in Salt Lake City.
Otterson, in a phone interview from the church's Salt Lake City headquarters, said the church is interviewing other firms but declined to name them. Several Edelman staffers who would not talk on the record said the church sought to have increased autonomy in its media relations.
http://www.politico.com/news/stories/...
| | | Why Is The LDS Church In Business? Hinckley's Response - You Be The Judge
Article Archived: Apr 19, 2007, at 08:35 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: Skeptical | | |
In the November 1999 Ensign, Gordon Hinckley, the President of the LDS Church, addressed various aspects of his religion in an article entitled Why We Do Some of the Things We Do.
In the article, Hinckley addresses the question of Why is the Church in business?
Hinckley states:
We have a few business interests. Not many. Most of these were begun in very early days when the Church was the only organization that could provide the capital that was needed to start certain business interests designed to serve the people in this remote area. We have divested ourselves long since of some of these where it was felt there was no longer a need. Included in these divestitures, for instance, was the old Consolidated Wagon and Machine Company, which did well in the days of wagons and horse-drawn farm machinery. The company outlived its usefulness.
The Church sold the banks which it once held. As good banking services developed in the community, there was no longer any need for Church-owned banks.
So according to the Hinckley, the LDS Church has only a few business interests. A review of businesses owned by the LDS Church would reveal a much different conclusion. The Arizona Republic printed a detailed spreadsheet of the Churchs US corporations.
Agri-Northwest (Washington state), Applied Technology Group (SLC), Beehive Clothing (SLC), Beneficial Development Co. (SLC), Beneficial Life Insurance Co. (SLC), BLIC Agency (SLC), Bluestem Co. (Oklahoma), Bonneville Broadcasting System (SLC), Bonneville Entertainment (SLC), Bonneville Holding Co. (SLC), Bonneville International Corp. (SLC), Bonneville Media Communication (SLC), Brigham Young University (Provo, Utah), Brown & Co. (SLC), BYU-Hawaii (Laie, Oahu), Columbia Ridge Farms (Tri-Cities, Washington), Continental Western Life Insurance Co. (Des Moines, Iowa), Corporation of the President (SLC), Corporation of the Presiding Bishop (SLC), Cultural Centers Properties, Inc. (Oahu, Hawaii), Descal & Co. (California), Desco & Co. (Colorado), Deseret Book Co. (SLC), Deseret Farms (SLC), Deseret Farms of California, Deseret Grain ("nationwide"), Deseret Gymnasium (SLC), Deseret Industries (SLC and "national, similar to Goodwill Industries"), Deseret International Charities (SLC), Deseret Land and Livestock Co.(Utah and Wyoming), Deseret Management (SLC), Deseret Mutual Insurance Corp. (SLC), Deseret News Publishing Corp. (SLC), Deseret Ranches of Florida (Orlando), Deseret Ranches of Wyoming (Cody), Deseret Transportation (SLC), Deseret Trust (SLC), Deseret Trust of California (Los Angeles), Eagle Gate Apartments (SLC), Elberta Farms (Provo, Utah), Eleven Bar Ranch (Nephi, Utah), Farm Management Co. (SLC), Foreign Lands Corp. (SLC), Garrison Welfare Farm (Garrison, Utah), Genealogical Society of Utah (SLC), Grain Handling, Inc. (Washington state), Hotel Temple Square Corp. (SLC), Islands Foundation (Oahu, Hawaii), KAAM-AM (Dallas), KBIG-Radio (Los Angeles), KBYU-FM and KBYU-TV (Provo, Utah), Keystone Communications (SLC), KIRO-AM and KIRO-TV (Seattle), KMBZ-Radio (Kansas City), KMEO-Radio (Phoenix), KOIT-Radio (San Francisco), KRIC-Radio (Ricks, Idaho), KSEA-FM (Seattle), KSL-Radio and KSL-TV (SLC), K2H Farms, Inc. (Washington state), KZPS-FM (Dallas), Laie Resorts (Oahu, Hawaii), LDS Business College (SLC), LDS Foundation (SLC), LDS Social Services (SLC), LDS Social Services of Massachusetts, LDS Social Services of New York, LDS Social Services of Virginia, Mormon Temples (SLC), Magnolia Management Corp. (Orlando, Florida), Mormon Handicraft (SLC), Mortgage Loan Services (SLC), Nauvoo Restoration (Illinois), Newspaper Agency Corp. (SLC), Office Management of Utah (SLC), Pacific Heritage Life Insurance Co. (Portland, Oregon), Polynesian Cultural Center (Laie, Oahu, Hawaii), Promised Valley Playhouse (SLC), Property Reserve of Arizona, Proprietary Holding, Inc. (SLC), Ricks College (Rexburg, Idaho), Salt Lake Macaroni & Noodle Co., Shadow Mountain Press (SLC), Sooner Land & Livestock Co. (Oklahoma, Nebraska, and Kansas), Third Avenue Productions (Seattle), Utah Home Fire Insurance Co. (SLC), Video West Network (SLC), Western American Life Insurance Co. (SLC), WNSR-FM (New York City), WTMX-Radio (Chicago), ZCMI (SLC and national), Zion's Securities Corp (SLC).
