First Presidency Releases Statement on Church Finances

In response to recent allegations regarding the Church’s finances, the First Presidency of The Church of Jesus Christ of Latter-day Saints has released the following statement:

We take seriously the responsibility to care for the tithes and donations received from members. The vast majority of these funds are used immediately to meet the needs of the growing Church including more meetinghouses, temples, education, humanitarian work and missionary efforts throughout the world. Over many years, a portion is methodically safeguarded through wise financial management and the building of a prudent reserve for the future. This is a sound doctrinal and financial principle taught by the Savior in the Parable of the Talents and lived by the Church and its members. All Church funds exist for no other reason than to support the Church’s divinely appointed mission. Claims being currently circulated are based on a narrow perspective and limited information. The Church complies with all applicable law governing our donations, investments, taxes, and reserves. We continue to welcome the opportunity to work with officials to address questions they may have.

The press release also provided the following resources for those who want to know more about the Church’s finances.

On Monday, a former member of the Church who worked at the Church’s investment division announced through media outlets that he had given a confidential report to the Internal Revenue Service claiming the Church has been stockpiling mass amounts of money instead of donating them to charity and also using tax-exempt donations for business purposes.

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