(See Mormon Inc.: Finances & Faith: A Series About the Church of Jesus Christ of Latter-day Saints that Appeared in THE ARIZONA REPUBLIC, June 30-July 3, 1991 (Phoenix: Series Reprint, The Arizona Republic, 1991),
So who is telling the truth?
| It was early in my term in the Bishopric when the edict came down to retro-actively adorn all the buildings with prefab steeples.
We were advised of this at a monthly Stake Priesthood Leadership meeting. Several in attendance questioned the point of doing this. I offered my opinion that the church had recently (at the time) had encountered a battle from the local neighborhood in Belmont Mass while applying for a variance to erect an oversize steeple. The neighborhood observed the fact that didnt make use of steeple on their buildings anyway so why was it important to put a massive steeple on this particular building. The issue went to the supreme Court.
By the reaction of some of those in attendance you would have thought I had committed blasphemy as this was an inspired revelation to the prophet. I invited further hostility when I suggested that it certainly was not necessary on our relatively new building which had an attractive modern steeple mounted on a high brick pedestal.
At another meeting we were advised that the stake had allocated $28,000 for the new steeple. Some of us thought that this was an outrageous price and someone openly questioned which of the Apostles had offspring in the steeple making business. I didnt help my status as a pariah when I suggested that I had some sympathy for our 90 year-old Prophets inspiration to use tithing funds erect phallic monuments.
The situation went down hill later on when the leaders embarrassingly admitted that they had, because of funding limits, only allocated half the necessary funds in the current year. The actual cost would total $56,000. They put the lid on dissent by angrily asserting that the Profit had spoken and none of us were worthy to question his revelation.
The Bishop was as pissed as I was and continued to make comments about the project while they had to bring in heavy equipment to dismantle the very substantial existing steeple. After it was done they had to call back construction crews several times to repair structural problems that resulted in leaks. They would never tell me what the final cost was.
| From The Oregonian:
Supreme Court - The LDS church loses a round in a fight to keep its finances secret on religious grounds.
Oregon's top court has rejected the Mormon church's bid to shield detailed financial information about its net worth -- a closely held secret for nearly half a century.
Despite the legal defeat, the Church of Jesus Christ of Latter-day Saints did not immediately release the financial information to lawyers for a Portland-area man who claims he was molested by a church "home teacher" in the late 1980s.
"The church is considering its position," said Stephen F. English, the LDS church's lead Portland attorney. "The church respects the rule of law but has profound constitutional concerns based on its constitutional right to protect the free expression of its religion."
http://www.oregonlive.com/news/oregon...
| | | It's Part Of The Church's Strategy Of Reducing Costs So It Can Pay For Its $2B Mega-Project
Article Archived: Jul 26, 2007, at 09:40 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: FreeAtLast | | |
In case you aren't aware of what's happened with the project (for downtown Salt Lake City), it started off in 2003 with a cost estimate of $500 million. According to news reports, by 2004 the cost had doubled to $1 billion. Then in 2005, the Commercial Property News reported that the cost was $1.5B. On Oct. 3/06, the Deseret News reported that the huge commercial real estate venture was "about $2 billion". Four months ago, the Deseret News reported that the cost would be "$2 billion over five years" (ref. http://deseretnews.com/dn/view/0,1249...).
Not only has the scope of the LDS Church's mega-project increased in four years, its cost has quadrupled; $2B will not be the final bill, either. In UT, there's a very strong demand for skilled tradespeople (resulting in rising wages), and globally, the demand for copper, steel, cement, and other building materials is VERY strong. For example, in the past two two years, the price of copper has nearly tripled.
The LDS Church has been cutting costs this century in order to pay for its enormously expensive construction projects (e.g., the LDS Conference Center, hundreds of chapels/meetinghouses, several temples, property acquisitions). Also, as energy costs have risen, operating costs have undoubtedly increased substantially.
About 7 years ago, the LDS Church laid off hundreds of church employees, including meetinghouse/chapel custodians and 'lower-level' staff (e.g., clerical personnel) at the church's HQ in Salt Lake City. In the spring of 2000, the LDS Conference Center was opened. "Total cost of the building, although not publicly released, has been reported between $160 and $240 million dollars." (ref. http://en.wikipedia.org/wiki/Lds_conf...).
Not only has the LDS Church had to pay for its aggressive construction program, it has spent millions to buy the second largest ranch in Nebraska a few years ago (est. price tag: $26M), develop a 200-room hotel on the north side of Oahu, and acquire and develop other assets.
This week, I received the following communication from a Mormon who works in finance:
"The key objection to the Mall [the church's mega-project in SLC] is that its cost is greater than the local area can generate revenues to pay for it. At a $1.5 billion price tag [it's actually $2B] and a minimum 4.75% return (based on 30-year Treasury Bills, usually used as the minimum return by professional financial analysts), the Mall would have to generate more than $70 million a year in net profits ($1,500,000,000 times 4.75% = $70,000,000). Not gross revenues, but net profits. And there's simply not a large enough economic base in SLC for those kinds of profits..."
Cleaning the Washington, DC temple used to be done by custodial staff. I imagine that the staff there has been cut back to a minimum to free up cash for the SLC mega-project. Earlier this year, the LDS Church reduced the food and basic personal care budget of its missionaries by 10.34%, and six weeks ago, the word came down from church HQ in SLC to mission and stake presidents that they were (are) to find members for missionaries to live with.
The church has unilaterally declared that it will compensate LDS homeowners US$75 (or CAD$85) per month for their extra expenses resulting from housing missionaries. In most metro areas, board (i.e., renting a room in a home) costs $400+/month. The church will save hundreds of dollars per month per missionary pair by 'persuading' members to house missionaries. I have no doubt that the freed-up cash will be used for the $2B mega-project.
What the senior priesthood leadership of the LDS Church has NOT done, which it is ethically and morally bound to do, is inform Latter-day Saints, such as your TBM wife and DIL, that by getting them to clean church buildings, they are indirectly subsidizing the church's $2 billion mega-project.
| | | Is The LDS Church Having Trouble Obtaining The $2 Billion Needed For Its Downtown SLC Mega-Project?
Article Archived: Aug 3, 2007, at 07:30 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: CdnXMo | | |
On July 26/07, the Deseret News reported the following:
"The largest project, of course, is the downtown mall renovation by the LDS Church, which is projected to add about $2 billion of demolition and construction during the next five years. The church has not announced when it will be filing plans."
(ref. http://deseretnews.com/dn/view/0,1249...; ).
Four years have gone by since the LDS Church first announced its malls project, which had a projected cost of $500 million back in 2003. By 2004, the estimate had doubled to $1B, then to $1.5B by Oct./05 (ref. http://www.cpnonline.com/cpn/article_...), to "about $2 billion" by Oct./06 (ref. http://deseretnews.com/dn/view/0,1249..., and "$2 billion over five years" by Mar./07 (ref. http://findarticles.com/p/articles/mi...).
As previously reported on this board, on May 30/07, the LDS Church directed stake and mission presidents to find LDS homeowners to provide housing to missionaries. The directive indicated that the church would compensate members at a monthly rate of US$75 or CAD$85 for their extra costs. In most metro areas, renting out a room in someone's home costs approximately $375+ per month, depending on the suburb and other factors. In the major metro areas, the monthly cost can easily be $450/mo., or more.
Is anyone aware of the LDS Church announcing to church units or families with a son or daughter on a mission that the monthly amount they send to the church for its missionary program will be reduced subtantially if their missionary is housed with an LDS homeowner? I haven't heard of any such announcement, and am highly doubtful that one will ever be made.
Wards, branches, and LDS parents will continue to naively send in a few hundred dollars per month to the church for each missionary, and without informing Latter-day Saints, the church will divert part of those funds to help pay for the SLC mega-project. As more and more LDS homeowners are 'persuaded' to participate in the church's new missionary housing program, the cash flow to the project will increase (or so the suits' theory goes, no doubt).
What proof is there of a clandestine church funding plan for the project? Well, has the LDS Church announced that for every missionary pair housed with a member, the funds to be submitted by the ward, branch, or family will be reduced by the saved amount? To the best of my knowledge, no. So, where's the extra cash going? The church hasn't said, and its senior patriarchal leadership won't clarify the funding situation for rank-and-file Latter-day Saints.
The sentence in the July 26 Deseret News report, "The church hasn't announced when it will be filing plans.", makes me wonder if the church's latest cash-diversion program isn't going as well as the COB suits thought it would. Bear in mind that the missionaries-in-members'-homes program is only one of a no. of ways that the LDS Church has been cutting costs to free up cash. Members are cleaning not only chapels, but also temples. The missionaries' food and basic personal care budget have been reduced by 10+% even though related costs continue to increase.
The LDS Church has had several months to establish a project timeline, which would include the filing of its plans for its downtown SLC commercial real estate venture. Labor and construction material costs continue to climb (global demand for basic materials such as copper, steel, cement, etc. remains very strong). I have to wonder if church bean-counters have told Hinckley and the other COB suits that the church just doesn't have the cash to pay for the project (unless it sells off some assets).
| From the Star Bulletin:
The acquisition of 227 acres of agricultural land adjacent to Laie will help an affiliate of the Mormon church develop affordable housing on Oahu's North Shore.
Hawaii Reserves Inc., the land management company of the Church of Jesus Christ of Latter-day Saints, yesterday bought the land for about $4 million from KRC Golf LLC, an affiliate of Turtle Bay Resort owner Oaktree Capital Management LP.
It plans to build up to 650 homes on the parcel and adjacent land.
An affiliate of the Mormon church has purchased 227 acres of agricultural land adjacent to Laie as part of a larger plan to develop up to 650 affordable homes on Oahu's North Shore.
Hawaii Reserves Inc., the land management company of the Church of Jesus Christ of Latter-day Saints, yesterday bought the parcel for about $4 million from KRC Golf LLC, an affiliate of Turtle Bay Resort owner Oaktree Capital Management L.P.
http://starbulletin.com/2007/10/16/bu...
| | | Hawaii Reserves Plans 220-Room Laie Hotel
Article Archived: Dec 12, 2007, at 07:25 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: Robbie Dingeman | | |
From the Honolulu Advertiser:
Officials from Marriott International Inc. say the company is close to signing an agreement to operate a new 220-room hotel planned for La'ie.
The new hotel, which is expected to be completed sometime in 2010, would replace the 48-room Lai'e Inn, which is controlled by Hawaii Reserves Inc., the land management arm of The Church of Jesus Christ of Latter-day Saints.
The original $30 million cost estimate given when the hotel plan was first proposed in 2004 is outdated.
http://www.honoluluadvertiser.com/app...
| | | How Much Money Does An Average Ward In The East Rake In A Year?
Article Archived: Feb 26, 2008, at 08:22 AM
Stored Under Topic: MORMON MONEY
Outside Link To Article: RIGHT CLICK - COPY LINK LOCATION
Original Author Of Article: still in, but hanging on by a thread | | |
I live in the Northeastern United States and am my calling allows me to view some of the stake financial data. The Stake Auditors in our stake just finished the year-end audits for 2007. For those interested, I thought I'd pass along some figures for two "average" wards in our area.
WARD 1: Covers some inner-city areas. Maybe a couple professionals in the ward. Mostly average income families or families who struggle financially.
2007 donations: $280,892 (includes tithing, fast offerings, missionary, etc)
2007 expenditures: 28,234 (includes welfare assistance, budget reimbursements,etc.)
So, if you subtract the expenditures from the donations, you will get how much goes to Salt Lake: $252,658. That means that for this ward, the local area only keeps about 10% of what they rake in each year!
WARD 2: Covers suburban and rural areas. Maybe a couple professionals in the ward. Slightly more retirees than Ward 1. Mostly average income families. Very few families or individuals who struggle financially.
2007 donations: $331,873 (includes tithing, fast offerings, missionary, etc)
2007 expenditures: $13,681 (includes welfare assistance, budget reimbursements, etc)
So, if you subtract the expenditures from the donations, you will get how much goes to Salt Lake: $318,192. That means that for this ward, the local area only keeps about 4% of what they rake in each year!
Amazing how much Salt Lakes gets compared to the local units. I have also found that retirees tend to give more in donations outside of the regular tithing and fast offerings. (i.e They are more likely to give to the perpetual education fund or temple building). Too bad, I bet their grandchildren could use that extra money!!
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